Notice is hereby given to all the employers participating in the Sanlam Umbrella Pension Fund or Sanlam Umbrella Provident Fund that provide unapproved insurance benefits for their employees, which are insured by either Sanlam Life Insurance Limited (Sanlam) or ABSA Life (ABSA) that the policy has been updated. It is important to note that the policy contains all unapproved insurance benefits available and may not be applicable to all participating employers. Please refer to your Certificate of Participation to determine which of these changes affect you. For an overview of the changes, please click here.
The Sanlam and ABSA Unapproved Group Life Insurance Umbrella Policy effective from 1 September 2022, will be replaced as from 1 April 2024. To view the full updated policy, please 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.