Madison Life Insurance Company

Name

Madison Life Insurance Company

Legal name

Madison Life Insurance Company (Z) Ltd

Website

https://mlife.co.zm

Company type

Private

Founded year

1992

Operating status

Operating

Headcount range

51–100 employees

Ownership category

akta.pro rank

Product category

Life Insurance

NAICS

Direct Life Insurance Carriers (524113), Direct Health and Medical Insurance Carriers (524114), Health and Welfare Funds (525120)

SIC

Life Insurance (6311), Accident & Health Insurance (6321)

akta.pro industry

PRIMARYFSAIAAAJ

Group Term Life Insurance

Financial & Insurance/Insurance — Life & Health/Term Life Insurance

SECONDARYFSAIADAA

Basic Group Term Life (Employer-Paid)

Financial & Insurance/Insurance — Life & Health/Group Life Insurance (Employer-Sponsored)

SECONDARYFSAIABAK

Whole Life / UL Policy Riders & Add-ons (e.g., Waiver of Premium, Accidental Death, Child Term, LTC/Chronic Illness)

Financial & Insurance/Insurance — Life & Health/Whole & Universal Life Insurance

SECONDARYFSAIADAE

Group Whole Life (Limited/Continuous Pay)

Financial & Insurance/Insurance — Life & Health/Group Life Insurance (Employer-Sponsored)

SECONDARYFSAIADAG

Group AD&D (Standalone or Bundled with Life)

Financial & Insurance/Insurance — Life & Health/Group Life Insurance (Employer-Sponsored)

SECONDARYFSAIADAJ

Group Life Administration/Enrollment Platforms (TPA & Benefits Admin)

Financial & Insurance/Insurance — Life & Health/Group Life Insurance (Employer-Sponsored)

SECONDARYFSAIABAB

Universal Life (UL) Insurance

Financial & Insurance/Insurance — Life & Health/Whole & Universal Life Insurance

Keywords

• Life insurance
• Funeral insurance
• Pension schemes
• Credit life insurance
• Group life insurance

Headquarters

HQ city

Lusaka

HQ country

Zambia

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Supply Chain

Revenue model

1. Individual Life Insurance Premiums: Whole life, endowment, term life, and cash benefit assurance policies with premiums paid monthly, quarterly, half-yearly, or annually. Revenue from actuarial risk pooling across individual policyholders.
2. Group Life and Corporate Insurance Premiums: Group life assurance, group funeral expenses, group health insurance, credit life, and keyman insurance sold to employers. Premiums charged annually in advance or as per agreed payment terms (monthly, quarterly, half-yearly).
3. Pension Scheme Administration and Fund Management: Defined benefits and defined contribution pension plans administered for employers. MLife provides scheme administration services and pension fund investment management. Revenue from management fees and investment returns.
4. Diaspora Funeral Cash Plan Premiums: US$-denominated whole life cover for Zambians abroad and foreign nationals in Zambia. Single premium or regular premium payments with guaranteed acceptance up to age 75.
5. Domestic Travel Insurance Premiums: Pay-as-you-go point-to-point cover, per trip (maximum 7 days), or month-on-month multiple trip cover. Premiums from ZMW 15 to ZMW 220 with benefits from ZMW 6,000 to ZMW 20,000.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels6 records

Core offering

Madison Life Insurance Company is a specialist Zambian life insurer offering individual life policies (whole life, endowment, cash benefit, dignity funeral, school fees, baby present, personal pension), corporate group schemes (group life, group health, group funeral expenses, credit life, keyman, mortgage protection, gratuity, and pension scheme administration), and digital e-channel products (Tilitonse mobile funeral plan, Domestic Travel Insurance, and the Diaspora Funeral Cash Plan for Zambians abroad). The company distributes through physical offices in Lusaka, a customer web portal, USSD *4440#, WhatsApp, dedicated mobile apps, mobile money and retail partners, and employer-sponsored group arrangements.

Product overview

Madison Life Insurance Company operates as a specialist life insurer offering a comprehensive portfolio of individual life policies, corporate business products, and e-channel digital products. The individual life portfolio includes savings-oriented products like the Madison Enhanced Endowment Life Assurance Policy and Madison Enhanced Cash Benefit Assurance Policy, protection products like Madison Whole Life Assurance Policy and Madison Enhanced Whole Life Assurance Policy, education-focused plans like Madison School Fees Policy, and pension products like Madison Personal Pension Policy. The corporate business segment provides group life, health, funeral, credit life, mortgage protection, keyman insurance, and pension scheme administration. The e-channel division offers mobile and digital products including the Tilitonse mobile funeral insurance, Diaspora Funeral Cash Plan (DFCP) for Zambians abroad, and Domestic Travel Insurance. All products are supported through online portals, mobile applications, and contracted service partners.

Differentiator

Problem solved

Functional benefit

Brands

• Tilitonse: Mobile funeral insurance plan providing cover for people resident within the borders of the Republic of Zambia with plans for individual and family coverage.
• Diaspora Funeral Cash Plan (DFCP)
• Madison Umbrella GLA
• Madison Blue Health Cover

Products and services

• Madison Whole Life Assurance Policy Long-term whole life assurance for individual policyholders with optional cash benefits every 5 years, double accident benefit, permanent disability benefit, and an inflation-fighting premium escalator.
• Madison Enhanced Whole Life Assurance Policy Lifelong whole life product for individuals combining life cover with inbuilt funeral expenses cover, optional cash benefits every 5 years, double accident benefit rider, and permanent disability benefit rider.
• Madison Enhanced Endowment Life Assurance Policy Endowment-style life assurance protection and savings product for individuals with guaranteed sum assured payable on maturity or death, with policy terms from 10 to 25 years.
• Madison Enhanced Cash Benefit Assurance Policy Endowment-style life assurance product combining savings with protection, paying 20% of sum assured every 3 years as survival benefits and the remaining guaranteed sum assured at maturity or death.
• Madison Dignity Life Insurance Plan Funeral expenses insurance for individuals and families (up to 8 members plus dependents) with sum insured from K1,000 to K10,000 and optional contracted funeral parlour services.
• Madison School Fees Policy Education-focused individual life policy providing quarterly cash benefits equal to 25% of sum assured for up to 4 years to cover a child's school fees if the parent or guardian dies before the policy term ends.
• Madison Enhanced Baby Present Policy Child-focused life insurance policy paying a guaranteed sum assured if the child survives to age 18, with premiums waived upon death of the parent or guardian before maturity.
• Madison Personal Pension Policy Personal individual pension plan for retirement fund accumulation with a compulsory death benefit rider and optional automatic premium increase, available to policyholders aged 20 to 50.
• Tilitonse Super Life Plan Family funeral insurance plan covering a nuclear family of 8 (main member, spouse, 6 children) with monthly premiums ranging K54–K415 and sums assured K1,250–K100,000; offers a 10% no-claim cash back every 3-year cycle, with extended-family tiers up to 10 members at K20–K400 monthly.
• Madison DFCP (Diaspora Funeral Cash Plan) Whole-of-life US$-denominated funeral cover for Zambians in the diaspora and foreign nationals resident in Zambia, with guaranteed acceptance up to age 75, no medicals required, and immediate worldwide US$ cash payout within 24 hours of proof of death.
• Madison Tilitonse Policy Mobile-based funeral insurance for Zambian residents aged 18–85, purchased via a starter pack (K18) and registered by mobile phone with Standard, Silver, Gold, or Platinum tiers; accidental death is covered immediately with full cover after a 6-month waiting period.
• Domestic Travel Insurance Pay-as-you-go or per-trip (max 7 days) travel insurance covering accidental death, permanent disability, and accidental medical expenses from road traffic accidents within Zambia, with premiums from ZMW 15 to ZMW 220 and benefits from ZMW 6,000 to ZMW 20,000, available in individual, family, or corporate variants.
• Madison Group Life Assurance Policy Employer-sponsored, annually renewable group life cover providing a lump sum on the death of a covered employee (accidental or natural), with optional funeral, critical illness, and PTD rider benefits.
• Madison Group Health Insurance Corporate health insurance scheme enabling employers to cover medical expenses of employees and dependents via tailor-made plans aimed at attraction, retention, and performance.
• Madison Group Funeral Expenses Insurance Policy Employer-sponsored, annually renewable group funeral expenses policy covering funeral costs for employees, spouses, dependent children, parents, and other dependents, with no medical examinations required.
• Madison Credit Life Assurance Policy Loan protection insurance covering borrowers against death, disability, critical illness, and retrenchment by recovering the outstanding loan balance, available to ages 18–65 with no medicals required for loans up to K2 million and claims settled within 72 hours of full documentation.
• Keyman Insurance Cover Yearly renewable life assurance on key employees where the business receives a lump-sum benefit on the death of the insured key person, supporting organizational continuity, loan repayment, and loss mitigation.
• Group Mortgage Protection Policy (GMPP) Employer-sponsored cover that protects the financial interest of housing loans by paying the outstanding loan balance if the covered employee dies in service before completing repayment.
• Umbrella GLA Aggregated group life assurance death-in-service cover for SMEs (minimum 3 employees) in the informal and formal sectors, with sums assured from K5,000 to K100,000, no medicals required, a 7.5% discount via contracted funeral parlors, and 5-working-day claims settlement.
• GRZ-Funeral Assistance Scheme Government-sponsored funeral assistance scheme covering Zambian public servants, administered through a dedicated employer portal for enrollment, servicing, and claims.
• Group Gratuity Scheme Employer-funded scheme enabling pre-funding of gratuity benefits for contracted staff at a minimum of 25% of monthly basic pay, with benefits earning inflation-benchmarked returns and claims payable within 5 working days.
• Madison Student Health Policy Comprehensive medical insurance for students enrolled in Zambian public or private learning institutions, covering primary and specialized care (inpatient, outpatient, physiotherapy, psychiatry, dental, optical, and prescription drugs) with out-of-semester coverage.
• Student Tuition Fees Policy Tuition fee cover guaranteeing education continuity if the parent or guardian dies, with optional living expense allowance of up to 100% of sum assured and waived premiums upon the payor's death.
• Madison Pension Schemes Employer-sponsored group pension plans including a Defined Benefits Plan (final salary) and a Defined Contributions Plan (money purchase) with administration and fund management services, a typical 5% employee / 10% employer contribution of monthly basic salary, and pension claims settled within 5 working days.

Quantifiable outcome

• Claims settled within 24-48 hours for funeral claims and 48 hours for group life claims
• +3 more outcomes

Named customers2 records

Segments6 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

Feature4 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Lawrence Sikutwa and Associates (LSA) GroupcoreStrategic or Co-development Partner · 1 February 2018LSA Group sponsors annual cocktail party at Copperbelt Mining, Agricultural and Commercial Show (CMACS) in Kitwe. Madison Financial Services (parent) participates in networking events facilitated through this partnership. The event promotes wellness and business connections in Zambia's copperbelt region.
• Lafarge Cement Zambia PlcminorGTM or Marketing Partner · 1 April 2017Lafarge Zambia organizes annual 5KM marathon race in partnership with Zambia Amateur Athletic Association (ZAAA). MLife staff participate and win races. Event designed to promote wellness and raise spirit and values of marathon running in Zambia.
• DiasporaFuneralCashPlan.comcoreChannel Partner/ Reseller/ Distributor · 1 February 2017DiasporaFuneralCashPlan.com is an independent platform that distributes the Madison Life Insurance DFCP product to Zambians in the diaspora. Jeff Sango serves as adviser with the platform. The product is the first of its kind in Zambia for diaspora funeral coverage.
• Contracted Funeral ParlorscoreStrategic or Co-development Partner · 1 January 2016Funeral parlors contracted throughout Zambia to provide professional funeral services including coffin provision, body removal, preparation, hearse, tents, and lowering devices. 7.5% discount offered to clients using contracted funeral parlors for Umbrella GLA claims.

Scale indicators6 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Professional Insurance Corporation Zambia (PicZ): Zambian insurer providing life, general, and micro-insurance products to individuals and corporates. Direct peer in the local market, overlapping on group life, funeral, and personal accident products.
• ZSIC Life Insurance: Life insurance arm of the Zambian state-owned ZSIC group, focused on individual and group life, pensions, and funeral cover. Direct competitor in the domestic life insurance market, particularly for public-sector and parastatal clients.
• Madison General Insurance (MGen): Sister non-life insurer within the Madison Financial Services (LSA) conglomerate in Zambia. Closest comparable by domicile, group parent, distribution channels, and employer-client overlap; differs only by class of business (non-life vs. life).
• African Life Assurance: Zambian life insurer focused on individual and group life, funeral, and education policies. Direct peer in micro-life and family-cover products targeting working-class Zambian households.
• Old Mutual Zambia: One of the largest long-established life and general insurers in Zambia, offering individual life, group schemes, pensions, and investments. Direct competitor for corporate group life, individual whole life, and pension administration.
• Sanlam Life Insurance Zambia: Pan-African life insurer with a Zambian operation offering life cover, retirement/pensions, and group employee benefits. Directly comparable in product mix, target market (corporate employers and individuals), and multi-channel distribution.
• Hollard Insurance Zambia: Subsidiary of South Africa's Hollard Group, providing life, funeral, and short-term insurance in Zambia. Comparable for funeral-expense and micro-insurance products targeting the mass and informal markets.
• Crown Insurance Zambia: Zambian insurer providing life and general insurance, including funeral cover and corporate schemes. Comparable in funeral-expense and group insurance offerings for SMEs and individuals in the domestic market.

Regional players

• Liberty Life Zambia (Standard Bank group): African life insurer (part of Standard Bank's Liberty group) offering individual life, group schemes, and investment products in Zambia. Comparable corporate-benefits and pensions offering, with a strong bancassurance distribution angle.
• Britam Holdings: Kenya-listed diversified financial services group offering life, general insurance, asset management, and pensions across East Africa. Comparable in life and pensions product set, distribution model, and emerging-market insurance dynamics.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/mlifezambia
• Facebookfacebook.com/MLIFE.Zambia
• LinkedInlinkedin.com/company/madison-life-insurance-company-zambia-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Madison Life Insurance Company