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How do premium changes affect my Wealth Bonus?

Our contributions to your Sanlam Indie Wealth Bonus always match your premium with a proportionate payment. We align your Wealth Bonus match with your age. For example, we pay 100% if you’re 20-30 years old, and 70% if you’re 40-43 years old. If your premium gets bigger or smaller, our monthly contribution will grow or shrink proportionately. Any Wealth Bonus you’ve already earned will continue to accumulate interest.

What happens if my premium increases?

As the years go by, your premium will likely increase. There are a number of reasons why.

In January each year, we calculate a new premium for your underwritten life insurance policy based on inflation and your age at that point. 

Funeral premiums remain level for the first year, but after that, we will increase your premium by 5% every January.

Another reason might be that you increased your cover or added family members to your funeral policy.

The amount we contribute to your Sanlam Indie Wealth Bonus matches a percentage of your premium. So, when your premium increases, so does the amount we contribute monthly (assuming everything else stays the same).

That said, the percentage of Wealth Bonus we match will get smaller after age 30.

What happens to my Sanlam Indie Wealth Bonus if my premium reduces?

When you reduce your premium, nothing happens to the Sanlam Indie Wealth Bonus you’ve earned so far, but the monthly contribution we make to your Sanlam Indie Wealth Bonus from that point onwards will drop because this is calculated as a percentage of your premium.

For example, say you were a 28-year-old paying R200 a month for your Sanlam Indie policy. At that age, we’d be matching 100% of your premium – so we’d contribute R200 a month toward your Sanlam Indie Wealth Bonus. If you decided to reduce your cover and started paying R150 a month, the existing Sanlam Indie Wealth Bonus would remain untouched. But from that point on, we’d start contributing R150 a month toward your benefit to match your reduced premium.

After every 60 paid premiums, 10% of your total Sanlam Indie Wealth Bonus unlocks, no matter how much our contributions have changed over the years.

What happens to my Sanlam Indie Wealth Bonus if I skip/miss a premium?

Skipping or missing a premium doesn’t affect the current value of your Wealth Bonus. When you miss a premium, we simply won’t contribute to your Sanlam Indie Wealth Bonus that month. You’ll earn Wealth Bonus again with the next premium you pay. Just be sure to double check how many premiums you can skip before your policy lapses, because if that happens, you lose all of your locked Sanlam Indie Wealth Bonus.

When you miss a premium, it means money will unlock a month later than it would have, because money unlocks after every 60 payments.

What happens to my Wealth Bonus if I cancel my policy?

If you cancel your policy or you skip too many premiums such that your policy lapses, you will no longer have cover and you’ll lose any locked portions of your Sanlam Indie Wealth Bonus.

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Copyright © Sanlam Indie 2022. All Rights Reserved. Sanlam Indie's product offering is underwritten by Sanlam Life Insurance Limited, a licensed life insurer & financial services provider. Sanlam Indie is a division of Sanlam Life Insurance Limited - Reg No. 1998/021121/06. Sanlam Life Insurance Limited is an authorised FSP (No. 2759). Address: 1st Floor Glacier Place, 1 Sportica Crescent, Tygervalley, Cape Town, 7530

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