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GIF

  • Product Name

    GIF

  • 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.

  • Product type

    Segregated Fund Contract

  • Original Company

    Manulife

  • Additional series offered under product

    GIF encore

Product snapshot

Fund minimum

$500 per fund per sales charge option

Subsequent deposits

Closed to additional deposits since April 2009

PAC deposits

No new PACs can be established

Existing PAC arrangements cannot be increased

Minimum $50 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

Up to $50,000 without client signature

Must maintain $2,500 contract minimum balance and $500 Fund minimum balance

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

  • Series 1 to Series 2 switches do not affect maturity dates, but will result in a reduction in the Maturity Guarantee from 100% to 75%
  • Switches within the same Series (1 or 2) do not affect maturity dates or guarantee amounts 
  • Switches from Series 2 to Series 1 are not allowed 
  • Switches to capped funds are not allowed 
  • Switches to equity funds are not allowed
  • Switches to Manulife Dollar-Cost Averaging Advantage GIF are not allowed

Age Limits

Contract Types

Latest Age to Deposit*

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

80

RRSP, RLSP, LIRA

71**

LIF

80 (in most pension jurisdictions)***

*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

Maturity guarantee

Series 1: 100% of deposit value or current market value, whichever is greater, reduced proportionally by withdrawals

  • 10-year terms renewing in the closing decade will have an 80% maturity guarantee

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:

  • 2 per calendar year to age 70
  • 1 per calendar year from age 70-90
  • No resets past age 90

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.

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

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, No-load and Front-end

Sales Charge Options %

Deferred Sales Charge (DSC)

Money Market

Bond/dividend

All other funds

Year 1

2.25

4.50

5.50

Year 2

1.75

3.50

4.50

Year 3

1.25

2.50

3.50

Year 4

0.75

1.50

2.50

Year 5

0.25

0.50

1.50

Year 6

0.00

0.00

0.00

Year 7

0.00

0.00

0.00

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

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.