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Madison UniPlan

What is Madison UniPlan?

Madison UniPlan is a policy that enables parents and guardians to save up funds to guarantee their children’s college education. It comes with the dual benefit of protection alongside potentially high returns upon policy maturity.

Benefits

  • It combines insurance protection in case of early demise or disability with an opportunity to earn high returns on investments.
  • It has a minimum set return.
  • The parent/guardian is able to invest at their convenience with an allowance to vary the contributions depending on their financial abilities or commitments at different times.
  • It enables parents/guardians to plan for their children’s college education in line with their career dreams. 
  • In the event of the demise of the beneficiary, the parent has a right to nominate another beneficiary.

Uniqueness

  • It allows parents/guardians to predetermine the cost of the college education for their children early enough by having a structured saving plan towards a set goal depending on the choice of college and the course.
  • The policy allows flexible funding by allowing variation of the contributions during the term of the policy.
  • The policy has a term range of 5 to 15 years therefore being a medium to a long term plan.
  • In case of the unfortunate early demise or disability of the parent/guardian during the time of the policy, the Company waives the policy premiums and guarantees to fund the child’s college education as per the choice of the parent/guardian.

How it Works

Depending on the child’s dream professional career, the Plan enables the parent/guardian to predetermine the cost of his/her child’s college education with some degree of certainty. With this in mind the parent/ guardian can start saving towards a set target for the college education of his/her child.

Take for instance a child who is in class seven and he desires to do an Engineering course in a public university. This is likely to cost about Kshs. 1.5m in five years to come. The parent/guardian then has a target to save towards that goal of realizing Kshs. 1.5m within the next 5 years.

The Madison UniPlan avails an avenue for parents and guardians to start saving in a structured way which providing protection against disability or death. Furthermore the contributions will earn high returns over the policy period.

In the event of the unfortunate early demise or disability of the parent/ guardian before he/she realizes his/her target of Kshs. 1.5m Madison UniPlan guarantees to pay Kshs. 1.5m towards the college education for the child. 

FAQs

1. What happens if the parent/guardian dies?

 In the unfortunate event that the parent/guardian passes on or suffers total or permanent disability within the term of the policy, Madison will undertake to fund the policy for the remainder of the term provided the parent/guardian would have been aged below 70 years at the time of death or disability.

2. What happens in case of the untimely demise of the beneficiary?  

Upon the demise of the beneficiary within the term of the policy, the parent/guardian has the following options: The policy continues until maturity when the parent/guardian will get the agreed sum.   

  • The policy continues until maturity when the parent/guardian will get the agreed sum.
  • Nominate another beneficiary. 
  • Immediately receive as a cash lump sum the value of the fund as a beneficiary of the policy.

3. What happens if the child does not join college? 

If the child fails to join college, the full fund value at maturity will be payable to the parent/guardian.

4. What happens if the child decides to do a more expensive course?  

It is strongly recommended that the parent/guardian discuss the career choices with the child in order to make an estimate of the probable tuition costs.

  • In the event that the child chooses to pursue a course that is more costly than was previously envisioned, the parent/guardian either has the option of revising the premium payments provided the outstanding duration is at least 2 years.
  • In the event that this is within the last two years to maturity, the parent/guardian will bear the additional costs over and above the benefits payable.

5. Eligibility 

The policy is eligible to parents/guardians between the ages of 18 years and 65 years. 

6. Policy Term  

The policy’s minimum term is 5 years and the maximum term is 15 years. 

How do I get Started?