Part Surrender Declaration (RSA) t&c's

CONDITIONS, DECLARATIONS AND RESTRICTIONS

• The part surrender will result in a reduction in my policy benefits

• I have considered the above options (as well as the option of selling the policy myself on the open market) and I understand the implications of a part surrender value and acknowledge that it may not be in my best interest to terminate the policy in part or transfer ownership thereof. Payment of the said amount(s) will only be effected on receipt by Old Mutual of all required documentation and shall represent the full and final discharge of Old Mutual’s liability.

• I declare that:
• I am the legal owner of the abovementioned policy;

• my estate has not been sequestrated and is solvent at present;

• I have not ceded or pledged the said policy to anyone, either by antenuptial contract or otherwise, other than Old Mutual;

• there is no other impediment to the option requested in 1 above.

• I acknowledge that in terms of Section 54 of the Long-term Insurance Act of 1998 and the regulations

This means you may only make one part or full surrender and one loan:

• during the first five (5) years of the Plan, and also further;

• for an additional period of five (5) years starting from the first day of the month that you pay a premium if

• that by itself exceeds, or

• if added to the other premiums already paid and still to be paid in that year exceeds, or

• if it is the first of recurrent premiums which if paid at that rate for the whole year will cause the total value of the premium to exceed the premiums you paid in one of the two previous years by more than 20%.