Technical guide
for risk and savings
products
What’s new?
March 2014
Contents
New Technical guides
2
Availability of Technical guides, Product list and Product archive
2
Changes to products and benefits
3
New documents added
4
Technical guide for risk and savings products
Sanlam Life
March 2014
What’s new?
1
New Technical guides
The entire content of the old Product guide has now been moved to our new Technical guides.
•
•
•
•
Care was taken to make these Technical guides more user-friendly than the old Product guide
The Technical guides are available on the Sanlam intranet and SanPort
Each Technical guide can be separately printed or downloaded
Technical guides can be e-mailed from SanPort.
The Technical guides should be used as a first port of call when resolving queries.
Feedback to [email protected] will be welcomed.
Availability of Technical guides, Product list and
Product archive
The hyperlinks to the Technical guides, Product list and Product archive are indicated below.
Guide
Technical guides
Hyperlinks
SanPort
https://sanport.sanlam.co.za/sanport
/eng/FormsDownloads/Downloads/SanlamProduct-Guides.aspx
Product list
Product archive*
Sanlam Intranet
http://intranet.sanlam.co.za/pages
/MyBusiness/SPFGuides/SPFGui
desEng.asp
Or go to
Or go to
https://sanport.sanlam.co.za/sanport
/Home.aspx
and click on
http://intranet.sanlam.co.za/
and click on
and
and
*The Product archive, contains, in addition to other applicable information, details about withdrawn products and benefits.
Technical guide for risk and savings products
Sanlam Life
March 2014
What’s new?
2
Changes to products and benefits
Changes to our products and benefits are indicated below.
Changes
New products and benefits
Risk products
A Core option is now available for Matrix TopCover, which is a standardised version of our Matrix Topcover risk offering.
The following applies for the Core option of Matrix TopCover:
•
•
•
•
•
•
Only one life may be insured on a plan, and this life insured will have a Death benefit and a Living protector benefit
(accelerator).
The cover amounts of Death and Living protector will be the same.
The Core option will contain a Wealth Booster at no extra cost.
The growth pattern will be Standard age-related compulsory growth with 3.5% cover growth.
Cover growth will automatically be removed on the plan anniversary before or on the life insured’s 65th birthday. At
the same time, the payment growth percentage will change to 10% per year.
The initial guarantee period will be 10 years.
Refer to the Our products and benefits guide for more information.
Savings products
•
•
Conversions to Cumulus Echo Retirement Annuity, Cumulus Echo Pension Preserver and Cumulus Echo Provident
Preserver are now available (product codes R40C, PP6 and PF6 respectively). Refer to the Cumulus Echo
Retirement Annuity Conversions and Cumulus Echo Preserver guides for more information.
Guaranteed Return products (AfLife), which were issued under the insurance licence of Sanlam Developing Markets
Limited Limited (SDM), can now be continued to Cumulus Continuation for Guaranteed Return and Cumulus
Continuation for Guaranteed Return (Glacier) (product code SC8).
Product features include the following:
•
•
•
No restricted period,
Investment choices: A wide range of quality investment funds available, including investment funds with
investment guarantees.
Flexibility: Can switch between any of the available investment funds at any time, with the first four switches in a
plan year free of charge.
Refer to the Continuations, excluding Endowment for Provident Funds guide for more information.
Underwriting
•
Changes to determine rate groups. Refer to the Underwriting guide for more information.
Technical guide for risk and savings products
Sanlam Life
March 2014
What’s new?
3
Changes
Other changes
Product guide withdrawn
All information has been moved to the Technical guides.
Risk products
•
•
•
LifeRewards closed for New Business.
Free cover changes. Refer to the Our products and benefits guide for more information.
Definition for admittance of a claim for dread disease has been changed. Refer to the Dread disease and injury
cover guide for more information.
Savings products
• Minimum payments has been changed for some products
• Switch fee was increased to R600.
Withdrawn products
•
•
•
•
•
•
•
•
•
•
•
•
Stratus Retirement Annuity ( product code R19C)
Cobalt for Professionals Retirement Annuity (R19C)
Stratus Retirement Annuity Conversions ( product code R07C)
Stratus Premier Retirement Annuity Conversions (product code R72C)
Matrix Topcover with Retirement investment (product code R26C)
One Step Retirement Plan (product code 86M)
Stratus Pension Preserver Conversions (product codes PP4)
Stratus Provident Preserver Conversions (product code PF4)
Stratus Linked Retirement Annuity (product code L01C)
Stratus Linked Pension Fund Booster (product code L01C)
Cobalt for Professionals Linked Retirement Annuity (product code L02S)
Stratus International Endowment (product code E17).
New documents added
New documents which have now been added, are indicated below.
New documents
•
•
•
Risk and savings products: Claims
Risk and savings products: General information.
Technical guides which are available under “Savings products” on the Sanlam intranet and SanPort:
• Compulsory Money products
• Continuations, excluding Endowment for Provident Funds
• Cumulus Echo Preserver Conversion
• Cumulus Echo Retirement Annuity Conversion
• Endowment and PPS Retirement Annuity Conversions
• Endowment for Provident Funds
• Escalating Guarantee Investment
• Linked Investments
• Optional Money products
• Stratus Preservation Funds
• Tax.
Technical guide for risk and savings products
Sanlam Life
March 2014
What’s new?
4