What is the Diamond Retirement Plan?The Old Mutual Diamond Retirement Plan is a savings product that helps you to gradually build up your savings towards retirement. It offers flexibility and value for money and may be used to compliment your social security benefits enabling you to maintain your living standards in your retirement years.
The benefit is payable to the policyholder (or beneficiaries in case of death) on normal retirement, early retirement due to ill health, retrenchment or death. This shall be equal to the value accumulated on the policy (contributions made and bonuses earned, less charges). On retirement, you may commute up to one-third, or an amount stipulated by the regulator from time to time, of your benefit. The rest may be used to purchase a pension annuity.
- The plan provides for the retirement needs of self-employed people whose income may be irregular
- It also provides for the retirement needs of people with employers not offering pension funds
- provides for members of pension funds who would like to improve their retirement income
Anyone between 18 and 64 years age last birthday can take out the Diamond Retirement Plan. This product is designed for customers who are able to commit to saving.
You can choose to have either an Ad hoc Contributions (paying as and when you can) or Recurring Contributions policy (contributing every month consistently).
A minimum monthly contribution is due on the first day of each month until the day you claim or when you turn 70 years under the Recurring contribution option.
- Contributions may be paid through cash deposits, debit orders, salary deductions, electronic transfers and mobile money transfers. Remember to always quote your policy number when making contributions. Contribution payment frequency or payment method may be changed upon notifying Old Mutual.
For more information please speak to an Old Mutual financial adviser or broker For any queries after buying the product or to make a claim, please contact Old Mutual using one of the following methods:
By Phone: +263 24 308 400.
By Email: firstname.lastname@example.org or email@example.com
In person: visit your nearest Old Mutual Client Services branch, or speak to an Old Mutual financial adviser or your broker
Please provide your policy number in all communication with Old Mutual.