Madison UniPlan is one of the best policies offered by Madison Insurance. The policy is meant to cater for an individual’s college and university education.
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.
- 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.
- 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.
As a parent, this is definitely a policy to take especially if you have young children, it will save you the hustle of looking for school fees when your children are too demanding.