Benefit statement information
Sanlam respects your privacy and will process all personal information in line with POPIA regulations.
Benefit statement
- What is a benefit statement?
The benefit statement is a summary document that consist of plan information of a client’s investment(s). The annual benefit statement is distributed to clients together with tax certificates.
- What types of tax information are distributed with the benefit statements?
Tax information (when applicable to a product may include):
Contribution certificate (Clients who make regular contributions on retirement annuity plans during a financial tax year, qualifies for a contribution certificate.)
IT3(a)
IRP5 (Only to the (life) annuitant of a (life) annuity plan to indicate the taxable income.)
IT3(S) (Tax certificate for TFSA products.)
- What is a plan?
Any reference to ‘plan’ in this statement means
A long-term policy as described and regulated by the Long-term Insurance Act, 1998;
An investment plan that allows you to invest in a wide range of investment funds. Unlike a long-term policy, where the insurer pays tax on your behalf, all income and capital gains are taxed in your own hands. This is often beneficial to lower rate tax payers or people who do not make use of their annual interest and capital gains tax allowances.
- What is a payment?
It is the premium amount that you contribute to a plan. In the case of a long-term policy it is known as a premium.
- Where can I find information about Investment Funds?
Information is available on the Sanlam website at Sanlam’s Fund Fact Sheet Centre.
Unclaimed benefits
- What if the benefit amount is not claimed on the maturity date or the regular income amount is returned from the bank?
We will communicate with you on the relevant date. If we determine that you are not reacting because your contact details have changed, we will continue the policy with the maturity proceeds in a stable investment fund with no equity exposure and the income will remain in an interest bearing cash fund.
Furthermore, we will take all steps that may be fairly expected to locate you, according to the Standard on Unclaimed Assets prescribed by the Association for Savings and Investment South Africa (ASISA), as available on the website. We will take these steps during the first three years after the maturity date. Any administrative and locating costs will be deducted from the benefit amount and these costs will be disclosed if a payment occurs.
- What if the benefit payable at death is not claimed after the death notification?
We will communicate with the claimant once we have been notified of the death event.
If the claimant does not respond to our correspondence, we will take all steps that may be fairly expected to locate the claimant, according to the Standard on Unclaimed Assets prescribed by the Association for Savings and Investment South Africa (ASISA), as available on the website. We will take these steps during the first three years after the notification of the death event. Any administrative and locating costs will be deducted from the benefit amount and these costs will be disclosed if a payment occurs.
If a savings and investment amount is payable, it will earn interest from the date on which the claim is registered. The interest is equal to the growth of an interest bearing cash fund.
If a risk amount is payable, it will earn interest from the date on which the claim is admitted. The interest is equal to the growth of an interest bearing cash fund.
- Will the plan still be active when you turn 80?
If the plan is still active when you turn 80 we will communicate with you to enquire whether you need financial advice for the plan.
If we do not hear from you we will assume that your contact details have changed and will take all steps that may be fairly expected to locate you, according to the Standard on Unclaimed Assets prescribed by the Association for Savings and Investment South Africa (ASISA), as available on the website. We will take these steps during the first three years after establishing that we no longer have the correct contact details for you. During this period the plan will continue unchanged.
- What if a regular contribution of a savings product is stopped?
If the policy holder did not make contact with Sanlam for the last five years after the plan was made automatically paid up (due to unpaid premiums) we will take all steps that may be fairly expected to locate you, according to the Standard on Unclaimed Assets prescribed by the Association for Savings and Investment South Africa (ASISA), as available on the website.