GIF
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Product Name
GIF
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Description
This GIF and GIF encore Contract is no longer available for new sales effective October 5, 2009, unless it is a sale resulting from a transfer from an existing GIF and GIF encore Contract.
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Product type
Segregated Fund Contract
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Original Company
Manulife
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GIF encore
Additional series offered under product
Product snapshot
Fund minimum |
$500 per fund per sales charge option |
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Subsequent deposits |
Closed to additional deposits since April 2009 |
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PAC deposits |
No new PACs can be established Existing PAC arrangements cannot be increased Minimum $50 per fund per sales charge option |
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Maximum deposit |
N/A |
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Withdrawals¹ |
Ad hoc: Minimum $500 per fund per sales charge option Scheduled: Minimum $100 a month per fund per sales charge option Up to $50,000 without client signature Must maintain $2,500 contract minimum balance and $500 Fund minimum balance |
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Switches¹ |
Fund Switches Ad hoc: Minimum $500 per fund per sales charge option Scheduled: Minimum $100 a month per fund per sales charge option Five free switches per year
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Age Limits |
Contract Types |
Latest Age to Deposit* |
Non-registered, TFSA, LIF, RRIF, LRIF, PRIF, RLIF |
80 |
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RRSP, RLSP, LIRA |
71** |
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LIF |
80 (in most pension jurisdictions)*** |
Important disclosure
*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 pension jurisdiction where legislation requires a LIF to be annuitized at age 80, the latest age to deposit is December 31, age 70
Features
Death guarantee |
Provides 100% of the Deposits allocated to a Series or the current market value of that Series, if greater, reduce proportionally by withdrawals |
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Maturity guarantee |
Series 1: 100% of deposit value or current market value, whichever is greater, reduced proportionally by withdrawals
Series 2: 75% of deposit value or current market value, whichever is greater, reduced proportionally by withdrawals |
Payout guarantee |
N/A |
Income guarantee |
N/A |
Reset |
Client-initiated resets of Maturity and Death Benefit Guarantee based on annuitant’s age:
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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 |
Fees
Management Expense Ratio (MER) |
MERs vary by Fund for more details visit Price and Performance. |
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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. |
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Other Fees |
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 |
Back-end, No-load and Front-end |
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Sales Charge Options % |
Deferred Sales Charge (DSC) |
Money Market |
Bond/dividend |
All other funds |
Year 1 |
2.25 |
4.50 |
5.50 |
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Year 2 |
1.75 |
3.50 |
4.50 |
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Year 3 |
1.25 |
2.50 |
3.50 |
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Year 4 |
0.75 |
1.50 |
2.50 |
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Year 5 |
0.25 |
0.50 |
1.50 |
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Year 6 |
0.00 |
0.00 |
0.00 |
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Year 7 |
0.00 |
0.00 |
0.00 |
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Year 8 |
0.00 |
0.00 |
0.00 |
Notes:
- All funds are available in deferred sales charge (DSC) and fully negotiable front‑end load (FEL) versions
- The money market fund is also available in a no‑load version
Explore our segregated funds
Related materials
Regulatory materials
Important disclosure
1 Withdrawals and fund switches may result in tax consequences. 2 In the province of Quebec, a successor owner is known as a subrogated policyholder.
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.