The Sanlam Umbrella Fund usually revises administration fees, group insurance premium rates and contingency reserve account levies on 1 April of each year. This communication summarises the plans for the 2022 annual revision.
Read more on the conditions for group risk cover for employees travelling or residing outside South Africa, Flexible Life Insurance and the Universal Education Protector benefit.
Client Relations Managers will be engaging our Contracted Benefit Consultants and Participating Employers in an effort to obtain member data.
Notice is hereby given to all the employers participating in the Sanlam Umbrella Pension or Provident Fund that provide unapproved insurance benefits for their employees, which are insured by either Sanlam Life Insurance Limited (Sanlam), Absa Life (Absa) or Capital Alliance Life Limited (Capital Alliance) that the policy has been updated.
Starting in January 2022, the Sanlam Unity Umbrella Fund members' benefit statements will be distributed digitally.
The Sanlam Umbrella Fund Insured Benefits Committee communicated changes to the definition of “beneficiary” as contained in Schedule 2 of the Insurance Act 18 of 2017 in the June 2021 Toolkit. This article contains the update of the unapproved policy.