2023 Product Maximums applicable from 1 January
Annually Sanlam Group Risk reviews the current product range’s minimum requirements and maximum amounts payable.
The review for 2023 has been finalised for the following products:
- Universal Education Protector (UEP) benefit
The Universal Education Protector (UEP) is a supplementary benefit that can be added to the following group insurance products:
– Life insurance; or
– Flexible Life insurance.
The UEP benefit assists, in addition to any other group life insurance (lump sum) payment, with the costs of educating the deceased employee’s eligible children.
It may be claimed for the annual tuition fees incurred in respect of children’s school education, as well as a first tertiary degree, or NQF recognised first diploma or certificate. In addition, the benefit makes provision for certain allowance benefits, including a minimum allowance benefit of R1,200 per annum, which is provided per eligible child and can be utilised for any school-related expenses, e.g. prescribed books, stationary, uniforms, school fee donations, electronic and/or sports equipment. The minimum allowance benefit is payable for each academic year of the child’s school education, excluding tertiary education, if:
– the eligible child attends a school that is a recognised educational institution, starting from Grade 0/R, up to and including Grade 12; and
– provided that any book allowance expenses already claimed for the applicable academic year in total, do not exceed the minimum allowance amount. In other words, the allowance benefit will be reduced by the book allowance expenses already claimed/paid (and vice versa).
Click here to read more on the UEP benefit offering, as well as the minimum allowance benefit and maximum tuition fee amounts applicable from 1 January 2023.
As the UEP is not intended as a bursary or a trust fund, the benefits have to be claimed annually for each year of the eligible child’s education, as-and-when costs are incurred for that particular academic year.
Sanlam Group Risk has compiled a checklist to assist guardians with supplying all the requited documentation to Sanlam, there-by ensuring continued payment of the UEP benefit.
Click here for the checklist to assist with the required documentation. (link to the separate PDF attachment called SGR UEP Guardian brochure)
- Medical Aid Premium Waiver (MAPW) benefit
The Medical Aid Premium Waiver (MAPW) is a supplementary benefit that can be added to the following group insurance products:
– Income Disability insurance; or
– Managed Income Disability insurance.
The MAPW benefit assists, in addition to the monthly disability payments, to continue the disabled employee’s monthly medical aid premiums (including the savings element, if applicable) from the end of the waiting period up to the end of the selected payment period (12 or 24 months), if the employee is the principal member of the medical aid scheme.
The benefit is paid directly to the employer, who will be responsible for the taxation before paying it over to the relevant medical aid.
Click here to read more on the MAPW benefit offering, as well as the maximum amounts applicable from 1 January 2023, in respect of the medical aid premiums payable for the employee, spouse and child/ren.