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.
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.
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.
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.
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.