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Will I pay tax on my premiums and payouts?

‍Your premium is NOT tax-deductible

As of 2018, your Funeral Cover or Life Cover premium is paid from your after-tax income. That means that, unlike your medical aid, you won’t be able to claim your insurance premium payments back from the South African Revenue Service (SARS).

All payouts are tax free

The good news is, you won’t pay tax on anything we pay out to you, including:

Your full Sanlam Indie Wealth Bonus payout is tax free

Unlike a retirement annuity, your total Sanlam Indie Wealth Bonus that gets unlocked when you turn 70 won’t be taxed. The full amount is yours to buy that little house on the coast or take that round-the-world cruise you always dreamed of.

Your Sanlam Indie Wealth Bonus payouts are tax free

If you choose to withdraw the unlocked portions of your Sanlam Indie Wealth Bonus after every 60 premiums, these are also tax free.

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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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