Madison Balanced Fund: NAV Price: 44.68 Purchase Price: 44.68 | Madison Equity Fund: NAV Price: 35.53 Purchase Price: 35.53 | Madison Money Market Fund: Daily Yield: 9.19% Effective Annual Yield: 9.63%

1. What is insurance?

Insurance is a mechanism through which persons transfer risk(s) to insurance companies at a fee called premium. Insurance companies in return promise to pay for the insured loss should it occur.

2. What is an insurance policy?

An insurance policy is a document evidencing the existence of an insurance contract. An insurance policy contains terms and conditions of the contract. It is important to obtain, read and understand your insurance policy.

3. How many forms of insurance are there?

There are two forms of insurance namely life (long term) and general (short term) insurance. Life insurance are contracts for more than one year while general insurance contracts are for one year or less.

4. What is Excess?

This is the amount of loss to be borne by the insured in the event of a claim and as stated in the primary policy schedule.

5. Can I cancel my policy if I am not satisfied with its terms and conditions?

For general insurance contracts, cancellation of the policy will lead to a proportionate refund of the premiums so far paid.

6. What happens to my policy if I fail to pay insurance premium?

Failure to pay insurance premiums as stipulated under the contract is a breach of policy terms and leads to termination of the contract by us.

7. How many times is general insurance premium paid?

This is an annual cover, traditionally the premium is payable once in a year. However, there are time we can extend premium payment by installments through the bank where we have an arrangement for IPF (Insurance Premium Financing). For motor, premiums should be paid on commencement of cover or for partial payments short-term cover is issued.

8. How do I make an insurance claim?

You must report any loss or damage to us in time and submit all the necessary documents requested by the claims assistant. You are required to co-operate to facilitate smooth handling of the claim.

9. What documents do I need to lodge a claim?

Insured will be required to complete a claim form and submit it together with the police abstract and other required documents based on the type of insurance. The documents can be submitted in any of our branches or send electronically. Dial *828*6*1# to learn more.

10. When should I notify Madison of a claim?

Immediately it happens either through your Agent / Broker or directly through our Claims 24hrs Emergency helpline 0715 992952 or Email ClaimsDepartment(GIB)@madison.co.ke

11. How often is general insurance cover renewed?

Depending on the term but normally once after twelve months.

12. Must I be insured to live better?

Yes, considering many life’s risks that surround us it is important to be insured, insurance works as a fall back plan if the unexpected happens.

13. What are payment options available?

All payments to Madison General Insurance Kenya will be made through bank deposit or M-Pesa Paybill 880928. Receipts will be issued based on confirmed M-Pesa transactions or upon confirmation of bank funds transfer.

Payment should be made directly to Madison General Insurance Kenya by the following means only:
1. Cheque made out to The Madison General Insurance Kenya.
2. M-Pesa through Paybill Number 880928
3. Direct deposit to the Madison General Insurance Kenya bank account.

Ensure that you get an official Madison General Insurance Kenya receipt for all payments made as above. Do not make any cash payments to any individuals.

14. I would like to change my agent?

You will be required to fill and sign a change of intermediary form and share it to us appointing your new intermediary.

15. I sold my car and bought a new one, could I transfer my insurance cover to the new car?

Motor insurance being a personal contract it is not transferable to other parties. Thus, in the event of the sale of the vehicle(s), you will need to inform us in writing or return the original certificate of insurance to us immediately to facilitate suspension or cancellation and transfer cover to the new car.

16. What do I need to know in case of an auto accident?

Most importantly, stay calm.  Don’t leave the scene of an accident even if you are capable of doing so. Wait for the police to arrive as they provide an objective witness to the event, and wait for them to say it’s okay to go. Don’t accept blame Give your full description of the accident only to the investigating police officer.

Exchange information with the other driver if possible. Immediately note the license plate number of other involved vehicles, color and model just in case someone refused to give you insurance information. Take scene of accident photos and contact your agent/broker or our office immediately through our Claims 24hrs Emergency helpline 0715 992952 or Email ClaimsDepartment(GIB)@madison.co.ke

17. When is it time to review my personal or business coverage?

Insurance is really about protecting the things important to your life, both personal and business, against the unexpected. So, anytime you have significant events or changes in your life, it’s time to think about your reviewing and updating your coverage. Here are some examples: A change in marital status, a new baby, new car, starting a business, buying a home, home improvements, purchasing jewelry, antiques, computer equipment or other expensive items

For Business; Increase in your workforce, seasonal increases in inventory, loss of employees to other companies, expansion plans – equipment, vehicles or physical plant, business relocation etc.

For more details, you can write to us on salesonline@madison.co.ke , and we’ll be happy to help to you evaluate your insurance and financial needs.

4. How does Madison Money Market Fund work?

The Money Market Fund is an excellent savings and investment account geared towards providing an income to the investors. It is a collective investment scheme that offers you an opportunity to earn higher interest than most traditional saving and deposit bank accounts including fixed and call deposits. The funds objective is to ensure that there is capital preservation and competitive return to beat inflation whilst ensuring sufficient liquidity of withdrawal on short notice.

5. What is Madison Wealth Management Fund?

Wealth Management is the Professional Management of an Investor’s funds by investing in securities with a fixed rate and tenor in fixed income securities like Treasury bills and bonds, fixed deposits, corporate debt instruments to meet specified investment goals for the benefit of the investors. The tenors are 3 months, 6 months and one year and give returns that are more attractive than the T-bill rates. The investments are made in accordance with the clients’ requirements as communicated to the fund manager through an Investment Management Agreement.

6. What are the different products under Madison Wealth Management?

Madison Hifadhi, Madison Zalisha and Madison Shujaa

7. Why Invest with us?

Professional Investment Management: Funds are managed by highly competent, qualified and experienced investment managers who endeavor to give the most competitive returns in the market.

Meet your Liquidity requirements: Depending on the nature of funds invested by the clients, we endeavor to ensure they are able to access their funds upon submission of a written request within three (3) working days.

Legal and compliance support: We have a team of risk and compliance officers who provide our clients with support by reviewing documents, tracking compliance and reporting to the Management/Board.

Financial Trainings and Quarterly Reporting:  We assign a dedicated wealth manager to each of our clients to conduct one financial training session annually and report on economic performance and market dynamics to the Management/Board.

8. What is the minimum top up for Madison Wealth Management?

The minimum allowable top up is Kes 1,000,000.

9. What is the fee structure for Madison Money Market Fund?

The fee is charged at the fund level and is currently pegged at 2% per annum. Our published daily rate is net after providing for this management fee. However, Withholding Tax (WHT) applies on the interest as per provisions of Income Tax Act Cap 470 (2018).

1. What is Life Assurance?

Life insurance is a contract between an individual or organization (insurance policy holder) and an insurer (insurance company). The policyholder pays the policy premium and the insurer promises to pay a designated beneficiary a sum of money upon the occurrence of an insured event. Depending on the contract, events such as terminal or critical illness may also trigger payment.
The core benefit of life insurance is that the financial interests of one’s family e.g. children’s education, remain protected from circumstances such as loss of income due to critical illness or death of the policy holder.

2. What are the classes of insurance available under Madison Life Assurance Kenya Limited (MLAK)?

There are 3 main classes under MLAK which include Individual/ordinary life, Group business and Retirement benefits.

3. Products under Ordinary/Individual life

Ordinary Life is further divided into:

1. Education policies:

2. Investment policies:

5. Products under Retirement benefits

  • Madison Akiba bora pension
  • Deposit administration
  • Madison Umbrella Retirement Benefit scheme
  • Group investor

6. Terms under Life Assurance

  • Premium -This is the money you pay to the life insurance company to purchase the life cover. The cover commences upon first premium payment.
  • Sum assured– this is the amount the policy holder will receive from an insurance company if the insured event occurs or when the policy matures. In other words, this is the total amount for which an individual is insured. This amount does not include the bonuses to be paid.
  • Claim– An insurance claim is a formal request to an insurance company asking for a payment based on the terms of the insurance policy. Insurance claims are first reviewed by the company for their validity and then paid out to the insured or requesting party (on behalf of the insured) once approved.
  • With profits policy-This policy allows you to share in the profits of the life insurance company which is usually paid as dividends or bonus. For this privilege, the premium charged is usually higher than for a without profit policy.
  • Bonus-This is the extra money paid with the final benefit for with profit policies. Bonuses are declared periodically e.g. every year, and once declared the bonus becomes a guaranteed addition to the final benefits payable.
  • Cash / surrender value -When your life insurance policy has been in force for a certain period (normally 2 – 3 years), it acquires a cash value also known as a surrender value. This is the cash amount a life insurance company will pay you when you cancel your policy. Should you choose to cancel your policy before the specified period; you are likely to lose the money put in through premiums. You should endeavor to maintain your policy until maturity to get the full benefits.
  • Policy loan– You can apply for a policy loan when your policy has acquired a cash value. Interest is charged on the policy loan. At maturity or in case of a death claim, any unpaid portion of the loan is deducted from the benefits payable.
  • Grace Period -This is an additional period of time after the due date for the premium payment. The grace period for monthly premium payments is 30 days. If premium is still not paid within the grace period, your policy may lapse or be subjected to reduced paid up or automatic premium loans (as explained below)
  • Reduced paid-up– For a policy that has acquired a cash value, you can choose to stop paying premiums but still have the policy in place. The policy will continue to remain in force until maturity but the sum assured will reduce. This is an alternative choice for individuals who no longer require a high sum assured but would still like to have some level of protection
  • Automatic premium loan (or non-forfeiture advance)– If you do not pay your premium within the grace period, and provided your policy has sufficient surrender value, the life insurance company will automatically advance to you the premium amount to keep the policy in force for a stated period. Interest will be charged on the amount of premium loan outstanding. An automatic premium loan will reduce your surrender value.
  • Grace period for review of policy document– You may cancel your life insurance policy by returning the policy document to your insurance company within 15 days after you received it, if you feel it does not reflect the cover agreed upon at the time of purchase. The premium that you have paid (less any medical fees incurred) will be refunded to you.

7. How to make a purchase?

We have multiple purchase platforms.

  • Dial USSD platform on *828#.
  • Call our contact center via 0709 922 444
  • Email madison@madison.co.ke
  • Reach us on all social media platforms: Madison Group Kenya

8. How to make payments?

Payment should be made directly to Madison Life Assurance Kenya Limited by the following means only:

  • Cheque made out to The Madison Life Assurance Kenya Limited.
  • M-Pesa through Paybill Number 600800.
  • Direct deposit to the Madison Life Assurance Kenya Limited bank account.

Accounts Details:

Bank: NCBA Bank Kenya PLC

Account Name: Madison Life Assurance Kenya Limited

Account Number: 7548710037

Branch Code: 07000

Swift Code: CBAFKENX

Pin Number: P000609344A

Do not make any cash payments to any individuals.

9. How to service your policy?

Through our *828# USSD platform you are able to access the below features. Simply dial and follow the prompts to completion.

  • Pay premiums
  • View statement
  • Update contact details
  • Get claim info
  • Talk to us
  • Refer a friend
  • Share your feedback

10. How to launch a claim?

You can call or WhatsApp us on 0110 941 062 ,visit any of our branches or the head office or send an email to madison@madison.co.ke.

11. Types of claims

There are five types of claims

  • Full maturities
  • Death claim
  • Loans
  • Surrender and cancellation
  • Refunds

12. Documents required to launch a claim

The following are the documents required for various claims and the claim forms are available online.

Full Maturities:

  1. ID copy
  2. ATM copy or copy of bank statement.
  3. For payments below 70,000.00 Duly filled M-Pesa form
  4. DFPF or DV duly filled and signed
  5. Original policy document.

Death claim:

  1. Notification letter
  2. Death certificate
  3. ID copy
  4. ATM copy or copy of bank statement.
  5. Duly completed claim forms
  6. Original policy document

Loans (For policies with this option):

  1. Notification letter
  2. ID copy
  3. ATM copy or copy of bank statement.
  4. Original policy document
  5. DFPF
  6. Loan memorandum
  7. Duly filled DDA Form or SDO

Surrender and cancellation:

  1. Notification letter
  2. ID copy
  3. ATM copy or copy of bank statement.
  4. Original policy document
  5. DFPF

Refunds:

  1. Notification letter
  2. ID copy
  3. ATM copy or copy of bank statement.

13. How long does it take to process a claim?

Claim processing takes 14 days to be fully paid

14. What payment options are there?

Claims are paid via M-Pesa or EFT.