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. For an overview of the changes, please click here
The Sanlam, Absa and Capital Alliance Unapproved Group Life Insurance Umbrella Policy effective from 1 September 2019, which provides death benefits, lump sum and income disability benefits, spouse’s death benefits, critical illness benefits, accident benefits and funeral benefits, will be replaced as from 1 January 2022 by a new Sanlam, Absa and Capital Alliance Unapproved Group Life Insurance Umbrella Policy. To view the full updated policy, click here.
In terms of the Policyholder Protection Rules (Long-Term Insurance Act), 2017, it is required that policyholders, including members, of group schemes to be provided with the insured benefits policy. Participating Employers are required to make the policy available to members and retain proof thereof. Sanlam may request proof of such communication, from time to time, for the purpose of monitoring compliance with this legislation.