Madison Enhanced Baby Present Policy

A Gift of Love That Grows with Your Child

Welcoming a new baby into the family is a moment of pure joy – and what better way to celebrate than with a gift that lasts a lifetime? The Madison Baby Present Policy is a unique life insurance product designed to give your child a financial head start when they turn 18.

Product Outline

• This product provides a Guaranteed Sum Assured to the policyholder on the survival of his/her child up to the age of 18 years old.
• In the event of the death of the policyholder before the maturity date, the future premiums will be waived.

Why should you buy this product?

• To provide the funds/money needed for your child’s university or college education, or to give them a financial head start in life.
• This product offers a life assurance protection in the event of death of the parent or guardian, such that the sum assured will be paid to the child when they turn age 18.

Eligible Entry Age at Commencement of Policy

• The minimum entry age for a policyholder(parent/guardian) is 18 years and the maximum entry age for the policyholder is 60 years.
• The minimum entry age for the child is from birth (0 years old) and the maximum entry age for the child is 10 years old.

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 8 years.
• The maximum term of the policy is 18 years.

Benefits

• Maturity Benefit on main policy – This means that if the child lives to reach the age of 18, the insurance policy will pay out a guaranteed amount of money (called the Sum Assured) to the policyholder or beneficiary.
• Death Benefit on the main policy all future premiums will be waived. In this case, the guaranteed sum assured will be paid at maturity.
• A free funeral benefit of K10,000 will be paid within 48 hours upon submission of complete claim documentation. The surrender value will be paid immediately. An optional lumpsum death benefit rider will be paid to the parent or guardian, if chosen.
• Monthly Annuity Option: This option will result in a pre-selected monthly annuity being paid following the death of the policyholder (the parent/guardian) until the 18th birthday of the child.
• If the policyholder (Parent/guardian) dies before maturity of policy,
• If the child dies before reaching age 18,

Note: No surrender values are payable during the first three years of the policy. In addition, if the policy has been in force for less than 3 years, premiums will be refunded to the policyholder.

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 three full years, and three 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.