Important!
This important information will enable you to make an informed decision before you invest.
Single premium investments in Stratus Endowment
This investment gives you a lump sum after the end of the investment period. Sanlam invests your premiums in the investment fund(s) of your choice by buying units in these funds. We call the value of these units* the "policy investment", and pay this value out to you at the end of the policy term.
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How can I determine the value of my investment?
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Sanlam will use your premium(s) after the recovery of policy charges to purchase units* in the investment fund(s) of your choice. Sanlam purchases units at the unit buying price for the day on which your premium is invested. The buying and selling price will differ. When you requests units to be sold, the selling price will be used.
* This is a long-term policy in terms of the Long-term Insurance Act, 52 of 1998. These units are not units of a unit trust scheme as defined in the Collective Investment Schemes Control Act, 45 of 2002.
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How accessible is my money?
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Very accessible. As soon as your policy has amassed an adequate value, you may:
- apply for a loan on the value of your policy investment (a waiting period of two months applies after the commencement date , and subject to terms and conditions);
- apply for a loan from a bank or any other institution, using your policy as security;
- apply to withdraw a part of the investment in cash, or terminate the policy, in which case you'll receive the cash value of the policy.
Legislation limits the amount that you have access to: you may make one loan and one withdrawal in the first five years of the policy term. Further, we may not pay out more than the premiums paid, plus 5% compound interest per annum for the first five years. However, if we determine the value of the units to be higher, the balance will be available, with growth, at the end of the five-year term.
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What happens if I die?
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At your death, Sanlam pays the value of your policy investment – ie the units – as calculated on the date that we receive notification of your death. If you chose the investment guarantee in the case of the Balanced Fund (Low equity) and/or Multi-Manager Balanced Fund (Low equity), Sanlam guarantees a minimum net rate of return of 0% or 3% a year on the investment in each fund.
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What is the death claim procedure?
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In the case of a claim, the Sanlam Claims Call Centre must be contacted as soon as possible at 021 916-1710. They will help to complete the required claim forms and may need the death certificate.
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Can I complete the application by telephone?
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If you prefer to handle matters easily, quickly and efficiently, you may phone our Call Centre at 0860 22 33 90. The centre is staffed by well-trained teleconsultants who have the required product licence.
The Call Centre also has financial advisers who can assist you over the phone or via email. These advisers are experienced consultants who can advise you on your portfolio, choice of investment ranges, tax, and so on. You are entitled to verify the impact of the policy on your other policies (if applicable), your total investment portfolio, your finances and your needs. If you prefer, these advisers are ready to assist you via the Internet.
Quality control in the centre is strictly applied and every conversation between you and a consultant and/or adviser is recorded and stored. This means that your voice, instead of your signature, is used as permission for approving an application.
All conversations are confidential and your privacy is guaranteed.
The processes are electronic and you need not complete any paperwork. Please remember to make notes of the information you give us. You can also request written confirmation or copies of documents.
The Call Centre operates from Mondays to Thursdays between 08:00 and 18:00, and on Fridays until 17:00. The number is 0860 22 33 90.
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Do I have time to reflect on my application?
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As soon as we have received and processed your application, we'll send you the policy document. You will then have an obligation-free period of 30 days to decide whether you want to continue with the policy. If not, you should mark the policy document "cancelled", sign it and return it to us. We'll return any premiums you've paid.
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Where can I make enquiries?
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If you have received inadequate information or unsatisfactory service, please contact our Client Protection/Compliance Office by contacting the Sanlam Client Contact Centre at:
Telephone: 0860SANLAM / 0860 726 526
Fax: 021 947-9440
Email: life@sanlam.co.za
As a last resort, if any problem is not resolved to your satisfaction, you can contact the office of the Ombudsman for Long-term Insurance. The current Ombudsman is:
The Honourable Judge P. M. Nienaber
Private Bag X45
Claremont
7735
Tel: (021) 657-5000 / 0860 103 236
Email: info@ombud.co.za
Particulars of the Registrar for Long-term Assurance
Financial Services Board
PO Box 35655
MENLO PARK
0102
Telephone: 012 428-8000
Fax: 012 347-0221
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Note: Money Laundering
Please take note of the provisions of the Financial Intelligence Centre Act, 2001 which establishes control measures within accountable institutions to protect such institutions from abuse by criminals, wishing to conceal or disguise their proceeds of crime. This forms part of a broader objective to combat money laundering and large-scale criminality.
Accountable institutions include financial institutions such as banks, long- term insurers (therefore Sanlam), securities brokers and investment advisers.
The Act imposes an obligation on Sanlam as accountable institution to verify that Sanlam knows who its clients are and to keep proper records of its clients' identities. This will result in clients of Sanlam being asked for identification in different forms prior to transacting with the client.
Sanlam is also required to disclose suspicious and unusual transactions.
We will assume that you are aware of the implications of this Act. Should you require any more information on the Act, you are advised to consult with your professional advisor.
Should you submit this transaction electronically, we accept that you did not receive advice from a Sanlam adviser. If you did in fact receive advice from a Sanlam adviser, please do not submit this transaction electronically. In such an event, the Sanlam adviser should submit the advice record together with the appropriate form for this transaction.
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