Surrender Declaration (RSA) t&c's

Please be informed that Old Mutual will withhold one month’s premium in the case of the policy being paid via debit order. After this period, the money will be automatically refunded to the account that the surrender benefit was paid into. For policies paid via stop order, please contact your employer to cancel the stop order.

CONDITIONS, DECLARATIONS AND RESTRICTIONS

• A surrender value will result in the termination of my policy and all its benefits and any additional payment that may be realised on the sale of the policy, subject to the provisions set out in terms of 4 below.

• 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 full surrender value and acknowledge that it may not be in my best interest to terminate the policy in part or in full, 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 reason why I may not apply for this full surrender

• I acknowledge that in terms of Section 54 of the Long-term Insurance Act of 1998 and the regulations thereunder, only one part or full surrender and one loan can be effected in the first five years of the policy term or during any subsequent restriction period. 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

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

• I acknowledge that although the full surrender of my policy will be suspended for a period of time, any cover and all benefits which I enjoyed in terms of the policy shall lapse upon payment of the surrender value advance. I further acknowledge that resale is not in any way guaranteed, but is only potential as not all policies have a resale market and is subject to Old Mutual’s specific sale process and the forces of supply and demand.