GIF Select - IncomePlus (Version 2.2)
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Product name
GIF Select
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Description
For contracts sold from January 14, 2013 to October 25, 2013
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Product type
Segregated Fund Contract
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Original Company
Manulife
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EstatePlus incomePlus (version 2.0) IncomePlus (version 2.1)
Additional series offered under product:
Product snapshot
Deposit minimums |
Closed to new contracts, new deposits, subsequent deposits, new PAC setups, and an increase to exisiting PACs |
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PAC deposits |
No new PACs can be established Existing PAC arrangements cannot be increased Minimum $50 per fund |
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Maximum age to deposit through PAC |
Single life payout option
Joint life payout option¹
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Withdrawals² |
Ad hoc: Minimum $500 per fund per sales charge option Scheduled: Minimum $100 a month per fund per sales charge option |
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Switches² |
Fund Switches
Switching Investment Series
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Age Limits |
Contract Types |
Latest Age to Deposit* |
Non-registered, LIF, RRIF, LRIF, PRIF, RLIF |
80† |
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RRSP, RLSP, LIRA |
71** |
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LIF (pension jurisdictions requiring annuitization at age 80) |
71 |
Important disclosure
*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 |
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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 |
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Payout guarantee |
N/A | |||
Income guarantee |
Guaranteed Minimum Withdrawal Benefit (GMWB)
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Guaranteed Withdrawal Benefit (GWB) Benefit Base
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Guaranteed Withdrawal Benefit (GWB) Bonus Base
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Guaranteed Withdrawal Benefit (GWB) Bonus (also known as Income Bonus)
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Lifetime Withdrawal Amount (LWA) Payout Options
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LWA Payout Percentage |
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Age* |
LWA payout % |
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Single Life Payout Option | 55 – 59 |
3.0 |
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60 – 64 |
3.5 |
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65 – 69 |
4.0 |
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70 – 74 |
4.25 |
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75 and over |
5.0 |
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Joint Life³ Payout Option | 55 – 59 |
2.5 |
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60 – 64 |
3.0 |
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65 – 69 |
3.5 |
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70 – 74 |
3.75 |
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75 and over |
4.5 |
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Ability to bypass estate costs |
Yes |
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Potential for creditor protection |
Yes |
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Waiving redemption fees upon death |
Yes |
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Ability to name a successor annuitant |
no |
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Ability to name successor owner |
Yes |
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Joint Life Option |
Yes |
Important disclosure
* 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. |
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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. |
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Load Options |
Front-end, Front-end Elite, and F-class |
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Other features |
N/A | |||
Sales Charge Options % |
Fund Category |
Back-end load and Back-end load Elite |
Low-load and Low-load Elite |
Front-end, |
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Money Market Fund |
Year 1 – 1.50 |
Year 1 – 1.00 |
N/A |
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All Other Funds |
Year 1 – 5.50 |
Year 1 – 2.50 |
N/A |
Notes:
- Back-end, back-end elite, low load and low-load elite sales charge options no longer allow existing PACs and switches in from other sales charges. Switches within the same sales charge option are permitted. Effective May 26, 2023, existing PACs in these sales charge options will continue to front-end 0% and front-end elite 0%. Switches within the same sales charge option are permitted. Existing investments in back-end, back-end elite, low-load or low-load elite will remain and the existing sales charge schedule will apply to any withdrawals.
- 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.
Important disclosure
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.
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