The difference between the specialist’s fee and the medical scheme tariff.
Additional 5-times medical aid tariff
A sub-limit is a limit when a medical scheme imposes a Rand limit, known as a sub-limit, on certain in-hospital medical procedures or prosthetic devices and a shortfall occurs.
R57 500 per event/condition
The excess payable upfront to the hospital before treatment or a procedure.
Subject to the Core Benefit Limit
A deductible is a co-payment payable by a member on admission to hospital.
A maximum of two such events are covered under this benefit per annum and up to a maximum amount of R16 500 per event, subject to the Core Benefit Limit.
For further benefits please download the Sanlam Gap Retail Brochure for 2022
The excess payable upfront to the hospital before treatment or a procedure.
MRI/CT Scans: Unlimited
Oncology sub-limits: Limited to statutory maximum of R177 800 per insured per annum
Accidental Casualty Benefit
The Casualty Benefit will pay for the facility fee and consultation associated with admissions into the emergency room or casualty ward of a private hospital.
Subject to a maximum of R16 500 per event.
Child Casualty Benefit
Child Casualty Illness: Child Casualty Illness: Benefits relating to this clause will only be paid in respect of emergency out-patient services that are provided within a casualty ward of a hospital. The benefit is only payable in the event of after-hours treatment in an emergency situation. After-hours is Mondays to Fridays between 18:00 and 08:00 and all-day Saturdays, Sundays and South African public holidays. The benefit payable is equal to the total cost of treatment less the amount paid by your medical scheme from your Hospital/ Risk Benefit. If payment is made from your available medical savings account, or from your own pocket, we will reimburse that too.
Subject to a maximum of two such events per annum and a maximum of R2 500 per event. Limited to children under age 12.
Hospital Cash Benefit
A cash payment you receive for every day you spend in hospital due to an accident or premature birth (more than 41 days before the originally expected natural birth date of 40 weeks).
If you’re a Sanlam Reality member, please refer to the Sanlam Reality section for more information on your Hospital Cash Benefit.
A maximum of two hospital episodes are covered under this benefit per annum, up to a maximum amount of R27 690 per annum. The benefit is payable from day one of the hospital episode: R450 per day from the 1st to the 13th day (inclusive). R820 per day from the 14th to the 20th day (inclusive). R1 610 per day from the 21st to the 30th day (inclusive). Max R27 690.00 per annum.
The natural or surgically assisted birth of 1 or more infants that occurs more than 41 days before the originally expected natural birth date of 40 weeks as verified by the clinical records of the mothers attending physician.
Lump sum benefit is R15 000.
The lump sum benefit is payable upon the death or permanent disability of an insured party due to accidental harm.
Limited as follows:
Children below 6 years: R20 000
All other insured parties: R30 000
Medical Scheme and the Sanlam Gap Policy Contribution Waiver
The benefit payable is equal to the monthly medical scheme and Gap contribution applicable after the qualifying event, multiply by 6 and subject to an overall annual limit. This benefit is limited to one event over the policy lifetime.
The benefit payable is subject to an overall maximum limit of R35 500.
The lump sum Benefit will only be paid in the event of Dental Reconstruction Surgery being required as a direct result of Accidental Harm or from Oncology Treatment that occurred after the Inception of this Policy.
A maximum of two such events are covered under this benefit per annum and up to a maximum amount of R49 900 per annum subject to the Core Benefit Limit.
Road Accident Fund Claims (RAF)
An end-to-end legal service is provided by the nominated service provider of Kaelo Risk to assist Insured members with legitimate claims against the Road Accident Fund.
Sanlam Smart Invest is a platform designed to help you set your goals, and reach them more easily than ever before. Our simple and easy to use online unit trust investment process helps you plan your savings journey and ensure you achieve it.
It's the smartest thing you'll do today.
I, the Primary Covered Person of the Family Funeral Plan or Accidental Death Plan indicated herein as the "Plan", am subject to the following:
A Retirement Annuity is an efficient and important way to save for retirement because:
You save tax
Your retirement annuity contributions reduce your taxable income up to certain limits: part of your contributions come from tax savings, which means that the South African Revenue Service (SARS) is actually paying a part of your retirement savings. Another big tax advantage is that the growth on your investment is tax free!
Your savings provide you with an income in your retirement years
When you retire, you may take up to one third of your accumulated savings in a cash lump sum. The rest is used to provide you with a monthly income.
Your savings are protected from your creditors
Your retirement savings are safe irrespective of any personal financial loss you may suffer. This ensures that your savings will be available when it is most needed and for what it is intended - the provision of your retirement income.
According to current tax legislation, and depending on your tax situation, retirement annuities have the following tax advantages:
You can deduct your contributions to a retirement annuity from your taxable income, up to a specified limit. This means that you pay less tax when you contribute to a retirement annuity. Contributions in excess of the limit can be carried forward and deducted from future taxable income, including a retirement lump sum or pension income.
The investment returns earned in a retirement annuity fund is not currently taxed.
At retirement, the lump sum benefit is tax-free up to a specified limit. Regular pension payments are taxed as income.
This does not only mean that tax is delayed, but because the tax rebates, rates and allowable deductions change at ages 65 and 75, less tax will be paid.
All limits referred to above are specified annually for the tax year.
The earlier you start saving, the better. If you cannot save the recommended amount, save whatever you can afford. You can also add some of your bonus payments to your retirement annuity.
The Sanlam Retirement Annuity is designed to inspire you to start saving for a comfortable retirement and to help you stay motivated to keep going and stay on track. It is one of the most cost effective savings options available, combined with investment peace of mind.
Your retirement savings are managed on your behalf
The Sanlam Retirement Annuity offers an investment facility where your savings are gradually switched as you get closer to retirement, at an extremely low cost. Therefore you do not have to study the markets yourself to make investment decisions - instead you have complete peace of mind for the duration of your investment.
Added value of the Echo Bonus
Sanlam will boost your retirement savings by adding an additional amount, called the Echo Bonus, at retirement or termination. The longer you save, the bigger the bonus.
Cost-effective savings option
The Echo Bonus makes the Sanlam Retirement Annuity one of the most cost-effective savings options in the market.
The Echo Bonus is an amount that will be added to your fund value when you retire, or end the plan. The more payments you make, the higher your Echo Bonus.
Your Echo Bonus is always a percentage of your fund value. The Echo Bonus percentage depends on the term for which payments have been made. The longer the term, the higher the Echo Bonus percentage.
The Echo Bonus percentages for the online Sanlam Retirement Annuity are indicated in the following table if you are paying recurring monthly payments.
The Echo Bonus percentages for the online Sanlam Retirement Annuity are indicated in the following table if you are investing with a one-off payment.
To receive retirement annuity benefits, you must be a member of a Retirement Annuity Fund. For the Sanlam Retirement Annuity, this is the Central Retirement Annuity Fund. You automatically become a member of the Central Retirement Annuity Fund when you take out a Sanlam Retirement Annuity.
The Central Retirement Annuity Fund takes out a plan with Sanlam Life Insurance Limited on the member’s life, in order to provide the retirement benefits. The Fund, and not the member, is the plan holder.
The current charges for the Sanlam Retirement Annuity:
Marketing and administration charge
The charge is calculated on a monthly basis, which means the percentage is divided by 12 to calculate the monthly amount. This charge is subject to a minimum rand amount that will be increased gradually over 24 months from R0 per month on the start date of the plan to R52.50 per month. This current minimum rand amount will be increased from time to time to allow for inflation.
The marketing and administration charge changes as the fund value increases to higher fund value bands. The following marketing and administration charge is applicable:
If you prefer to select your own funds and will be investing recurring monthly payments, the following marketing and administration charge is applicable:
Investment Management Charges
An asset manager charges fees for investment research and selecting the underlying assets for a specific investment fund. These fees are taken into account in the calculation of the daily unit price of the investment fund. The published performance figures of the investment fund are therefor net of these fees.
If you select your own funds, the Investment Management Charge is the weighted average of the selected investment funds. The value of the Investment Management Charge for each of the available investment funds is shown on the fund selection table and in the fund fact sheet for that fund.
A transaction charge is applicable for each of the changes below. The charge is currently the smaller of R300 and 1% of the fund value.
This transaction charge will not be taken for changes made after the planned retirement date.
If you are invested in the default fund and want to add the ability to select your own funds, you will be charged R300.
As soon as your application has been processed, you will have 30 days in which to examine the contract documents, and decide whether you wish to continue with the plan.
If the plan does not meet your requirements, and if you have not made any changes to it, you can cancel it by notifying us in writing during this period. We will then refund any payments you have already made. If the assets in which the payments were invested have decreased in value, or if you have already received benefits from the plan, we will reduce the amount to be refunded to you accordingly.