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Money Max Plus

Overview

The product has been designed to meet evolving customer needs from the traditional life policies to investment driven products. We have observed the changing trends and felt the need to address our customers’ needs and thus the reason for developing the Madison Money Max Financial Plan.

It is an investment driven product that is intended to generate high returns to the customer through well-tailored investments of their contributions by our fund managers.

There is provision for an endowment life cover benefit alongside the investment component. A Total and Permanent Disability & Funeral cash benefit are available as optional riders.

Features

There is a clear split between the investment and life cover premiums. 60% of the premiums received will be allocated towards the endowment life cover while 40% will be allocated towards investment.

The investments have a guaranteed investment return of 5% per annum.

The customer can vary his premium contributions within the term of the policy, subject to the minimum permissible premium.

Benefits

A customer can choose one of two product variations. Option 1 is tailored to pay the endowment sum assured on maturity while Option 2 is tailored to provide partial maturity payouts in the last four years preceding maturity. The value of each partial maturity is 20% of the sum assured. The fund value will be payable on maturity. A schedule of the payouts is tabulated below.

  Option 1 Option 2
4 years to maturity - 20% of Sum Assured
3 years to maturity - 20% of Sum Assured
2 years to maturity - 20% of Sum Assured
1 years to maturity - 20% of Sum Assured
Maturity 100% of Sum Assured plus Fund Value 100% of Sum Assured plus Fund Value

In case of Total and Permanent Disability within the policy term, the full sum assured will be payable.

In case of death of the customer within the policy term, the full sum assured, current fund value plus Kshs 20,000 funeral cash cover will be payable. If the client chose an additional cash funeral rider, the additional funeral cash will also be payable.

The customer will be required to provide the names of nominees on the space provided on the proposal form but if he/she wishes to change the named nominees, he/she will be required to complete a nomination form.

Eligibility

The policy is eligible to persons from the age of 18 years.

Minimum age at Entry 18 years
Maximum age at Entry 62 years.