MADISON ENDOWMENT ASSURANCE POLICY
Madison Endowment Assurance Policy is a medium to long term conventional life assurance policy with a number of attractive optional riders.
Product Objectives
- To provide life assurance protection to the immediate family through payment of a lump sum cash benefit (sum assured) on death of the life assured duringthe chosen term of the policy.
- To provide for payment of sum assured on maturity of the policy at the end of the policy term.
- To provide a lump sum cash benefit (optional rider) at the end of every 5 years during the rider term.
- To provide benefit on death of the life assured due to an accident (optional rider).
- To provide benefit when the life assured becomes permanently disabled due to an accident or sickness during the policy term (optional rider).
- To hedge against inflation on the policy benefits through increasing premiums at a selected rate (optional rider).
- To provide automatic participation in future profits which enhances the value of the policy.
The product is designed to meet the following needs of customers:
- Life assurance protection to the immediate family on natural or accidental death of the bread-winner.
- To save for future financial requirements.
- To create a financial benefit when the life assured becomes permanently disabled due to an accident or sickness during the policy term.
- To protect policy benefits against inflation.
Maturity Benefit on the main policy
Sum assured plus accrued bonuses, if any, will be payable upon the life assured surviving the policy term.
Death Benefit on the main policy
In the event of death of the life assured within the term of the policy, sum assured plus accrued bonuses ,if any, will be payable to the named beneficiaries or appointed administrator.
Term of Policy
- Minimum is 10 years
- Maximum is 25 years
Eligible Entry Age at Commencement of Policy
Age next birthday of the life to be assured at entry should be 20 to 60 years.
Premium paying methods
- Premiums are payable yearly in advance or in monthly, quarterly or half yearly instalments during the entire policy term.
- Premiums vary by age next birthday of the proposer (i.e. life to be assured) at entry and policy term.
- Term of the riders will not exceed the term of the main policy.
- Cash (available only on quarterly, half-yearly and yearly basis)
- Stop order (cheque through employers or direct transfer)
- Direct Debit and Credit Control (DDACC) payment through the bank account
- Electronic funds transfer
- A policy fee of K10.00 per month will be applied on each policy.