{"id":422,"date":"2020-12-14T12:32:31","date_gmt":"2020-12-14T12:32:31","guid":{"rendered":"https:\/\/brand2d.tech\/madison\/?page_id=422"},"modified":"2020-12-31T12:21:12","modified_gmt":"2020-12-31T12:21:12","slug":"faqs","status":"publish","type":"page","link":"https:\/\/brand2d.tech\/madison\/faqs\/","title":{"rendered":"FAQs"},"content":{"rendered":"[vc_row type=”full_width_background” full_screen_row_position=”middle” column_margin=”default” bg_image=”423″ bg_position=”center top” bg_repeat=”no-repeat” scene_position=”center” text_color=”dark” text_align=”left” top_padding=”10%” bottom_padding=”20%” class=”banner” overlay_strength=”0.3″ shape_divider_position=”bottom” bg_image_animation=”none” shape_type=””][vc_column column_padding=”no-extra-padding” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_link_target=”_self” column_shadow=”none” column_border_radius=”none” width=”1\/1″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” overlay_strength=”0.3″ column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][vc_row_inner column_margin=”default” text_align=”left”][vc_column_inner column_padding=”no-extra-padding” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” width=”5\/12″ tablet_width_inherit=”default” overlay_strength=”0.3″ column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][vc_custom_heading text=”FAQs” font_container=”tag:h1|text_align:left|color:%23ffffff” use_theme_fonts=”yes” el_class=”bold-text”][\/vc_column_inner][vc_column_inner column_padding=”no-extra-padding” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” width=”7\/12″ tablet_width_inherit=”default” overlay_strength=”0.3″ column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” scene_position=”center” text_color=”dark” text_align=”left” class=”no-margin tabs” id=”faq-tabs” overlay_strength=”0.3″ shape_divider_position=”bottom” bg_image_animation=”none” shape_type=””][vc_column column_padding=”no-extra-padding” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_link_target=”_self” column_shadow=”none” column_border_radius=”none” width=”1\/1″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” overlay_strength=”0.3″ column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][tabbed_section style=”minimal” alignment=”left” spacing=”default” tab_color=”Extra-Color-1″ cta_button_style=”extra-color-3″ icon_size=”24″ el_class=”faq-tabs semibold-text”][tab icon_family=”none” title=”General Business” id=”1609417181353-5″ tab_id=”1609417181355-10″][vc_column_text][\/vc_column_text][\/tab][tab icon_family=”none” title=”Minimum Initial Investment” id=”1609417181939-5″ tab_id=”1609417181941-10″][vc_column_text][\/vc_column_text][\/tab][tab icon_family=”none” title=”Life Assurance” id=”1609417182142-3″ tab_id=”1609417182144-4″][vc_column_text][\/vc_column_text][\/tab][\/tabbed_section][\/vc_column][\/vc_row][vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” bg_color=”#ffffff” scene_position=”center” text_color=”dark” text_align=”left” top_padding=”2%” class=”faqs rounded shadow” id=”section-1″ overlay_strength=”0.3″ shape_divider_position=”bottom” bg_image_animation=”none” shape_type=””][vc_column column_padding=”padding-2-percent” column_padding_position=”left-right” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_link_target=”_self” column_shadow=”none” column_border_radius=”none” width=”1\/1″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” overlay_strength=”0.3″ column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][toggles style=”minimal” accordion=”true”][toggle color=”Default” title=”1. What is insurance?”][vc_column_text]\n

Insurance is<\/span> a mechanism through which persons transfer risk(s) to insurance companies at a fee called premium. Insurance companies <\/span>in return promise to<\/span> pay for the insured loss should it occur<\/span>.<\/p>\n[\/vc_column_text][\/toggle][toggle color=”Default” title=”2. What is an insurance policy?”][vc_column_text]\n

An insurance policy is a document evidencing the existence of an insur<\/span>ance contract. An insurance policy contains terms<\/span> and conditions of the contract. It is important to obtain, read and understand your insurance policy<\/span>.<\/p>\n[\/vc_column_text][\/toggle][toggle color=”Default” title=”3. How many forms of insurance are there?”][vc_column_text]\n

There are two forms of insurance namely life (long term) and general (short term) insurance. Life insurance are contracts for <\/span>more than one year while general insurance contracts are\u00a0for one year or less.<\/p>\n[\/vc_column_text][\/toggle][toggle color=”Default” title=”4. What is Excess?”][vc_column_text]\n

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.<\/p>\n[\/vc_column_text][\/toggle][toggle color=”Default” title=”5. Can I cancel my policy if I am not satisfied with its terms and conditions?”][vc_column_text]\n

For general insurance contracts, cancellation of the policy will lead to a proportionate refund of the premiums so<\/span> far paid.<\/p>\n[\/vc_column_text][\/toggle][toggle color=”Default” title=”6. What happens to my policy if I fail to pay insurance premium?”][vc_column_text]\n

Failure to pay insurance premiums as stipulated under<\/span> the contract is<\/span> a breach of<\/span> policy terms and leads to termination of the contract by<\/span> us.<\/p>\n[\/vc_column_text][\/toggle][toggle color=”Default” title=”7. How many times is general insurance premium paid?”][vc_column_text]\n

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.<\/p>\n[\/vc_column_text][\/toggle][toggle color=”Default” title=”8. How do I make an insurance claim?”][vc_column_text]\n

Y<\/span>ou must report any loss or damage to us in time and submit all the necessary documents<\/span> requested by the claims assistant. Y<\/span>ou are required to co-operate to facilitate smooth handling of<\/span> the claim.<\/p>\n[\/vc_column_text][\/toggle][toggle color=”Default” title=”9. What documents do I need to lodge a claim?”][vc_column_text]\n

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.<\/p>\n[\/vc_column_text][\/toggle][toggle color=”Default” title=”10. When should I notify Madison of a claim?”][vc_column_text]\n

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<\/a><\/p>\n[\/vc_column_text][\/toggle][toggle color=”Default” title=”11. How often is general insurance cover renewed?”][vc_column_text]\n

Depending on the term but normally once after twelve months.<\/p>\n[\/vc_column_text][\/toggle][toggle color=”Default” title=”12. Must I be insured to live better?”][vc_column_text]\n

Yes, considering many life\u2019s risks that surround us it is important to be insured, insurance works as a fall back plan if the unexpected happens.<\/p>\n[\/vc_column_text][\/toggle][toggle color=”Default” title=”13. What are payment options available?”][vc_column_text]\n

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.<\/p>\n

Payment should be made directly to Madison General Insurance Kenya by the following means only:
\n1. Cheque made out to The Madison General Insurance Kenya.
\n2. M-Pesa through Paybill Number 880928
\n3. Direct deposit to the Madison General Insurance Kenya bank account.<\/p>\n

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.<\/p>\n[\/vc_column_text][\/toggle][toggle color=”Default” title=”14. I would like to change my agent?”][vc_column_text]\n

You will be required to fill and sign a change of intermediary form and share it to us appointing your new intermediary.<\/p>\n[\/vc_column_text][\/toggle][toggle color=”Default” title=”15. I sold my car and bought a new one, could I transfer my insurance cover to the new car?”][vc_column_text]\n

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.<\/p>\n[\/vc_column_text][\/toggle][toggle color=”Default” title=”16. What do I need to know in case of an auto accident?”][vc_column_text]\n

Most importantly, stay calm.\u00a0 Don\u2019t 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\u2019s okay to go. Don’t accept blame Give your full description of the accident only to the investigating police officer.<\/p>\n

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<\/a><\/p>\n[\/vc_column_text][\/toggle][toggle color=”Default” title=”17. When is it time to review my personal or business coverage?”][vc_column_text]\n

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<\/p>\n

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.<\/p>\n

For more details, you can write to us on salesonline@madison.co.ke<\/span><\/a> , and we’ll be happy to help to you evaluate your insurance and financial needs.<\/p>\n[\/vc_column_text][\/toggle][\/toggles][\/vc_column][\/vc_row][vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” bg_color=”#ffffff” scene_position=”center” text_color=”dark” text_align=”left” top_padding=”2%” class=”faqs rounded shadow” id=”section-2″ overlay_strength=”0.3″ shape_divider_position=”bottom” bg_image_animation=”none” shape_type=””][vc_column column_padding=”padding-2-percent” column_padding_position=”left-right” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_link_target=”_self” column_shadow=”none” column_border_radius=”none” width=”1\/1″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” overlay_strength=”0.3″ column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][toggles style=”minimal” accordion=”true”][toggle color=”Default” title=”1. What is the Minimum Initial Investment amount for Madison Money Market Fund?”][vc_column_text]Kes 5,000[\/vc_column_text][\/toggle][toggle color=”Default” title=”2. What is the withdrawal period for Madison Money Market Fund?”][vc_column_text]Two working days[\/vc_column_text][\/toggle][toggle color=”Default” title=”3. What is the Minimum Initial Investment amount for Madison Wealth Management?”][vc_column_text]2 million[\/vc_column_text][\/toggle][toggle color=”Default” title=”4. How does Madison Money Market Fund work?”][vc_column_text]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.[\/vc_column_text][\/toggle][toggle color=”Default” title=”5. What is Madison Wealth Management Fund?”][vc_column_text]Wealth Management\u00a0is the Professional Management of an Investor\u2019s 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\u2019 requirements as communicated to the fund manager through an Investment Management Agreement.[\/vc_column_text][\/toggle][toggle color=”Default” title=”6. What are the different products under Madison Wealth Management?”][vc_column_text]Madison Hifadhi, Madison Zalisha and Madison Shujaa[\/vc_column_text][\/toggle][toggle color=”Default” title=”7. Why Invest with us?”][vc_column_text]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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

Financial Trainings and Quarterly Reporting:\u00a0 <\/span>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.[\/vc_column_text][\/toggle][toggle color=”Default” title=”8. What is the minimum top up for Madison Wealth Management?”][vc_column_text]\n

The minimum allowable top up is Kes 1,000,000.<\/p>\n[\/vc_column_text][\/toggle][toggle color=”Default” title=”9. What is the fee structure for Madison Money Market Fund?”][vc_column_text]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).[\/vc_column_text][\/toggle][\/toggles][\/vc_column][\/vc_row][vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” bg_color=”#ffffff” scene_position=”center” text_color=”dark” text_align=”left” top_padding=”2%” class=”faqs rounded shadow” id=”section-3″ overlay_strength=”0.3″ shape_divider_position=”bottom” bg_image_animation=”none” shape_type=””][vc_column column_padding=”padding-2-percent” column_padding_position=”left-right” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_link_target=”_self” column_shadow=”none” column_border_radius=”none” width=”1\/1″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” overlay_strength=”0.3″ column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][toggles style=”minimal” accordion=”true”][toggle color=”Default” title=”1. How to do I launch a claim?”][vc_column_text]\n

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\u00a0madison@madison.co.ke<\/a>.<\/p>\n[\/vc_column_text][\/toggle][toggle color=”Default” title=”2. What are the Documents required to launch a claim?”][vc_column_text]\n

The following are the documents required for various claims and the claim forms are available online.<\/p>\n

Full Maturities:<\/p>\n

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

    Death claim:<\/p>\n

      \n
    1. Notification letter<\/li>\n
    2. Death certificate<\/li>\n
    3. ID copy<\/li>\n
    4. ATM copy or copy of bank statement.<\/li>\n
    5. Duly completed claim forms<\/li>\n
    6. Original policy document<\/li>\n<\/ol>\n

      Loans (For policies with this option):<\/p>\n

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

        Surrender and cancellation:<\/p>\n

          \n
        1. Notification letter<\/li>\n
        2. ID copy<\/li>\n
        3. ATM copy or copy of bank statement.<\/li>\n
        4. Original policy document<\/li>\n
        5. DFPF<\/li>\n<\/ol>\n

          Refunds:<\/p>\n

            \n
          1. Notification letter<\/li>\n
          2. ID copy<\/li>\n
          3. ATM copy or copy of bank statement.<\/li>\n<\/ol>\n[\/vc_column_text][\/toggle][toggle color=”Default” title=”3. How long does it take to process a claim?”][vc_column_text]\n

            Claim processing takes 14 days to be fully paid.<\/p>\n[\/vc_column_text][\/toggle][toggle color=”Default” title=”4. What payment options are there?”][vc_column_text]\n

            Claims are paid via M-Pesa or EFT.<\/p>\n[\/vc_column_text][\/toggle][\/toggles][\/vc_column][\/vc_row][vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” scene_position=”center” text_color=”dark” text_align=”left” overlay_strength=”0.3″ shape_divider_position=”bottom” bg_image_animation=”none”][vc_column column_padding=”no-extra-padding” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_link_target=”_self” column_shadow=”none” column_border_radius=”none” width=”1\/1″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” overlay_strength=”0.3″ column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][vc_raw_js]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[\/vc_raw_js][\/vc_column][\/vc_row]\n","protected":false},"excerpt":{"rendered":"

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