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) or Capital Alliance Life Limited (Capital Alliance), as follows:
- The provisions of the Sanlam unapproved group life insurance policy effective from
1 January 2013, 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 2019 by the provisions contained in the new unapproved group life insurance umbrella policy. - The provisions of the Capital Alliance unapproved group life insurance policies providing death and disability benefits effective from 1 January 2008, income replacement benefits effective from 1 November 2013, critical condition benefits effective from 1 March 2012 and funeral benefits effective from 1 January 2008 will be replaced as from 1 January 2019 by the provisions contained in the new unapproved group life insurance umbrella policy, provided that –
– Capital Alliance will not insure the death benefit on a qualifying spouse’s life in terms of schedule 10; and – Capital Alliance will not insure the option to apply for individual insurance on a qualifying spouse’s life in terms of schedule 16.
Click here to read the notable changes from the previous policies.
Click here to read the new unapproved group life insurance umbrella policy