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The Mauritius Union Assurance Co LTD Profile
The Mauritius Union Assurance Co LTD Profile
The Mauritius Union Assurance Co LTD Profile
Company celebrated its Diamond Jubilee - 60 years proudly serving Mauritian people. We are
one of the leading insurance organizations serving businesses and individuals with a broad range
of insurance products and insurance-related services.
Mauritius Union is the oldest Mauritian composite insurance company, listed on the Stock
Exchange of Mauritius since 1993. Being financially strong, and in its quest to provide value-
added to its shareholders, Mauritius Union proudly announced the acquisition of National
Mutual Fund (NMF Ltd) on December 2009 and that of La Prudence Mauricienne Co. Ltée in
March 2010. La Prudence Mauricienne also operates in the General and Life insurances sector,
and owns a subsidiary Feber Associates, which specialises in Group Pension Schemes. Hence, a
bigger and stronger Mauritius Union Group is being formed to support all the activities.
Our customers can rest assured that the trust they put in us will continue result in high quality
products and excellent customer service.
Products:
Personal Insurance
Our Household Comprehensive Policy is meant to provide insurance coverage to your home,
whether you own it or you are renting it. You may choose to insure your Buildings or Contents
or both, and opt for the additional covers available under the policy, namely All Risks on
Personal Possessions, Personal Liability and Employers' Liability.
You have put so much time, effort and money in your house and its contents, hence it makes
sense to set some money aside to insure them against damage or loss. Your buildings and its
contents will be insured against loss or damage caused by a wide range of perils such as :
Travel Insurance:
Whether you are travelling abroad for pleasure or business, you need travel insurance that
responds to your special needs. The Mauritius Union Travel Insurance has been designed to give
you essential cover in case of unexpected misfortunes such as Emergency Medical services as a
result of a sudden illness or accident which might necessitate immediate attention of a qualified
doctor, loss of luggage with personal items and Cancellation/Curtailment.
You will also receive over and above the mentioned cover, a 24 Hour Medical Assistance
through our partner CEGA.
Personal Insurance
Household Comprehensive
Travel Insurance
Personal Accident
Motor Insurance
Golf Insurance
Domestic Appliances Insurance
Yacht Insurance
Commercial Insurance
Engineering
Fire & Allied Perils | Burglary | Business Interruption
Marine Cargo
Liability Insurance
Cash/Goods in Transit & All Risks
Group Personal Accident
Motor Insurance
Life Insurance:
Protection
Life Insurance Portfolio International
Level Term Assurance
Decreasing Term Assurance
Keyman Insurance
Whole Life
Group Life Assurance
Keyman Insurance
The purpose of a keyman insurance cover is to protect a business from financial hardship
caused by the loss of services through death or disability of an individual vital to that business
and to enable it to continue trading for a specific period.
Whole Life
A Whole Life policy provides permanent death cover where the death benefits shall be
payable whenever the life assured dies.
Educassurance
Educassurance is an innovative child savings plan especially designed for parents to cater for
their child’s tertiary educational expenses. Our education plan also gives financial protection
and peace of mind in the event of an untimely death or total and permanent disability of the
parent.
Investment Plus
Investment Plus is a flexible unit-linked life assurance plan that
allows the client to invest monthly or one-off payments into a plan
that adopts to one’s changing lifestyle.
The premiums paid are invested in carefully selected unitised funds thereby giving the
policyholder access to a broad portfolio of assets. The unit price is determined every month
and varies according to the fund’s performance. Each policyholder shall be given an
individual account whose accumulated value in units is directly linked to the value of the
underlying assets in the funds selected by client and shall be payable at maturity date of
policy.
Endowment plan
An endowment assurance policy with profits provides the payment of the sum assured plus
accrued bonuses at the end of a specific term upon survival of the life assured. In case of
death, the full sum assured plus accrued bonuses at time of death is payable to the nominees.
Anticipated endowment plans with profits are payment by installment policies where part of
the sum assured is regularly paid to the policyholder at every pre-determined interval. On
maturity date, the last installment of the Basic Sum Assured plus accrued bonuses shall be
payable.
In the event of death before maturity, the basic sum assured plus accrued bonuses shall be
payable irrespective of any installment already settled.
Bottom of Form
Retirement Planning
Retirement Plus
Conventional Personal Pension Plan
Group Pension Schemes
Retirement Plus Retirement Plus is another flexible unit-linked plan which
provides pension benefits to policyholders on their selected retirement age.
Product is administered in a similar way to an Investment Plus plan.
Riders
Accidental Death Benefits
Life Care
Total and Permanet Disability
Child Income Benefit
Waiver of Premium
Most policies may be enhanced by the addition of riders to the basic cover at a minimal cost.
The most common riders are :
Life Care
Life Care or most commonly known as critical illness is another popular optional benefit
where 80 % of the sum assured shall be payable in the event the life assured is diagnosed of
any of the following illness : cancer, coronary artery surgery, heart attack, stroke, kidney
failure or paraplegia
Waiver of Premium
Under our educational plan, in case of death or total and permanent disability, Mauritius
Union shall take charge of all future premiums till the intended maturity date. Thereafter, the
sum assured plus accumulated bonuses shall be payable at maturity date.
Waiver of premium option is also available under the total and permanent disability cover for
retirement plus plan. All future premiums shall be waived and pension benefits will become
payable for life.
Loans:
Multipurpose Loan to Policy Holders these loans are granted to clients who
have already contracted a Life Assurance policy with us, provided that the
policy has a surrender value. Our loans carry a fixed rate which applies to
the whole term of the loan.
Car Loan This loan is granted to those who want to buy a new car or a
second-hand one but who has no other security to give except the car itself.
We finance up to 75% of the value of the car.
Loan on Share For people who invested on listed stocks on the Stock
Exchange of Mauritius, we give loan up to 60% of the value of the stocks. As
security, we will pledge the shares.
Background
Mauritius Union was incorporated on the 26th July 1948 and is the oldest Mauritian composite
insurance company operating today. In 2008 we have celebrated our Diamond Jubilee – 60 years
serving businesses and individuals with a broad range of insurance products and insurance-
related services.
Listing
Mauritius Union is a public limited company and its shares are listed on the Official List of the
Stock Exchange of Mauritius under the symbol MUA since 14th December 1993.
Nature of business
Being amongst the leaders in the insurance sector, Mauritius Union conducts both Life and
General Insurance businesses. The company also grants secured loans and invests in shares and
property. We operate through
Our Vision
The vision of Mauritius Union is to be recognized as a leading insurance company in Mauritius,
providing superior financial protection and investment services with integrity and
professionalism.
We handle our customers' and shareholders’ money with the highest level of professionalism and
integrity. Our skills enable us to reconcile prudent funds management practices with the search
for superior returns on our investments.
Similarly, claims are also dealt with expediently. Mauritius Union has earned an undeniable
reputation for prompt payment of valid claims throughout its history. Today, we are proud that
all our products share one unflinching principle, i.e., ensuring your peace of mind.
Our 3'S' value system put us at the forefront of both product innovation and delivery. We are
now one of the leading insurance organisations serving businesses and individuals with a broad
range of insurance products and insurance-related services namely, personal pensions. We have
been able to extend our skills to non-insurance financial services namely to loans activities
Milestones
1948 On the 26th July, Mauritian Union is officially incorporated & started operating at 13, Sir
William Newton Street, Port-Louis.
1949 Mauritius Union democratized Life Assurance by launching insurance plans at only Rs2
per month.
1971 We were the first to introduce household comprehensive insurance cover to Mauritian
people.
1981 Good Harvest became an accreditated agent of Mauritius Union. It started to operate at La
Reine Street then move to Desforges Street up till now.
1992 Opening of our first regional branch at Flacq.
1993 Mauritius Union is quoted on the Stock Exchange of Mauritius under the symbol MUA.
1998 Inauguration of our new Head-Quarters, a modern building with 10 floors. The building
costs Rs120 million & obtained the Best Architectural Design in an international
competition.
2003 Excellent financial performance of Mauritius Union, whereby the reserve fund reached the
billion rupee mark.
2007 Product launching: Investment Plus, Bonne Santé, Golf insurance and Electro insurance.
2008 Double events in March, we open 2 branches, one in Grand-Bay on the 3rd, and the other
in Rose-Hill on the 17th, which is in line with our strategy to be nearer to clients.
2008 We celebrate our Diamond Jubilee, 60 years experience with a very strong financial
position.
Timeline
The objective was to democratize insurance by providing affordable cover to the Mauritian
population by introducing both life & general insurances. We offered life, pension, motor,
household, fire policies among others, and we were also the first to give loans to Mauritians at
affordable rates. Mauritius Union has always been very close to middle-class people to help them
in their different life stages, in difficult times as well as help to make their dreams come true. We
also help protect small and medium sizes businesses existing in Port-Louis at that time through a
whole range of insurance business covers.
After independence, there was economic growth in the island. Mauritian Union continued to
offer protection to all new businesses in the sugar and commercial industries.
Hence, Mauritius Union has made continuous effort to be in line with the economic progress in a
very prudent and ethical manner, resulting in a spectacular growth. Indeed, our reserve fund
increased from Rs 37 million in 1978 to reach Rs 177 million in 1988, a 500% growth!
The 90s: New Head-Quarters & MUA shares quoted on the Stock Exchange of Mauritius
3 major events marked the 90s: first of all, in 1993, Mauritius Union opens its shareholding to
the general public and is listed on the Stock Exchange of Mauritius. In 1998, we celebrated our
golden jubilee – 50 years. And, on that year, we inaugurated our new modern head-quarters. In
fact, the Board of Directors approved the project in 1996 and Mr Paul Lim Fat was assigned as
architect. General Construction was the contractor. It took 14 months to build and before that, 3
months were required to demolish the old building. Mr Paul Lim Fat even won a prize for this
building and was awarded Best Architectural Design in an international competition.