Madison Group Limited is a locally owned financial services holding company that specializes in Insurance and wealth management services.
The Group comprises Madison Life Assurance Kenya Limited, Madison General Insurance Kenya Limited, and Madison Investment Managers Limited.
Madison Life Assurance Kenya was originally incorporated under Kenyan Laws in 1988 as Madison Insurance Company Limited (MICK) after a successful merger between Crusader Plc (1974) and Kenya Commercial Insurance Corporation.
The Company has grown exponentially from combined Gross written premiums of KES 100m in 1988 to combined Gross written premiums of Ksh 6.2 billion as at December 2017.
In 2018, MICK demerged into two separate companies – Madison General and Madison Life.
Madison Life Assurance now underwrites life assurance business only, while Madison General underwrites general insurance business.
Madison Betterlife Health Insurance Cover
Madison Betterlife Health Insurance caters to the healthcare needs of individuals and families in Kenya, including both married and single parents. The cover includes comprehensive benefits and flexible plans.
This plan has two options:
- Premier Plan: Offers high limits for inpatient and outpatient care. It also includes free annual health check-ups for the main member and their spouse.
- Executive Plan: Provides access to a wide range of health facilities and benefits at an affordable premium.
Bima Ya Karo Education Policy
Bima Ya Karo is a unique education policy that helps parents and guardians secure their child’s future. It guarantees education funds, whether the parent/guardian is alive, critically ill, disabled, or deceased.
Key Benefits:
- Education Fund Guarantee: Ensures funds are available for the child’s education no matter what happens to the parent or guardian.
- Death Benefit:
If the policyholder passes away while the policy is active and premiums are up to date, 50% of the cover amount will be paid out to support the child’s needs. - Critical Illness Benefit:
On diagnosis of a critical illness such as cancer, stroke, heart attack, renal failure, or major organ failure, 25% of the policy amount will be paid to the policyholder. - Funeral Cash Benefit:
In the unfortunate event of death, the policy pays:
- Ksh 100,000 for adults
- Ksh 50,000 for children
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Domestic Package Policy
The Domestic Package Policy offers all-around insurance protection for your home, belongings, and domestic employees. It is tailored to suit:
- Homeowners – Covers your residence and personal property.
- Renters – Protects tenants’ belongings against risks like theft, fire, and water damage.
- Furnished Rental Apartment Owners – Ideal for landlords, providing coverage for property, furnishings, and domestic workers.
The Domestic Package Policy includes added benefits for domestic workers, ensuring their well-being is also protected.
The coverage extends to death, permanent total disability (PTD), and temporary total disability (TTD).
In addition, it caters to medical expenses and funeral costs arising from work-related incidents. The minimum premium for this policy is Ksh 3,000.
SME Cover
The SME Cover is a flexible insurance solution designed specifically for small and medium-sized enterprises.
One of its key advantages is the ability for business owners to customize the policy to fit their specific needs and budget.
Any legally registered business in Kenya with 5 to 15 employees qualifies for the SME Cover.
The employer has the flexibility to choose the level of coverage based on their budget and preferences. Additionally, the cover may be extended to include employees’ dependents.
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Personal Accident Cover
The Personal Accident Insurance with Terrorism & Political Risks Cover extension is designed to provide financial protection against unforeseen accidents, with additional protection in the event of terrorism or politically related incidents.
Key Benefits:
- Accidental Death:
In the unfortunate event of a fatal accident, the insured sum is paid to the registered beneficiaries. - Permanent Disability:
If the accident causes a permanent, irreversible disability that hinders one from engaging in gainful employment, a lump sum is paid to the insured. - Temporary Disability:
For temporary disabilities that result in loss of earnings, the policy compensates based on weekly income lost during the recovery period. - Medical Expenses:
Covers medical costs on a reimbursement basis for treatment required due to injuries sustained in the accident.
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