Madison Insurance Products, Contacts, Policies, Benefits…

Madison Insurance Medical Cover

Get essential details about Madison Insurance products, policies, benefit, contacts, and medical premium costs.

Madison Insurance is a financial service holding group company limited that is locally owned and offers wealth management and insurance services to members. The Group Limited entails;

  • Madison Life Assurance Kenya Limited
  • Madison Investment Managers Limited
  • Madison General Insurance Kenya Limited

Values: Innovativeness, Initiative, Integrity, Service, Team work, Professionalism.

Mission: To lead in innovative insurance services that creates and protects wealth for all our stakeholders and to practice good corporate governance.

Madison Insurance policies provides their clients with terms and conditions before entering into agreement. The terms regulate dealings between the policy holders the registered members.

The members reads through and agrees with the terms upon which any violation may lead to a member’s right of enjoy specific benefits denied.

Madison Insurance Products And Their Policies

Depending with your needs, Madison Insurance offers divers’ packages from which you can choose to suit your needs. The packages are diverse and include:

  1. Personal protection covers
  2. Business protection cover
  3. Future protection covers
  4. Investment cover

If you are interested in health cover, a detailed medical cover product has been covered in the article Madison Insurance Medical Cover, Maternity, Cost, and Accredited Madison Hospitals.

A detailed overview of other Madison Insurance packages is as discussed below.

1. Madison Group Insurance Product

Madison Group Insurance offers a number of benefits to members in different categories. Some of them include;

Group benefits

  • Self-Insured and Fully insured Plans.
  • Health Savings accounts
  • Retirement plans
  • Voluntary Payroll Deduction Products
  • Group Medical, optical and Dental Insurance.
  • Group Life disability and long-term care.

2. Madison Insurance Education Product

Madison Insurance education policy is provided under Bima Ya Karo insurance cover. Bima Ya Karo allows parents and guardians to save for their children’ education.

The fund is guaranteed whether the parent/guardian are alive or dead or disabled. 

Standard Benefits

  1. Guaranteed cash payment and payable during the last 5years before maturity date.
  2. Policy term lasts for 10-18 years.
  3. In case of permanent disability or death of parent/ guardian in the validity of policy, future premiums are dropped and cash benefits payable.

Optional Benefits

  1. The policy guarantees a funeral cash benefit payable to children limited to Ksk.50,000 and adults limited to Ksh.100,000.
  2. In case of death of parent /guardian upon validity of the policy with premiums fully updated, the needs of the mentioned child in the policy are catered for up to 50%.
  3. In case the insured child dies, the parents / guardians are given an option to nominate another child or be refunded all the premiums except extra benefits already paid.
  4. The policy demands that all premiums be made on timely on annual basis.
  5. In case of diagnosis of critical including; Coronary artery disease, Paraplegia, Major organ failure, Renal failure, Cancer, Blindness, Stroke and Heart attack, upon validity of the policy, there is a 25% payable amount on the policy.

3. Madison Insurance Personal Protection Covers

Madison Insurance Personal Protection Covers provide members with a variety of essentials including;

a. Betterlife Cover

Better life insurance caters for a wide scope coverage with affordable medical packages that protects the health of principal member and dependents.

b. Motor Cycle Cover

Motor cycle cover caters for motorcycle’s leisure, domestic and social use. The cover gives an extra benefit of personal Accident Insurance Extension under certain conditions.

The cover has two essential divisive parts.

i) Comprehensive cover
  • Towering charges including; recovery, protection and removal after accident.
  • Covers damage or theft of the motorcycle and its accessories in territorial limits
  • Authority to repair up to a certain limit
ii) Third party liability cover
  • Covers legal liabilities for damages and related expenses and cost for third party bodily injury or death due to accident.
  • Covers legal liabilities for damages and related expenses and costs for third party property due to accident.

c. Domestic Cover

Domestic cover product caters for private dwelling and residential property including; buildings. All risks, Contents, Owner’s liability, WIBA-Domestic employees and occupations liability. T

he cover provides benefits to domestic workers with a minimum premium of Ksh. 3000per policy and cover medical expenses, PTD, Death, TTD and Funeral Expenses under WIBA.

Requirements include;

  • Quotation
  • Proposal form
  • All risks items schedule
  • KRA PIN
  • Payment of Premium.

Risks covered in domestic cover include:

  • Malicious damage by persons outside the household.
  • Body injury from accidents and disease liabilities under WIBA
  • Accidents leading to body injuries, death to third party for occupant and owner’s liability.
  • Civil commotion, Riot and Strike
  • Explosions.
  • Earthquake, Fire, Lightning and volcanic Eruptions inclusive of subsidence, landslide and underground fire.
  • Overflowing/ escape/bursting of pipe and tank water.
  • Storms, Wind including overflow of sea water and normal floods.
  • Aerial devices or aircrafts that may land on member’s house
  • Loss or damage of property belonging to occupants, third party and owner’s liability as aresult of accidents.

d. Travel Cover

Offers An affordable and considerable financial risk for travelers abroad or out of country for business or leisure.

Risks covered include:

  • Legal obligations due to accidental damage or loss of property, body injury, illnesses or death of individuals.
  • Trip cancelation
  • Travel interruptions and delay.
  • Medical Evacuation, Curtailments and Cancelation as per WHOs standards
  • Emergency medical expenses following sudden illness.
  • Lost or damaged baggage

e. Motor Private Insurance Cover

The cover caters for accidental damage, theft fire. The cover provided its efficiency under two major categories;

i) Comprehensive cover
  • Towering charges including; recovery, protection and removal after accident.
  • covering damage or theft of the motorcycle and its accessories in territorial limits
  • Authority to repair up to a certain limit

ii) Third party liability cover

  • Covers legal liabilities for damages and related expenses and cost for third party bodily injury or death due to accident.
  • Covers legal liabilities for damages and related expenses and costs for third party property due to accident.

Other benefits

  • Cost of Alternative Accommodation – radius
  • Key Replacement
  • Political violence, terrorism and sabotage
  • Road Rescue Service
  • Spare tyre
  • No Blame No Excess
  • Vehicle entertainment unit
  • Personal Accident Insurance Extension
  • Excess Protector
  • Personal Effects Cover
  • Windscreen and Window Glass
  • Vehicle entertainment unit

f. Personal Accident Cover

It Caters for bodily Injuries resulting from accidents strictly. The accident must be from an outward visible and violent means leading to medical expenses, disability or death.

Benefits include:

  • In case of temporary dis ability, where a member is restricted from work for a period of time, the policy gives earnings lost on a weekly basis.
  • In case of permanent disabilities, the policy gives a capital sum to members unable to gain employment.
  • For fatal accidents leading to death, the sum insured is payable to beneficiaries.
  • Medical expenses are taken care of on a reimbursement basis for injuries caused by the accident.

A member is denied compensation in case;

  • Suicidal attempts
  • Damages incurred as a result of civil wars, riots and rebellious acts
  • The accident willful or voluntary
  • Th member participates in dangerous sports
  • The member commits breach of contract
  • The driver was under drug abuse and excessive drinking

4. Madison Insurance Business Protection Cover

The cover secures financial safety of member’s businesses under the following major categories;

a. All Risks Cover

Caters for unforeseen every angle except those that have been excluded by the policy. It has the following benefits:

  • Comprehensive umbrella protection of your business.
  • Clear and easy formulated terms and conditions
  • ‘Sleep easy package’ saves members from extra costs.

b. Burglary Insurance Cover

It caters for loss or damage of property insure following violent entry and exit from premises and any other damages incurred.

The member may be denied compensation incase; the damage incurred or loss is as a result of one of the member’s house or employee is directly involved or is an accomplice.

c. Business Interruption Cover

It caters for financial loss a member may encounter at a business premises. The benefits include:

  • Loses and damages to members property while in transit.
  • Losses from damaged premises of a public utility
  • Loses from access to an insured premise being prevented due to damage of nearby premises.

Compensation maybe denied in case the damage or loss is due to;

  • Corrosion
  • Civil commotion or riot
  • Contamination/ pollution including radioactive and explosive contents
  • Rust
  • Temperature changes like Wind, Rain damaging removable property.
  • Terrorism, political risks and war risks

d. Electronic Equipment Insurance Cover

Covers unforeseen loss or damage of property with the need repair or replacement involving a large sum of money.

e. Contractors Plants And Machines Cover

The cover aters for machine hired or owned by members for use on public roads. The machine include; Graders, Vibrators, Pile drivers, all type cranes, concreate mixers, rollers and yellow machine, Forklifts, Bulldozers and drilling gigs.

Compensation may be denied due to;

  • Breakdown of machines and electrical derangement
  • Third party legal liability

f. Contractors All Risks Insurance

Caters for buildings and/or engineering projects on site during construction period and maintenance period.

g. Combined Non-motor Cover

Caters for schools, churches restaurants, hotels and hospitals including; building structures, vehicle, staff, malpractice for hospitals, and all kind securities from theft and fire.

h. Standard Fire Insurance

Caters for protection of property against lost or damaged fire, Lighting and other fire related causes.

i. Motor Assets PSVs

The insurance caters for motors that cover passengers for reward/hire. Covers from theft and damages, protection, recovery and removal after accidents and authority to repair under certain conditions.

j. Motor commercial

The cover caters for vehicles owned by individuals or businesses for commercial use. The vehicles include; tipper and heavy good vehicles, trucks, pick ups and lorries.

They can be for hire or reward. The vehicles are covered from theft and damages, protection, recovery and removal after accidents and authority to repair under certain conditions.

k. Marine Insurance

Covers general and average loses, bills issued by banks on report findings etc, against fire, corrosion, weather damage, sinking, non-delivery and other damages except damages incurred due to storage, transit extension, deferred unparking and transshipment and war.

l. Machine Breakdown

Caters for machinery physical loss or damage.

m. Livestock Insurance

Caters for livestock including; sheep goat, beef cattle, dairy cattle and security dogs. The livestock are protected against death due to lightning, internal and external injury in

  • Transit/ location,
  • Fire,
  • Flooding,
  • Snakebite,
  • Windstorms,
  • Epidemics,
  • Theft,
  • Diseaset
  • Terminal nature

n. Goods In Transits

Insurance cater for goods being transported and distributed safety upon delivery

o. Business Liability Cover

The cover insures:

Carriers liability that caters for legal liability for loss and damage property under your custody during transport, loading and off loading within the contract period.

Fidelity Guarantee that caters for the employer against direct financial loss of valuable assets and property from fraudulence, theft, Larceny, forgery Embezzlement

Public Liability suitable for businesses that have daily interaction with the public members. Caters for injury claims, contracted diseases resulting from business activities.

P. Institution Cover

Madison insures institutions including:

Church Comprehensive cover which caters for the place of worship including church property, staff and vehicle.

Schools Comprehensive that caters for learning institutions including, students, staff, property against theft, fire, burglary and accidents.

q. Employee Cover

Employee insurance cover offers:

Employers Liability which caters for employers against damage, negligence and any claimants’ costs and expenses.

Group Creditor/Mortgage Protection- Caters for protection of borrowers, lenders, dependents, guarantors and lenders from loan/ mortgage liabilities in case of death.

Group Life Insurance- Provides a Death-In-Service Benefit to employees or registered members of a group. The cover caters for employee’s death at work. Requires a minimum of 10 members.

Group Multi Benefit- caters for group needs of a minimum of 5 members and is suitable for NGOs, Companies, Churches Schools and SMEs. The benefits are same with those of WIBA.

Hospital Malpractice Caters for claims against professional duty negligence or error of act in a hospital.

Professional Indemnity- Caters for member against negligence during working hours of their profession.

WIBA (Work Injury Benefit)- Caters for members employees from accidental injuries sustained and contracted diseases from the working place during working hours according to Workmen Injury Benefit Act 2007.

WIBA Plus- Covers members employee from body injuries sustained within 24hrs outside working hours.

4. Madison Insurance Future Protection Covers

Bima Ya Karo

Bima ya Karo provides a guaranteed opportunity for parents and guardians to invest funds for their children’s future education

GainPlus Annuity

The cover provides a saving system for members to benefit from after their retirement. The cover guarantees 5-20 years according to the choice of member and works effectively under 4 major divisions including;

  • Immediate Annuity- Pays upon purchase of the product
  • Joint Life Annuity- Pays you and transfers to your spouse after you demise
  • Single Life Annuity- pays you
  • Deferred Annuity- Allows accumulation of fund and payments begins at a later date.

Money Max Plus

Is an investment policy that the fund managers use to generate income for a member. The policy also allows member to access life cover benefits.

Hekima Policy

A life policy that guarantees a member accumulation of returns on the initial amount and covers for death of a member.

Lala Salama

A funeral product that caters for burial services and funeral expenses. The cash is given within 48hrs

Uniplan

IS an investment policy that allows parents and guardians to save for the guarantee of their children’s university education.

5. Madison Insurance Investment Covers

a.Money Market Fund

Money market fund offers members with a saving plan that enables them earn competitively to attain their life goals. The fund provides short term debt securities of up to 1 year. They include; fixed and call deposits, treasury bills and high quality cooperate debt.

Features include:

  • Need for capital preservation.
  • High liquidity needs
  • Need to set aside emergency fund.
  • Cash flow management requirements.
  • Short term investment horizon ie projects, school fees etc

Benefits

  • High liquidity for withdrawals is done 2-3 working days
  • Flexible investment option
  • No entry or exit fee.
  • Monthly compound of interest.

b. Madison Shujaa

Is an investment plan provided under Madison Wealth Management whose primary goal to provide high returns and capital growth with aggressive risk appetite.

Madison shujaa invests in commercial papers, fixed deposits and treasury bills.it provides benchmark returns of 91 days-Bill with a rate of4.5%. The contract is lasts either 3 months, 6 months or one year.

c.Madison Hifadhi

Is an investment plan provided under Madison Wealth Management whose primary goal is protect capital with a conservative risk profile. Madison Hifadhi uses strategic allocations to invest in deposits and treasury Bills at 2%. It provided a contact that ranges 3 months, 6 months, and one year with different rates.

d.Madison Zalisha

Is an investment plan provided under Madison Wealth Management whose primary goal to provide capital growth with a moderate risk profile. This investment gives great return and good growth of capital.

Madison Zalisha invests in commercial papers, fixed deposits and treasury bills with a benchmark of 91-day T-bill at a rate of 3%.

Wrap Up

Now you have a great picture of what to expect from Madison. You can directly find their contacts for the way forward on how to get their services. Use the article Madison Insurance Contacts, and Madison Insurance Branches.

Visit Madison Insurance website for more information.

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