Education is the key to the liberation of our people, empowering your children and loved ones with education is the best thing you can do for them. However, it is said that the opportunities available to many are left to go begging as the parents/guardians have no money to cover the costs involved. To salvage this situation we developed an education policy that seeks to enable your children live their dreams.
1. Basic Benefit/ Cover
The Life Assured is covered in the event of death or total permanent disability as a result of an accidental occurrence.
b) Cash Benefits
Cash benefits are payable during the last 5 years preceding the maturity date as follows
1st cash benefit – 20% of the basic sum assured
2nd cash benefit – 20% of the basic sum assured
3rd cash benefit – 30% of the basic sum assured
4th cash benefit – 30% of the basic sum assured
5th cash benefit – 50% of the basic sum assured
At maturity – 100% of the basic sum assured plus accrued bonuses
Total 250% of the basic sum assured plus accrued bonuses.
b) Waiver of Premium
In the event of death or total permanent disability of the life assured while the policy is in force all future premiums shall be waived and the above mentioned benefits shall be payable
2. Optional Benefits
These are additional benefits that are optional and are offered at an additional cost
DEATH BENEFIT (Life Cover)
Upon the death of the parent/guardian (natural or accidental) while the policy is still in force Madison shall pay an amount equal to 50% of the basic sum assured, for the upkeep of the child.
Upon diagnosis of any critical illness while the policy is in force the Madison Insurance will pay 25% of the basic sum assured. Some of the critical illnesses are heart attack, stroke, cancer, renal failure, paraplegia, coronary artery disease, blindness or major organ failure i.e. liver, heart, lungs.
The policy provides funeral cash benefits up to a maximum of the limit shown below;
Main life assured -100,000
The policy is offered for a term of between 10years to 18years, to individuals between ages of 18years and 60years.
The Policy acquires a Cash Value after being active for a minimum of thirty-six (36) months with all premiums fully paid.
A percentage of the Cash Value can be advanced to policy holders as a policy loan, payable within a maximum period of three (3) years.
This policy provides a tax relief of 15% of the total premium paid annually of sums up to 60,000.
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