Madison Enhanced Cash Benefit Assurance Policy

 

Enjoy Life Today While Saving for Tomorrow

Why wait until the end of your policy to enjoy the benefits? With Madison’s Cash Benefit Assurance Policy, you receive 20% of your sum assured every 3 years as survival benefits, giving you access to your money while still saving for the future. It’s a smart way to combine protection with periodic cash redemptions.

Product Outline

• This product provides a Guaranteed Sum Assured upon maturity, or on the death of the life insured within the policy term.
• This product provides cash payments as survival benefits to the policyholder every 3 years. The cash payments are equal to 20% of the sum assured.

Why should you buy this product?

• This policy helps you meet short-term and medium-term goals by providing a regular inflow of cash every 3 years, while maintaining a guaranteed sum assured that will be paid out either on death of Policyholder or at maturity.
• It offers life assurance protection for your loved ones. In the unfortunate event of your passing, a guaranteed sum assured is paid to your immediate family, ensuring they are financially supported when they need it most.

Eligible Entry Age at Commencement of Policy

• The minimum entry age is 18 years old next birthday.
• The maximum entry age is 60 years old next birthday.

Premiums

• Premiums may be paid monthly, quarterly, half yearly or annually.

Sum assured

• The client may decide on the appropriate sum assured and premiums can be calculated after.

Term of Policy

• The minimum term of the policy is 12 years.
• The maximum term of the policy is 15 years.

Benefits

• Maturity Benefit on main policy – This means that this policy will pay a guaranteed Sum Assured on Maturity.
• Death Benefit on the main policy If the policyholder passes away, the named beneficiaries or appointed administrator will receive a Guaranteed Sum Assured.
• If the non-medical option is selected, there is a 2-year waiting period except in the case of accidental death, where the sum assured is paid out immediately.
• Free Funeral Expenses Cover – In the event of the death of the policyholder before the maturity date, a free funeral benefit of K10,000 will be paid within 48 hours upon submission of complete claim documentation.

Policy Loans

• The Policy Loan can be up to a maximum of 90% of the Surrender Value of the Policy at the time of taking the loan based on the terms and conditions at the time.
• To qualify for a policy loan, the policyholder must have paid premiums for at least two full years, and two years must have elapsed since the policy commencement date.
• The interest will be charged on the outstanding loan at a rate of interest set by the company, from time to time.