Fund Updates

In the December Toolkit we touched on the revamp of the Sanlam Group Risk Universal Education Protector (UEP) product for new and existing policyholders applicable from 1 January 2022. The improved UEP benefits will apply to new as well as existing UEP claimants, for the education costs of eligible children incurred on or after 1 January 2022.

The Sanlam Umbrella Fund launched the online Member Education Sessions called “Imali Zam” (My Money) sessions in 2021, aimed at enabling members to better understand their savings and benefits. The next Imali Zam session is scheduled for 17 May 2022 and will focus on understanding the benefit statement.

The Sanlam Umbrella Fund has extended benefit counselling services to beneficiaries of members who have passed away in respect of unapproved Life Insurance, as well as members receiving payments in respect of Lump Sum Disability Insurance or Critical illness Insurance. This is to ensure that both the members and beneficiaries have access to relevant information and receive financial advice to help manage their benefits.

Read about the changes to the External Single Manager Range portfolios.

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.