GIF Select - EstatePlus
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Product name
GIF Select
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Description
Only available to clients with GIF Select contracts opened on or before May 13, 2016.
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Product type
Segregated Fund Contract
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Original Company
Manulife
Product snapshot
Fund minimum |
$500 minimum per fund per sales charge option $2,000 minimum for Manulife Dollar-Cost Averaging Program GIF select $100,000 minimum per fund for Elite Pricing¹ |
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Subsequent deposits |
$500 minimum per fund $2,000 minimum for Manulife Dollar-Cost Averaging Program |
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PAC deposits |
Minimum $50 per fund per sales charge option |
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Maximum deposit |
Deposits greater than $1,000,000 or any subsequent deposit that will cause the market value of the contract to be greater than $1,000,000 require pre‑approval. |
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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
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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 (pension jurisdictions requiring annuitization at age 80) |
71 |
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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)
Features
Death guarantee |
100% of deposit value or the current market value, if greater, 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 deposit value or the current market value, reduced proportionally by withdrawals Available on December 31 of the annuitant’s 100th year or earlier where required by legislation |
Payout guarantee |
N/A |
Income 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 |
Fees
Management Expense Ratio (MER) |
MERs vary by Fund for more details visit Price and Performance. |
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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. |
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Other Fees |
EstatePlus Fee applies in addition to the MER for the Death Benefit enhancement. A Small Policy Fee may apply if your Death Benefit Guarantee 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 |
Back-end, Back-end Elite, Low-load, Low-load Elite, No-load, Front-end, Front-end Elite and F-Class |
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Sales Charge Options % |
Fund category |
Year |
Back-end & Back-end Elite |
Low-load & Low-load Elite |
Front-end, Front-end Elite & F-class |
Money Market Fund |
Year 1 |
1.50 |
1.00 |
N/A |
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Year 2 |
1.50 |
0.50 |
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Year 3 |
1.50 |
0.50 |
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Year 4 |
1.00 |
0.00 |
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Year 5 |
1.00 |
0.00 |
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Year 6 |
1.00 |
0.00 |
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Year 7 |
0.50 |
0.00 |
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Year 8 and subsequent years |
0.00 |
0.00 |
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All other funds |
Year 1 |
5.50 |
2.50 |
N/A |
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Year 2 |
5.00 |
2.00 |
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Year 3 |
5.00 |
1.50 |
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Year 4 |
4.00 |
0.00 |
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Year 5 |
4.00 |
0.00 |
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Year 6 |
3.00 |
0.00 |
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Year 7 |
2.00 |
0.00 |
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Year 8 and subsequent years |
0.00 |
0.00 |
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Notes:
- Moving money between sales charge options is a sell/buy and must be considered carefully.
- 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. 2 Withdrawals and fund switches may result in tax consequences. 3 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.