Manulife GIF Investment Portfolio (MLIP)

  • Product Name

    Manulife GIF Investment Portfolio (MLIP)

  • Description

    For contracts sold up to April 30, 2009

  • Product type

    Segregated Fund Contract

  • Original Company

    Maritime Life


Product snapshot

Fund minimum

$500 per fund per sales charge option

Subsequent deposits

Closed to additional deposits since April 29, 2011

PAC deposits

No new PACs can be established

Existing PAC arrangements cannot be increased

Minimum $100 per fund per sales charge option

Maximum deposit

N/A

Withdrawals¹

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

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

Switches¹

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

Scheduled: Minimum $100 per fund per sales charge option

Five free switches per year

Age Limits

Contract Types

Latest Age to Purchase* Deposit*

Latest Age to Own*

Non-registered

80

100

RRSP, LIRA

71**

71** (but will continue to RRIF/LIF)

RRIF, LRIF, PRIF

80

No age limit

LIF (pension jurisdictions requiring annuitization at age 80)

80

80

1 Withdrawals and fund switches may result in tax consequences. 

*All dates are as of December 31 of the annuitant’s age shown

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

◊ In provinces where legislation requires a LIF to be annuitized at age 80, the latest age to purchase is 65


Features

Death guarantee³

100% of Deposit Value for Deposits received before the Annuitant attains age 80

80% for Deposits made on or after the Annuitant’s 80th birthday

Maturity guarantee³

Class A funds

  • 100% Maturity Guarantee
  • 75% for Deposits made in the final 10 years of the Contract; the closing decade
  • Automatic Daily Reset (ADR) feature for Class A Funds with more than 10 years until the Maturity Date

Class B Funds

  • 75% Maturity guarantee 

Payout guarantee

N/A

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 owner²

Non-Registered contracts only

Joint Life Option

No

2 In the province of Quebec, a successor owner is known as a subrogated policyholder. 3 Guarantees are reduced proportionally by withdrawals.


Fees

Management Expense Ratio (MER)

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

Sales Charge 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

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 only and Front-end

Other features

N/A

Sales Charge Options %

Deferred Sales Charge

Money Market

All bond funds

All other funds

Year 1

4.00

5.00

67.00

Year 2

3.00

4.00

56.050

Year 3

2.00

3.00

46.00

Year 4

1.00

2.00

35.00

Year 5

0.00

1.00

24.00

Year 6

0.00

0.00

13.00

Year 7

0.00

0.00

02.00

Year 8+

0.00

0.00

0.00

Notes:

  • Back-end fee option within MLIP no longer allows new deposits, subsequent deposits, new PAC setups, PAC increases and switches in from other sales charges. Switches within the same sales charge option are permitted. Existing investments in back-end will remain and the existing sales charge schedule will apply to any withdrawals.
  • Maximum Front-end fee of 5%.

Explore our segregated funds


Related materials

Important disclosure

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.