How does the Wealth Bonus work?

Every time you pay a premium, we match up to 100% of that premium in a growing Wealth Bonus for you at no extra cost. When you skip a premium (and by the way, we’re totally cool with that), we don’t invest that month. It’s a simple (and yes, we think motivating) reason for you to pay your monthly premiums and make sure you remain covered.

Why have a Wealth Bonus?

It’s our solution to a common problem - “If I’m spending my money on stuff like life insurance, how am I supposed to save for the future?” The Wealth Bonus is Sanlam Indie’s answer to that question. Now you don’t have to choose between protecting your wealth and creating wealth, because we let you do both by matching up to 100% of your premium into your Wealth Bonus, every month.

So do I just get my premiums back?

It works a bit differently to other premium-back offers. Remember how your grandparents could buy a car for 5 bucks or something equally ridiculous? Money loses value over time, so if we merely gave you back your premiums in a few years' time, you'd have lost out. Because it tracks the market like an investment, Wealth Bonus ensures your money keeps up with inflation.

Is the Wealth Bonus a traditional investment product?

It’s an insurance benefit that grows with the market just like a traditional investment. It tracks the Money Market Index - keeping up with inflation to ensure real growth over your lifetime. Start young enough with Sanlam Indie and your Wealth Bonus will eclipse your insurance premiums in the end.

The difference is the way in which you're allowed to access it. Your full Wealth Bonus (plus years of growth) unlocks when you turn 70. This of it as your reward for staying alive. And every 5 years, you'll be able to access 10% of it. If you die before 70 or cancel your policy, you’ll lose the portion of the investment that has not yet been unlocked.

What do we mean when we say “matching”?

Your premium pays for your insurance – world-class and fully-underwritten (meaning quality and guaranteed.) Sanlam Indie will contribute an additional amount, with every premium – matching anywhere from 50-100%, based on your age.

If you’re under 30, we'll match your premium Rand for Rand. If you’re 55, we'll match 50c for every R1 of your premium. Point is, like any form of investing, the younger you start, the better.

You can find a full table of how much of your premium Sanlam Indie matches, right here.

When do I get my Wealth Bonus?

Your full Wealth Bonus unlocks at age 70, as a retirement boost with years of growth. But you can access 10% of your Wealth Bonus along with the growth every few years.

Full Wealth Bonus: Age 70 = 100% of amount + growth

Every 60 premiums: 10% of amount + growth

How does Sanlam Indie pull this off?

We use smarter technology to give you a more personalised premium. And because we’re mostly digital, we cut out loads of the traditional costs – so we can pass those savings on to you as a growing Wealth Bonus.

What happens to my Wealth Bonus when I claim?

Best case scenario: you’ll never have to claim and, if you keep your cover and keep paying your premiums until your 70th, your full Wealth Bonus will be yours just in time for that rocking(chair) party.

Worst case scenario: you may need to claim, which’ll probably mean you’re either disabled, have a very serious illness, or…um…you’re dead (sorry).

The impact your claim will have on your Wealth Bonus is going to depend on the type of claim. The Wealth Bonus is your reward for living, so if you’re no longer with us, it’s no longer for you.

But any unlocked Wealth Bonus that you didn’t cash out will be paid out to your beneficiaries or your estate, along with the claim payout.

The locked part of the Wealth Bonus that you would’ve received at 70 does not get paid because, if we did that for everyone who died, we’d have to make premiums a lot higher from the start. Think of it like this way: if something bad happens to you before 70, you're covered. And nothing bad happens to you, you'll get to enjoy your Wealth Bonus.

If you become disabled, or seriously ill, you’ll keep your Wealth Bonus as long as you stick with Sanlam Indie and continue paying your premiums until you reach age 70.  

What happens when premiums go up or down?

Wealth Bonus investments always match your premiums with a proportionate payment, e.g. 100% if you’re 20-30 years old, so if your premium gets bigger or smaller, our monthly contribution will grow or shrink proportionately. The Wealth Bonus you’ve already earned remains untouched and continues to grow.

What happens to my Wealth Bonus if I cancel my policy or it lapses because I skipped too many premiums?

If you cancel your policy or you skip too many premiums and your policy lapses, you will no longer have life insurance cover and you’ll lose your Wealth Bonus.