Each participating product earning you Wealth Bonus has a unique set of rules on how much Wealth Bonus you earn and when the Wealth Bonus unlocks, which can then be withdrawn as cash. We’ll communicate to you monthly via email and/or SMS about your Wealth Bonus value, including your accumulated Wealth Bonus and how much is currently available to you to withdraw.
Please note the longer you keep your Wealth Bonus the more interest you can earn and more opportunity to grow your Wealth Bonus.
With some products, some or all your Wealth Bonus will be unlocked at regular intervals for withdrawal (such as quarterly, annually, or every five years). For other products, your Wealth Bonus value will only be unlocked when you retire, or in early retirement. For Sanlam Cumulus Echo Retirement plans, Cumulus Echo Preservers, and Sanlam Retirement plans, your Wealth Bonus is part of your retirement proceeds and will be subject to pension fund rules.
Some products (like Matrix Premier plans) allow you to keep unlocked money invested and withdraw it at any time. Others will automatically transfer funds to you once they are unlocked, such as Sanlam Personal Loan or Sanlam Money Saver credit card. Certain products will only pay out your Wealth Bonus when you retire, such as Sanlam Cumulus Echo Retirement plan.
A Wealth Bonus payout is when the portion of your Wealth Bonus is ‘unlocked’ and becomes available to you to transfer into your preferred bank account.
When some (or all) of your Wealth Bonus is ‘unlocked’ it means that you can withdraw that Wealth Bonus value, depending on the product.
Some products will transfer money out of your Wealth Bonus as soon as it is unlocked. For other products, you can choose to leave your ‘unlocked’ funds in your Wealth Bonus to keep growing with compound interest.
When you want to withdraw unlocked money from your Wealth Bonus, you need to select a bank account linked to one of your products into which the money must be transferred. Sanlam will then transfer the money to you as cash. It will take up to four business days to reflect in your bank account
If you don’t have a bank account listed on your Wealth Bonus Dashboard, please contact us to have one added.
The only way you can access your Wealth Bonus value is when it becomes unlocked. It is not like a savings account where you can withdraw the money whenever you would like. You can however use the Wealth Bonus as you choose once you have withdrawn the unlocked amount.
No. A product’s Wealth Bonus is a loyalty reward that you get as a reward for remaining a client. To get a product’s full Wealth Bonus payout, you have to keep that product active until the full amount is unlocked.
Each Wealth Bonus qualifying product has different rules.
Matrix Premier: 5% is unlocked every 5 years, with the full Wealth Bonus being unlocked at age 70, while early maturity-top up (age 65) with an additional 5% cost to you.
Cumulus Echo Retirement Plan: 100% unlocks at retirement age. At early retirement, termination, or pass away, the accumulated Wealth Bonus will be paid.
Cumulus Echo Preservers: 100% unlocks at retirement age. At early retirement, termination, or pass away, the accumulated Wealth Bonus will be paid.
Sanlam Money Saver credit card: generates up to 5% Wealth Bonus with every swipe and gets paid either quarterly or annually.
Wealth Edge Endowment Plan: Sanlam adds a refund of certain charges as Wealth Bonus on every 5th plan anniversary and the money unlocks when the endowment matures.
Sanlam Personal Loan: unlocks Wealth Bonus at early or term settlement of the loan.
Wealth Bonus Booster for Graduates and Professionals: Money unlocks from age 50, depending on age at qualification, with 100% unlocked at age 60.
Health Boost: generates more Wealth Bonus on your Matrix Premier risk policy with a qualifying medical aid.