FAQs

Insurance is a mechanism through which persons transfer risk(s) to insurance companies at a fee called premium. Insurance companies in return promise to pay for the insured loss should it occur.

An insurance policy is a document evidencing the existence of an insurance contract. An insurance policy contains terms and conditions of the contract. It is important to obtain, read and understand your insurance policy.

There are two forms of insurance namely life (long term) and general (short term) insurance. Life insurance are contracts for more than one year while general insurance contracts are for one year or less.

This is the amount of loss to be borne by the insured in the event of a claim and as stated in the primary policy schedule.

For general insurance contracts, cancellation of the policy will lead to a proportionate refund of the premiums so far paid.

Failure to pay insurance premiums as stipulated under the contract is a breach of policy terms and leads to termination of the contract by us.

This is an annual cover, traditionally the premium is payable once in a year. However, there are time we can extend premium payment by installments through the bank where we have an arrangement for IPF (Insurance Premium Financing). For motor, premiums should be paid on commencement of cover or for partial payments short-term cover is issued.

You must report any loss or damage to us in time and submit all the necessary documents requested by the claims assistant. You are required to co-operate to facilitate smooth handling of the claim.

Insured will be required to complete a claim form and submit it together with the police abstract and other required documents based on the type of insurance. The documents can be submitted in any of our branches or send electronically. Dial *828*6*1# to learn more.

Immediately it happens either through your Agent / Broker or directly through our Claims 24hrs Emergency helpline 0715 992952 or Email ClaimsDepartment(GIB)@madison.co.ke

Depending on the term but normally once after twelve months.

Yes, considering many life’s risks that surround us it is important to be insured, insurance works as a fall back plan if the unexpected happens.

All payments to Madison General Insurance Kenya will be made through bank deposit or M-Pesa Paybill 880928. Receipts will be issued based on confirmed M-Pesa transactions or upon confirmation of bank funds transfer.

Payment should be made directly to Madison General Insurance Kenya by the following means only:
1. Cheque made out to The Madison General Insurance Kenya.
2. M-Pesa through Paybill Number 880928
3. Direct deposit to the Madison General Insurance Kenya bank account.

Ensure that you get an official Madison General Insurance Kenya receipt for all payments made as above. Do not make any cash payments to any individuals.

You will be required to fill and sign a change of intermediary form and share it to us appointing your new intermediary.

Motor insurance being a personal contract it is not transferable to other parties. Thus, in the event of the sale of the vehicle(s), you will need to inform us in writing or return the original certificate of insurance to us immediately to facilitate suspension or cancellation and transfer cover to the new car.

Most importantly, stay calm.  Don’t leave the scene of an accident even if you are capable of doing so. Wait for the police to arrive as they provide an objective witness to the event, and wait for them to say it’s okay to go. Don’t accept blame Give your full description of the accident only to the investigating police officer.

Exchange information with the other driver if possible. Immediately note the license plate number of other involved vehicles, color and model just in case someone refused to give you insurance information. Take scene of accident photos and contact your agent/broker or our office immediately through our Claims 24hrs Emergency helpline 0715 992952 or Email ClaimsDepartment(GIB)@madison.co.ke

Insurance is really about protecting the things important to your life, both personal and business, against the unexpected. So, anytime you have significant events or changes in your life, it’s time to think about your reviewing and updating your coverage. Here are some examples: A change in marital status, a new baby, new car, starting a business, buying a home, home improvements, purchasing jewelry, antiques, computer equipment or other expensive items

For Business; Increase in your workforce, seasonal increases in inventory, loss of employees to other companies, expansion plans – equipment, vehicles or physical plant, business relocation etc.

For more details, you can write to us on salesonline@madison.co.ke , and we’ll be happy to help to you evaluate your insurance and financial needs.

Kes 5,000

Two working days

2 million

The Money Market Fund is an excellent savings and investment account geared towards providing an income to the investors. It is a collective investment scheme that offers you an opportunity to earn higher interest than most traditional saving and deposit bank accounts including fixed and call deposits. The funds objective is to ensure that there is capital preservation and competitive return to beat inflation whilst ensuring sufficient liquidity of withdrawal on short notice.

Wealth Management is the Professional Management of an Investor’s funds by investing in securities with a fixed rate and tenor in fixed income securities like Treasury bills and bonds, fixed deposits, corporate debt instruments to meet specified investment goals for the benefit of the investors. The tenors are 3 months, 6 months and one year and give returns that are more attractive than the T-bill rates. The investments are made in accordance with the clients’ requirements as communicated to the fund manager through an Investment Management Agreement.

Madison Hifadhi, Madison Zalisha and Madison Shujaa

Professional Investment Management: Funds are managed by highly competent, qualified and experienced investment managers who endeavor to give the most competitive returns in the market.

Meet your Liquidity requirements: Depending on the nature of funds invested by the clients, we endeavor to ensure they are able to access their funds upon submission of a written request within three (3) working days.

Legal and compliance support: We have a team of risk and compliance officers who provide our clients with support by reviewing documents, tracking compliance and reporting to the Management/Board.

Financial Trainings and Quarterly Reporting:  We assign a dedicated wealth manager to each of our clients to conduct one financial training session annually and report on economic performance and market dynamics to the Management/Board.

The minimum allowable top up is Kes 1,000,000.

The fee is charged at the fund level and is currently pegged at 2% per annum. Our published daily rate is net after providing for this management fee. However, Withholding Tax (WHT) applies on the interest as per provisions of Income Tax Act Cap 470 (2018).

The client can make a call to 0709 922 444 or visit any of our branches or the head office. The client can also send an email to madison@madison.co.ke.

The following are the documents required for various claims and the claim forms are available online.

Full Maturities:

1. ID copy
2. ATM copy or copy of bank statement.
3. For payments below 70,000.00 Duly filled M-Pesa form
4. DFPF or DV duly filled and signed
5. Original policy document.

Death claim:

1. Notification letter
2. Death certificate
3. ID copy
4. ATM copy or copy of bank statement.
5. Duly completed claim forms
6. Original policy document

Loans (For policies with this option):

1. Notification letter
2. ID copy
3. ATM copy or copy of bank statement.
4. Original policy document
5. DFPF
6. Loan memorandum
7. Duly filled DDA Form or SDO

Surrender and cancellation:

1. Notification letter
2. ID copy
3. ATM copy or copy of bank statement.
4. Original policy document
5. DFPF

Refunds:

1. Notification letter
2. ID copy
3. ATM copy or copy of bank statement.

Claim processing takes 14 days to be fully paid.

Claims are paid via M-Pesa or EFT.