MADISON BABY PRESENT POLICY
Parents’ love and affection for their newly born babies is immeasurable, this love can be expressed through “baby presents” when a baby is born into the family. Recognising the need for special gifts on such occasions, Madison Life Insurance Company Zambia Limited has the ultimate “baby present” – a present that parents and guardians will find difficult to resist buying for their precious babies – The Madison Baby Present Policy”, which can measure even the immeasurable love and affection!
This product can be purchased by a parent or guardian aged 18 to 60 as a gift to a baby aged not more than 10 years to provide a specified sum of money when the child attains age 18 years (the maturity of the policy). There is an inbuilt life assurance cover on the life of the parent or guardian who effects the policy to ensure that the child gets the maturity benefit at age 18 years, regardless of whether the parent or guardian will be living at that time. The product can even be purchased for the benefit of unborn babies. The main policy can also be taken up with additional optional riders for Lump Sum Death Benefit, Monthly Annuity Benefit and Inflation Fighting Premium Escalator Benefit. Furthermore, there is also an automatic participation in future profits of the Insurer to further enhance the value of the policy.
- To provide a lump sum cash benefit (sum assured) to the baby (beneficiary) upon attainment of age 18 years.
- To waive all future premiums in the event of premature death of the Life Assured (parent or guardian) within the term of the policy.
- To provide an additional lump sum cash benefit (optional rider) in the event of death of the Life Assured (parent or guardian) before maturity of the policy.
- To provide monthly cash benefits (optional rider) for the benefit of the baby until attaining age 18 years in the event of death of the Life Assured (parent or guardian) within the term of the policy.
- To hedge against inflation on the policy benefits through an optional premium escalator.
- To provide automatic participation in future profits which will further enhance the value of the policy.
Needs covered by the product
- To provide a running start for a child on attainment of age 18 years.
- To provide a lump sum cash benefit to the child if the parent or guardian died before age 18 years of the child.
- To provide regular monthly cash benefits up to 18 years age of the child if the parent or guardian died before 18 years of the child.
- To protect the maturity benefit from inflationary effect.
- The policy term runs until the child attains age 18 years.
Eligible Entry Age at Commencement of Policy
- Baby – Not more than 10 years age last birthday.
- Proposer (parent or guardian of the baby) – 18 to 60 years age next birthday
Premium paying methods
- 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.