Madison Enhanced Endowment Life Assurance Policy

Plan Ahead with Confidence and Protection

Whether you are saving for education, a major life goal, or simply building financial security, Madison’s Endowment Life Assurance Policy helps you do it with peace of mind. It combines disciplined savings with life cover, ensuring your loved ones are protected no matter what.

Product Outline

• This product provides a Guaranteed Sum Assured on the survival of the life insured until the end of the policy term (Maturity), or on the death of the life insured within the term of the policy.
• This product combines life assurance protection and savings element.

Why should you buy this product?

• Instant creation of a financial estate for your loved ones.
• Guaranteed sum assured to support your spouse, children, or dependents.
• Additional income during retirement years.
• Creation of capital for a business venture at any time after 5 years, if the cash and security optional rider is chosen.
• Education fund for your children’s school fees.
• Emergency funds for future needs like property purchase or loan security.

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 10 years.
• The maximum term of the policy is 25 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 – A guaranteed sum assured is payable on the death of a policyholder.
• 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.