Amid a cash flow crisis, Sanlam is urging clients to seek advice and a holistic plan from trusted Following this, Sanlam has stepped in and will be providing limited cover to clients, for free, for the remaining two months. This will help to ensure that you experience an easier and fast-tracked claims process. We appreciate your continued support and commitment to Sanlam. Should it result in permanent disability or impairment, or a condition listed under our Severe Illness benefit however, this will be assessed under Sanlam’s normal claim definitions for disability, impairment or severe illness. It targets inflation-beating returns over the long term. Given this, the Group is offering a premium holiday option with free ex-gratia cover (ex-gratia means ‘by favour’ and refers to an action done voluntarily, out of grace, with no obligation from the recipient). These would depend on your credit history and monthly income since they're unsecured credit solutions. Yes we will pay now longer on our loan as the period was extended with the 3 months. Nu Metro T&Cs: Free vouchers are valid from 16 November 2020 until 31 January 2021. This benefit may pay up to a maximum of 12 monthly instalments. We urge our employees and clients to remain vigilant and healthy by adhering to the national lockdown, practising social distancing and through safe hygiene habits. You may qualify for policy benefits under the credit life policy linked to your Sanlam Personal Loan if you have not received any salary due to non-payment from your employer, resulting from you not being able to work and your employer not being able to pay you any salary due to COVID-19. What is Regulation 28 of the Pension Funds Act? Should I make any changes to my savings and investment plans? Some one had phone me back and we were busy with more than 20min on my account, to make the arrangements, so every thing was done over the phone, and my payment holiday was done. Even if you invest in portfolios which are non-Regulation 28 compliant, it is still a requirement that your portfolio as a whole needs to be Regulation 28 compliant. If you’re a full-time student and struggling to make repayments on your loan, we’ll help you with a payment holiday. There might be slight delays with many staff members working from home, and possible challenges with remote access to the company’s systems cannot be ruled out. Whether you are invested in a lifetime investment option or have specifically chosen your own investment portfolios, we strongly urge you to consult with a financial planner, if you have not done so already, so that you make sound financial decisions which are aligned to your retirement plan. Fast online applications in 5 minutes. A cash loan from R2 000 up to R150 000; Fast, paperless application process; Decision in seconds; Cash in your account within 24 hours; Flexible repayment options; choose from 12 to 60 months; Free monthly statement via email or SMS; Customer Protection Insurance; Interest from as low as 15%; Representative example: Loan amount of R7,500 borrowed for 24 months. It will also be subject to the terms and conditions of those products. At Sanlam we are in the business of paying valid claims, and we want you to have peace of mind that you are properly covered. The total cost of the loan will be R 103 155.57 which is … The barcode number must be inserted at point of sale prior to making payment in order for the discount to be applied. Given this, the Group is offering a premium holiday option with free ex-gratia cover (ex-gratia means ‘by favour’ and refers to an action done voluntarily, out of … Provides funeral cover for you, your spouse, your children, parents and wider family. History taught us that markets recover from short-term fluctuations, such as the current conditions. This is his 18th pay period of the year. Do I have an option to temporarily stop my monthly contributions? You may be concerned about the impact that COVID-19 is having on global financial markets and on your retirement savings. Then, upon receipt of the first premium, their cover automatically reinstates. “If there is no good reason to make a big-ticket purchase immediately, why not save up … In order to support an application for condonation, it may be wise to record a voice message where you read your will too. Standard Bank clients earning R7 500 or less will qualify for a three-month payment holiday on all personal account-related debt. Does Sanlam pay Death and Funeral benefits linked to COVID-19? Is an e-signature or email valid when signing a will? Please turn on JavaScript and try again. However, it has dramatically adapted its underwriting during this time. Sanlam Reality suppor How will the current COVID-19 pandemic impact my group risk cover? This means … In the first month following an unpaid premium, a client continues to have full cover. severe illness and dread disease, clients can qualify for up to R2 million in cover. Sanlam loans are provided within flexible repayment terms from twenty-four (24) months up to six (6) years. Financial planners can play a pivotal role in helping individuals view their situations objectively and make the best possible decisions in a very difficult time.”. Whether you are invested in a lifetime investment option for retirement savings or have specifically chosen your own investment portfolios for any of your savings and investment plans, we strongly urge you to consult with a financial planner, if you have not done so already, so that you make sound financial decisions. Irrespective of whether a plan qualifies for a payment holiday period or not, reducing the recurring payment amount to an affordable amount is always an option. You are experiencing symptoms of COVID-19 infection and are medically isolated, You had direct contact with a COVID-19 diagnosed person, but you are not showing any symptoms and have been medically isolated as a result of the contact, You have recently travelled to an affected country, but are still asymptomatic and under medical isolation on a doctor's advice, You were quarantined by a Government authority or your employer as a result of confirmed or probable exposure to COVID-19, or because you have travelled to an affected country, A retrenchment letter from your employer validating the retrenchment due to COVID-19; and. That means, paper copy, printed, signed by the maker of the will and witnesses in ink. Another thing to be aware of: The increased portion of cover will be charged at the client’s current age and using the latest premium rates. It is important to note that a will must be signed in the presence of two competent witnesses who are not mentioned in the will. Sanlam is urging clients to rather opt for premium relief or a premium holiday during this time. We also give you free access to a credit management coach who will help you take the required steps to improve your credit score. Please consult with a financial planner for advice and assistance to determine the most appropriate investment strategy and portfolio for your savings. Visit Sanlam Secure Services or WhatsApp using 0860 726 526. We remain online and available to our clients telephonically and via email for enquiries, claims, advice and new product sales. For investment or insurance related queries please contact the Sanlam Group on +27 21 947 9111 (International) or (021) 947 9111 (SA). Sanlam´s loans for the citizens of Pretoria If you are interested in obtaining a loan with this company, you should bear in mind that the company only gives you access to a certain amount as the maximum, R 3000. As a Sanlam Reality member, for example, you can get up to 20% cash-back on Sanlam Personal Loans. Continue to pay your housekeeper and gardener for their services, even if they are staying at home. The barcode requested applies to the selected product only. I now receive an sms to say they have handed me over to their lawyers. Note that 50% of the benefit must be retained to recover 100% of the previous level. How will my savings be affected by COVID-19? Please refer to our FAQs and our holding statement to find out what you are covered for and how to claim. History has shown us that the market will rise and fall over time, so instead of shying away from investing when the market experiences downturns, rather keep making recurring payments to benefit from rand-cost averaging to really get ahead when things improve again. Alternatively, from this point, should the market value of the corresponding unit trust decrease further, the fund value of clients invested in the Sanlam Escalating equivalent will decrease by a smaller amount because of the low exposure to the corresponding unit trust. * * Email * Phone * Additional Information * I am a new client; I am an existing client; Comments. As a Sanlam Reality member, for example, you can get up to 20% cash back on Sanlam Personal Loans. – Amounts range from R5000 up to R200 000. Please consult with a financial planner before you take any action regarding your savings and investment plans. Hi , I had a personal loan with Sanlam . A payment holiday is temporary freezing of your repayments on an account. For a valid claim, please provide evidence of the retrenchment as per the policy guidelines and submit the following documents: Can I claim for a full loss of salaried income due to COVID-19 under my credit life insurance policy? We understand that clients may be scared as they want to protect their savings and not suffer any further losses. This is an action which I believe will go a long way in supporting South Africa to prudently and efficiently respond to the rapidly spreading Coronavirus and its impact on our society and on our already flailing economy. Debt consolidation. For more answers to your questions, please fill in the form below. Benefits and features offered with some of our products: Funeral Cover. Intermediary and broker to enable remote support. 12 talking about this. Call Centre: 0860 SANLAM / 0860 726526 General Enquiries: +27 (0)21 947 9111 We understand that this is a very challenging time for everyone and we assure our clients that we are committed to do whatever we can to help our people and to support and protect our economy. You may be trying to access this site from a secured browser on the server. To support the economy will require a package of monetary and fiscal stimulus given the challenges faced. Closed on weekends and public holidays … Your loan repayment term can range from 24 to 72 months, and the interest rate is typically fixed between 18.55% to 24.50% p.a. Lower-risk portfolios have less equity exposure, which reduces the impact of the falling markets. It looks like your browser does not have JavaScript enabled. I had put my retirement policy with sanlam on a premium payment holiday. Does contracting COVID-19 automatically present a disability, severe illness or impairment? I am worried about suffering further losses. The most important Regulation 28 asset class limits are as follows: *As prescribed by the South African Reserve Bank. You, as a Sanlam client, staff or partner, have our commitment that we will do everything within our capabilities to support you during this challenging episode in our history. Making changes to your investment strategy at this stage can result in you not benefiting from investment returns when the market turns upwards again. History has also taught us that, in time, there will be a recovery in the financial markets. Insurance for your car, home, business, building, motorcycle, 4x4, bakkie, boat and more. As in accordance with the principle of No. We will announce such decisions and initiatives through the industry associations and we will keep you informed as these unfold. It will postpone all medical tests until it is deemed safe to conduct these again. It has needed to change its claims guidelines in accordance with the fact that not all claimants who are required to medically isolate will first undergo a test. All wills executed in South Africa must be originally signed. You may qualify for policy benefits under your credit life policy linked to your Sanlam Personal Loan should you suffer a loss of income. South Africans are governed by the Wills Act, which does not allow for e-signatures. Can I claim for self-employed loss of income under my credit life insurance policy? Now more than ever, “it is not about timing the market, but about time in the market” is true. You should not stop any recurring contributions you are making to any savings product. If an individual does test positive for COVID-19, they can, of course, claim as well. Sanlam Life offers a payment holiday or bridging period on qualifying savings plans to accommodate clients who are experiencing a temporary lack of income and help them retain their plans. Please find answers to most of the questions you might have if you are covered by your company’s group risk insurance. That’s why the Motsepe family and companies associated with them, including Sanlam, have pledged R1 billion to help South Africa. With the health and wellbeing of our staff foremost, we have also implemented significant and carefully considered business continuity plans to ensure that we are able to service our clients in the best way possible under these circumstances. Besides providing sizable loan amounts, Sanlam also offers fixed-rate personal loans with flexible payment terms. Copyright © 2019 | All rights reserved. Regarding the amount Sanlam offers you, you can be transferred a maximum of r 200 000, but there is also a minimum of R 3000. There have been instances in South Africa in which the Court has declared a document drafted by the deceased and stored on his/her computer to be a valid will, where the court has been satisfied that the computer-generated file represents the person’s final wishes as to the distribution of the estate. It will depend on the specific benefit you have. Your loan instalment is lowered to R0 for 1 – 3 months; Based on system calculations, the term of your loan may be extended to ensure you continue to pay an affordable instalment after the 3-month payment break; Rescheduling your loan. What is the impact on the bonuses if I am investing in the Vesting Bonus Fund? Sanlam is a financial provider with over a hundred years of experience in the credit market of South Africa. Applicant 1 provides the last sixty days of pay stubs and gets paid every two weeks (biweekly). For example, R 6,000 paid off over 2 years would be R 250, paid off over 4 years R 125. Apply today! A consolidation loan is a long-term solution for those who have multiple debt repayments with different interest rates and instalments. Sanlam Kenya local: (061) 294-7440 Sanlam Uganda International: +264 61 294-7440 They must do so before 1 July. You can use it to pay for a fishing trip in … We strongly urge you to consult with a financial planner, if you have not done so already, for reliable assistance. If you are invested in market-linked portfolios, over the short term, you will most likely experience negative returns. Once a case has been issued, the client will receive full cover from day one. Should I rather stop my monthly contributions now and reinstate them again when the markets have recovered? Single membership qualifies for 2 movie tickets. Therefore, a number of our staff in the areas above will be working remotely. When the lock-down was extended and we receive an e-mail "Do you need more time on your Holiday payment" we readily accepted it and now the period was 6 months longer. Here you will be introduced to this company which offers a vast range of online financial solutions. However, the terms may change after the medical tests are done, should the outcome of these be different from the initial underwriting assumption. With monthly payments of R2,937, a three-month payment break would add an extra four months onto the term. You can get a Sanlam loan of up to R200 000 depending on your income. Sanlam´s loans for home purposes: Home Loans As previously mentioned, Sanlam´s loans can be used for a variety of purposes and that of course includes the purchase of a house or the reformation of it. The best way to deal with uncertainty is through proper financial planning, together with patience and persistence with your investment strategy. In line with our efforts to get closer to our customers and assist them during this difficult time, the Payment Relief Plan is a comprehensive solution that applies to our credit products, including home loans, vehicle finance, personal loans and credit cards, as well as commercial asset finance and mortgage-backed business loans. Sanlam Life Insurance Limited is a Licensed Financial Services Provider and a Registered Credit Provider. 0860 111 899 +27 12 675 3002 [email protected] Business hours are Monday to Friday from 08:00 to 16:30. It looks like your browser does not have JavaScript enabled. It is very important not to make any hasty decisions in the moment, based on fear. It means we could buy up your debts and you would only pay towards one, new amount. We recommend that you keep your signed will safe during the lockdown and inform close family members where it is kept. The purpose of this provision is to help individuals work alongside their financial planners to reprioritise their risk cover needs over the short term, with the ability to increase their cover back to previous levels without medical underwriting. In his address, President Ramaphosa mentioned essential financial and payment services which will remain open. In some instances, the cashier may insert the barcode or alternatively request that the member do so. Staff Writer 24 March 2020. Thus, that person is eligible to claim for income protection. Your retirement savings are also protected (but not guaranteed) by the limitations of exposure to asset classes enforced by Regulation 28 of the Pension Funds Act if you are invested in funds that are Regulation 28 compliant. If the Sanlam loan offers better terms and a more affordable monthly payment, you can go ahead with the debt consolidation process. Unsecured loans accessible to all. Significant cover amounts remain available, with an individual under 45 years old able to qualify for up to R12 million in death and Sanlam recognises that many of its clients will simply have no option but to stop paying premiums for a while. This is a critical service for South Africans in the current climate. It should be noted that the Master’s Office has also closed for the 21 days’ lockdown, which will delay the reporting of deceased estates. income protection, only those impacted by illness and injury can receive a payout. One of the essential things when borrowing money is making sure you do not borrow more than you can afford. Now, more than ever, your financial planner is here to assist you and guide your financial decisions – so make contact digitally or telephonically if you need to. How will Sanlam review my inability to work or sick leave linked to a COVID-19 claim? Money is paid in 24 hours. We fully support all measures announced by our government to curb the spread of the virus and are prepared for variations of its possible impact. However, the pandemic’s unprecedented impact on the finances of myriad people means many are reprioritising and considering cutting cover completely. Cutting cover should be a last resort – however, Sanlam recognises that many may need to reduce premiums. But a client who reduces their cover to 40% of the previous level can still only double their cover back to the maximum of 80% of its previous level. How much can you borrow? Sanlam has introduced specific claim forms pertaining to this. If you your insurance needs have changed due to the coronavirus outbreak and you think you might be entitled to a reduction or refund, you need to contact your insurer. disability cover. The virus can be COVID-19 or another virus. We strongly urge you to speak to a financial planner about your options or send an email to our Client Care Centre (CCC) at life@sanlam.co.za. Sanlam remains open for business and continues to offer clients new cover. Sanlam Tanzania’s Group Life Assurance policy for employers caters for employees’ death and disability benefits while they are in service. Cancelling If you have a retirement savings plan and you are invested in a lifetime investment option, your monies are moved from high-risk portfolios to lower-risk portfolios as from six years before your normal retirement date. Sanlam recognises that many of its clients will simply have no option but to stop paying premiums for a while. We are able to service our clients in the best way possible. Ive managed to pay my installment since the start on the lockdown. In fact, you can have access to R 200 000, which is the maximum allowed to every customer. The proportion will depend on the amount allocated to the corresponding unit trust. I have a personal Loan with Sanlam. Earn a cash back reward of up to 20% (capped at R20 000) when you pay off your Sanlam Personal Loan consecutively over 12 months. Marx concludes that Sanlam has introduced these measures in order to help South Africans to bolster financial resilience. Should you decide ON YOUR OWN to self-isolate/quarantine without any medical advice or without advice from your employer or Government, then you will not have a valid claim under our Sickness and Temporary Disability Income benefits. call us 0860 2 4 6 8 10. Then, they have the option to increase their cover back to the maximum of what it initially was, within three to six months, with proof-free underwriting (in other words, no additional medical information needed). When the banks announce the payment holiday we were all ecstatic. Sanlam allows you borrow up to R 200,000 with the minimum loan amount being R 5,000. Im currently on 50% salary and my husband is on a no work no pay agreement with him employer I have contacted Sanlam and Direct Axis for a payment holiday and was decline. Nowadays, applicants have the advantage of having access to loans at their fingertips. Need help? Qualifying applicants will get a fixed competitive interest rate for the period of the loan term. What if I self-isolate and want to claim for illness? However, after being impacted by global turmoil previously, the markets have always recovered and will do so again – it may just take some time. Clients will receive death and disability cover at a level of 25% of the cover they had (capped at R5 million) for the remaining duration of the ‘holiday’. We will be making a significant announcement over the next few days in this regard. This includes claims for temporary or permanent inability to work, severe illness or even death. The best way to take advantage of volatile markets is with a recurring contribution product, because with lower average unit prices over a period of time when the market is down, you will be able to buy more units compared to when the market is up. Looking to save for your dream holiday, education, retirement or a rainy day? Sanlam will perform a credit check to ensure you’re only approved for an amount you can afford. Please be aware that during this time, response time may be slower than normal due to the fact that the CCC is operating with reduced staff, but rest assured that they will definitely respond in due course. To help clients avoid lapsed policies, Sanlam is offering cover flexibility, with corresponding premium reductions of up to 50%. At Sanlam we will play an active role in keeping the economy going at this time. What cover does Sanlam provide for COVID-19? Under no circumstances will a cash payment be made. Are there special forms to complete if I want to claim for illness, impairment or disability? That you can afford the repayments of a loan; Documents Sanlam will need to grant your loan request: A copy of your ID; Your payslips for the last 90 days; Your most recent bank statements (also for the last 90 days) Banking details for the account you'll be using both to receive and repay the loan; What you spend your personal loan on is up to you. We believe our team has the relevant expertise and resilience to sustain the critical parts of our operations even at this business unusual time. With ‘riskier’ benefits like Our 2019 financial performance was extremely good particularly so on a relative basis given the challenging economic conditions. “Rather use a personal loan which you can pay back over a specific, short-term period without leaving you and your family financially unprotected. When to Take out a Personal Loan 1 June 2018 Life happens and when it does, it usually catches us off guard. Closed on weekends and public holidays. See how to register and what our client portal offers. This refers to the period of time that we will allow recurring payments to be missed, provided that our requirements at that time are met. Sanlam has one of the most complete webpages, with a contact section, an application section and also many details about each type of loan they offer, not only about Maxi Loans. Sanlam knows you'll meet your obligations and make the monthly payments. Internally, we have strong communications protocols to ensure engagement and optimal communication with employees across the Group and we have implemented significantly increased hygiene scenarios in offices across South Africa wherever our employees are rendering an essential service from our offices. Regulation 28 gives effect to Section 36(1)(bB) of the Pension Funds Act, which limits the extent to which Retirement Funds (like retirement annuity funds) may be invested in particular kinds or categories of assets by limiting the maximum exposure to more aggressive asset classes when investment fund selections are done. With Sanlam, you can apply for a loan amount that ranges from R5,000 to R200,000. Sanlam is torturing clients with the holiday payment. If the Sanlam loan offers better terms and a more affordable monthly payment, you can go ahead with the debt consolidation process. For the more affluent, business interruption cover can also be a short term insurance product, but then it has to be taken out beforehand of course. Investo expand_more. An interest of 20000 based on a repayment of R1600. The Master of the High Court will not accept any e-signed wills. The lifetime investment option is constructed using reliable investment principles, which are based on a long-term investment approach. Rescheduling means extending your loan payment period, increasing the number of monthly repayments and in this way decreasing your monthly repayment amount. We are a responsible lender and will never lend you more than you can comfortably afford to repay. You, the client, can also increase that amount every month and obtain R 1000 more. Loans are available from 1 April 2020 for a period of six months, but can be extended. Marx explains how Sanlam has adjusted its business to partner with clients during this time. Unfortunately, we cannot predict when this will happen, but it should be emphasised that saving for retirement is a long-term strategy requiring patience and persistence. For instance, when you get involved in a car accident, your entrepreneurial venture goes south or a loved one loses their job, there is usually not enough financial means to absorb the shock! For our Sickness and Temporary Disability Income benefits, when claiming for sick leave or temporary inability to work as the result of COVID-19, we will require you, your doctor or employer to complete a special COVID-19 form to fast track these claims. The growth in the Vesting Bonus Fund is smoothed out over the term as the fund aims for moderate growth over the longer term. Personal loan. The National Institute for Communicable Diseases’ (NICD) best practices apply: If an individual has been in contact/probable contact with an infected person, that individual will need to self-isolate, as in accordance with medical advice. Find out more about payment holidays, as well as other help available if you have loans, credit cards on coronavirus and your money. No, contracting COVID-19 is not a defined disability, severe illness or impairment. Only for claims for sick leave or temporary inability to work under our Sickness and Temporary Disability Income benefits a special COVID-19 claim form will have to be completed by you, your doctor or employer, based on your specific claim. For a valid claim, please provide evidence of the loss of income as per the policy guidelines and submit three months’ bank statements, showing the income and subsequent loss thereof due to COVID-19. If you are investing in Sanlam Escalating funds, your savings are protected but not guaranteed. Whether its vehicle finance, a short-term loan or a home mortgage, this calculator will help you work out either your monthly repayments or how much money you can afford to take out on credit. Should any other situation beyond our control prevent us from keeping to our turnaround times for the above services, we will inform clients as soon as possible. Many service providers may offer payment holidays. Ive managed to pay my installment since the start on the lockdown.