GIF Select - IncomePlus (Version 2.0)


Product snapshot

Fund minimum

$500 minimum per fund per sales charge option

$2,000 minimum for Manulife Dollar-Cost Averaging (DCA) Advantage GIF Select

$100,000 minimum per fund for Elite Pricing1

Subsequent deposits

Closed to additional deposits since August 2012

PAC deposits

No new PACs can be established

Existing PAC arrangements cannot be increased

Minimum $50 per fund

Maximum deposit

N/A

Withdrawals²

Ad hoc: Minimum $500 per fund per sales charge option

Scheduled: Minimum $100 a month per fund per sales charge option

Switches²

Fund Switches

Ad hoc: Minimum $500 per fund per sales charge option

Scheduled: Minimum $100 per fund per sales charge option

Five free switches per year

  • Switches from Manulife DCA Advantage GIF Select fund to the Manulife High Interest Savings Fund are not allowed
  • Switches between funds within a Series and within the same sales charge option do not affect any of the guarantees

Switching Investment Series

  • Switches into other investment Series are not allowed

Age Limits

Contract Types

Latest Age to Deposit*

Non-registered, LIF, RRIF, LRIF, PRIF, RLIF

80†

RSP, RLSP, LIRA

70**

LIF (pension jurisdictions requiring annuitization at age 80)

71

*All dates are as of December 31 of the annuitant’s age (or older of the annuitant and Joint Life’s age, if applicable), except RRSP, RLSP, LIRA and LIF (in person jurisdictions requiring annuitization at age 80) where all dates are as of December 31 of the annuitant’s age

**Or latest age to own under the Income Tax Act (Canada)

†The latest age to deposit is subject to our administrative rules

Applicable to existing PACs only


Features

Death guarantee

100% of deposit value, reduced proportionally by withdrawals

Automatic reset every 3 years until annuitant reaches age 80 and a final reset on the annuitant’s 80th birthday if market value is greater than current Death Benefit Guarantee

Maturity guarantee

75% of deposits to the applicable Series, reduced proportionally by withdrawals

Available on December 31 of the annuitant’s 100th year or earlier where required by legislation

Payout guarantee

N/A

Income guarantee

Guaranteed Minimum Withdrawal Benefit (GMWB)

  • Provides a guaranteed income stream
  • May increase through resets and Guaranteed Withdrawal Benefit (GWB) Bonuses
  • The payout option may be based on Single or Joint Life3

Guaranteed Minimum Withdrawal Benefit (GMWB)

  • Provides a guaranteed income stream
  • May increase through resets and Guaranteed Withdrawal Benefit (GWB) Bonuses
  • The payout option may be based on Single or Joint Life3

Guaranteed Withdrawal Benefit (GWB) Bonus Base

  • The amount used to calculate the GWB Bonus
  • Set the initial GWB Bonus Base to equal the amount of the initial deposit
  • Automatic reset of GWB Bonus Base to the market value, if higher, every 3ʳᵈ anniversary

Guaranteed Withdrawal Benefit (GWB) Bonus (also known as Income Bonus)

  • Added to the GWB Benefit Base at the end of each calendar year, if no withdrawals are taken for that year from the IncomePlus Series
  • Income bonuses are not cash deposits; they increase the basis for calculating guaranteed income
  • Increase is equal to 5% of the GWB Bonus Base

Lifetime Withdrawal Amount (LWA) Payout Options

  • Single Life: Available as early as January 1 in the year the annuitant is age 55
  • Joint Life³: Available as early as January 1 in the year the younger spouse is age 55. Based on the lives of the annuitant and Joint Life

LWA Payout Percentage

 

Age*

LWA payout %

Single Life Payout Option

55 – 59

4.00

60 – 64

4.00

65 – 69

5.00

70 – 74

5.00

75 and over

6.00

Joint Life³ Payout Option

55 – 59

3.50

60 – 64

3.50

65 – 69

4.50

70 – 74

4.50

75 and over

5.50

Ability to bypass estate costs

Yes

Potential for creditor protection

Yes

Waiving redemption fees upon death

Yes

Ability to name a successor annuitant

Yes

Ability to name successor owner

Yes

Joint Life Option

Yes

* Age of annuitant, or younger of annuitant and Joint Life (if applicable) as of December 31 of the year election takes place.    


Fees

Management Expense Ratio (MER)

MERs vary by Fund for more details visit Price and Performance.

Sales Charge Options (Premium Allocation Options)

A sales charge option may be paid at the time of deposit or on a deferred basis depending on the load option chosen.

Refer to Sales Charge Options section for more information.

Other Fees

IncomePlus Fee: Annual fee in addition to the MER for the income guarantee and the Death Benefit enhancement.

A Small Policy Fee may apply if your Guaranteed Withdrawal Benefit (GWB) Benefit Base balance is below the initial Deposit minimum

Charges may apply for certain transactions including withdrawals and Fund switches.

For additional detail, refer to the Information Folder and Contract documentation.

Load Options

Back-end, Back-end Elite, Low-load, Low-load Elite, Front-end, Front-end Elite, and F-class 

Sales Charge Options %

Fund Category

Back-end load and Back-end load Elite

Low-load and Low-load Elite

Front-end,
Front-end Elite and F-class

Money Market Fund
(excludes the Manulife Dollar-Cost Averaging Advantage GIF Select Fund)

Year 1 – 1.50
Year 2 – 1.50
Year 3 – 1.50
Year 4 – 1.00
Year 5 – 1.00
Year 6 – 1.00
Year 7 – 0.50
Year 8 and after – 0.00

Year 1 – 1.00
Year 2 – 0.50
Year 3 – 0.50
Year 4 and after – 0.00

N/A

All Other Funds
(Bond, Dividend, Asset Allocation, Balanced, Equity Funds and Manulife Dollar-Cost Averaging Advantage GIF Select Fund)

Year 1 – 5.50
Year 2 – 5.00
Year 3 – 5.00
Year 4 – 4.00
Year 5 – 4.00
Year 6 – 3.00
Year 7 – 2.00
Year 8 and after – 0.00

Year 1 – 2.50
Year 2 – 2.00
Year 3 – 1.50
Year 4 and after – 0.00

N/A

Notes:

  • Moving money between sales charge options is a sell/buy transaction and must be considered carefully. For the IncomePlus Series, the sell transaction may exceed the annual Lifetime Withdrawal Amount (LWA), which will result in a proportional reduction for guarantees, and may impact future income. The sell transaction will also make the contract ineligible for a Guaranteed Withdrawal Benefit (GWB) Bonus in that calendar year. Additionally, there are maximum age restrictions for buy transactions.
  • Front-end sales charges can be negotiated from 0% to the 5% (3% for Front-end Elite) maximum sales charge. If the front-end percentage is not specified, the default will be 0%.
  • F-class is only available for fee-based programs where contracts are held in Nominee or Intermediary Name.

1 Elite Pricing deposits of $1,000,000 or more receive a reduced MER. Minimum investment amounts for Elite Pricing can be met by combining investments in certain situations. Elite Pricing not available for Money Market funds. 2 Withdrawals and fund switches may result in tax consequences. 3 The Joint Life must be the spouse or common-law partner (as defined in the Income Tax Act (Canada) of the annuitant. Once named, the Joint Life cannot be changed.

The Manufacturers Life Insurance Company (Manulife) is the issuer of insurance contracts containing Manulife segregated funds and the guarantor of any guarantee provisions therein.

This is a quick reference guide only. For full contract provisions, refer to the product’s Information Folder, Contract & Fund Facts.


Explore our segregated funds


Related materials