GIF
Product Name
GIF
Description
Closed to new contract sales effective October 5, 2009 and to subsequent deposits effective April 30, 2011
Product type
Segregated Fund Contract
Original Company
Manulife
Additional series offered under product
Product snapshot
Fund minimum |
$500 per fund per sales charge option |
|
|---|---|---|
Subsequent deposits |
Closed to all deposits |
|
PAC deposits |
No new Pre-Authorized Chequing (PAC) can be established. Existing PAC arrangements can not be increased |
|
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
|
|
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)*** |
|
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 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
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:
|
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.
Fees
Management Expense Ratio (MER) |
MERs vary by Fund for more details visit Price and Performance. |
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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 |
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 |
|
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:
Deferred sales charge option no longer allows new deposits, subsequent deposits, new PAC setups and switches in from other sales charges. Existing PACs in this sales charge option will continue to Front-End. Existing investments in deferred sales charge will remain and the existing sales charge schedule will apply to any withdrawals.
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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.