Surrender / Part Surrender
As surrendering will influence your policy and the overall return that you will receive, it is seldom
in your best interest to surrender the policy early
Please take note of the following:
Surrender:
Surrender means the right to cancel an annuity or life insurance contract in exchange for its
cash value.
A surrender is allowed only after the first 12 months that the policy has been in force and is
calculated at market value. An administration fee amounting to 3% of the calculated surrender
value will be applicable.
Example
Surrender value
Administration fee
Total payable
-
R 50 000
R 1 500
R 48 500
Part Surrender:
Partial surrender means the removal of a portion of the original cash balance of an insurance
policy.
Growth Plan
One partial surrender is allowed after the first 12 months of the policy term. The larger of 10%
of the investment amount or R 30 000 must remain in the policy. An administration fee of 3% of
the calculated partial surrender value will be applicable.
Example
Investment amount
R 100 000
R 30 000 is larger than 10% on R100 000 (which is R10 000)
Maximum surrender value
R 70 000
Minus administration fee of 3%
R 2 100
Amount payable
R 67 900.
Clientèle Life Assurance Company Limited
Reg No 1973/016606/06. P.O.Box 1316, Rivonia, 2128, Soth Africa.
Clientèle Office Park, Cnr. Rivonia and Alon Roads, Morningside. Tel: 011 320 3233, Fax: 011 783 0115, email: [email protected]
VAT Reg No 4230166979
Directors: GQ Routledge (Chairman) BA LLB, B Journ, BW Reekie (Managing) FASSA, FFT De Buck CA(SA)
ADT Enthoven (alternate) PhD Political Science, PR Gwangwa LLM, IB Hume CA (SA), ACMA, JWF Pretorius Bsc,
GJ Soll CA (SA),BA Stott CA (SA), RD Williams BSc (Hons), FASSA,W van Zyl (Company Secretary) CA (SA) , G Simpson MBA, DBA (Compliance Officer # 5734)
Clientèle Life is an authorized Financial Services Provider FSP Number 15268
Income Plan
Partial surrender means the removal of a portion of the original cash balance of an insurance
policy.
One partial surrender is allowed on the endowment portion after the first 12 months of the policy
term and is calculated at market value. The larger of 10% of the investment amount or
R 30 000 must remain in the policy. An administration fee of 3% of the calculated partial
surrender value will be applicable.
Example
Investment amount
R 100 000
Endowment portion
R 70 000
R 30 000 is larger than 10% on R70 000 (which is R7 000)
Maximum partial surrender value
R 40 000
Minus administration fee of 3%
R 1 200
Amount payable
R 38 800
We should also remind you that in terms of current income tax legislation, certain policy gains
are taxable should you surrender your policy within five years. After this period the entire
benefit you receive will be tax free.
Surrender amounts are limited to the original investment plus a maximum of 5% annually
compounded interest. Should the cash be higher than this limited amount, the remainder will be
paid to you in the policy’s maturity date.
Please note that only one surrender or part surrender is allowed on a policy.
In order to receive the full benefit of your investment it is advisable that the initial investment
amount be held until maturity.
Should you require any further information, please do not hesitate to contact us on
0860 320 320.
Signed at ________________ on the ____________ day of ____________ 20 ______
_______________________
Signature of policy holder
____________________
Signature of witness
Clientèle Life Assurance Company Limited
Reg No 1973/016606/06. P.O.Box 1316, Rivonia, 2128, Soth Africa.
Clientèle Office Park, Cnr. Rivonia and Alon Roads, Morningside. Tel: 011 320 3233, Fax: 011 783 0115, email: [email protected]
VAT Reg No 4230166979
Directors: GQ Routledge (Chairman) BA LLB, B Journ, BW Reekie (Managing) FASSA, FFT De Buck CA(SA)
ADT Enthoven (alternate) PhD Political Science, PR Gwangwa LLM, IB Hume CA (SA), ACMA, JWF Pretorius Bsc,
GJ Soll CA (SA),BA Stott CA (SA), RD Williams BSc (Hons), FASSA,W van Zyl (Company Secretary) CA (SA) , G Simpson MBA, DBA (Compliance Officer # 5734)
Clientèle Life is an authorized Financial Services Provider FSP Number 15268
In order to process your surrender / part surrender, please fax this application form to
(011) 783 1005 together with:



A copy of your identity document
Proof of bank account
Proof of physical address (ie. Utility bill)
Policy Number:
_________________
Policy holder:
_________________
Investment Pan:
Guaranteed Growth Plan
Initial Investment amount:
Guaranteed Income Plan
________________
I hereby apply for a:
Surrender:
Partial Surrender:
of the above mentioned policy for the sum of R ________________
Reason for Surrender /Part Surrender: _________________________________________
Contact Number: ________________
Fax Number / e-mail address: _____________________________________
I hereby declare that:


I have not ceded or pledged the said policy to anyone either by ante-nuptial contract or
otherwise.
My estate has not been declared insolvent.
Signed at ________________ on the ____________ day of ____________ 20 ______
_______________________
Signature of policy holder
____________________
Signature of witness
Kindly note in case of a part surrender has been processed, a policy endorsement indicating the new
maturity value of your policy will be forwarded to you. Please ensure that you place this endorsement
together with the policy documents in your possession.
Clientèle Life Assurance Company Limited
Reg No 1973/016606/06. P.O.Box 1316, Rivonia, 2128, Soth Africa.
Clientèle Office Park, Cnr. Rivonia and Alon Roads, Morningside. Tel: 011 320 3233, Fax: 011 783 0115, email: [email protected]
VAT Reg No 4230166979
Directors: GQ Routledge (Chairman) BA LLB, B Journ, BW Reekie (Managing) FASSA, FFT De Buck CA(SA)
ADT Enthoven (alternate) PhD Political Science, PR Gwangwa LLM, IB Hume CA (SA), ACMA, JWF Pretorius Bsc,
GJ Soll CA (SA),BA Stott CA (SA), RD Williams BSc (Hons), FASSA,W van Zyl (Company Secretary) CA (SA) , G Simpson MBA, DBA (Compliance Officer # 5734)
Clientèle Life is an authorized Financial Services Provider FSP Number 15268