The Sanlam Umbrella Fund has completed the 2024 annual revision of risk premiums and the new premium rates became effective on 1 April 2024. The Insured Benefits Management Committee are pleased to announce that overall risk premiums have decreased for the second year in a row!
While rates came down overall, individual participating employers may have experienced decreases, unchanged rates or even increases depending on the change in their individual risk profile since the previous revision.
To ensure that members benefit from competitive risk premiums, the Sanlam Umbrella Fund offers participating employers the option to take part in our “Best of both insurers” solution. This means that when a participating employer joins the Sanlam Umbrella Fund, the quotation system automatically compares the group insurance premiums between the two trustee-approved insurers, being Sanlam Group Risk and Absa Life.
In addition, every year as part of the annual revision process, we again compare the group risk insurance premium rates between the two trustee-approved insurers. This ensures that we can offer our participating employers and members the most competitive premium rates for similar terms and conditions and subject to product rules as agreed between the trustees and the Sponsor.
The Sanlam Umbrella Fund is the only large umbrella fund that conducts its own auction process, and we believe that this process has served our participating employers and members well over the years.