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GIF Select (original) - IncomePlus

  • Product Name

    GIF Select (original)

  • Series name

    IncomePlus

  • Description

    For contracts sold up to October 2, 2009

  • Product type

    Segregated Fund Contract

  • Original Company

    Manulife

  • Additional series offered under product

    75 Series

Product snapshot

Fund minimum

$500 per fund per sales charge option

$2,000 minimum for Manulife Dollar-Cost Averaging Advantage Fund

$100,000 for Elite Pricing1

Subsequent deposits

Closed to additional deposits since August 2012

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

Withdrawals²

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

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

Switches²

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

Scheduled: Minimum $100 per fund per sales charge option

Five free switches per year

  • Switches between IncomePlus funds (within the same sales charge option) do not affect any of the guarantees
  • Switches from 75 Series funds to IncomePlus funds are not allowed
  • Switches from the Manulife Dollar-Cost Averaging Advantage GIF Select fund to the Manulife High Interest Savings GIF Select fund are not allowed

Age Limits

Contract Types

Latest Age to Deposit*◊

Latest Age to Own*

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

80

100

RRSP, RLSP, LIRA

71**

71**

LIF (pension jurisdictions requiring annuitization at age 80)

71

80

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

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

◊ Applicable to existing PACs only

Features

Death guarantee

100% of deposit value, 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

Maturity guarantee

75% of deposit 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

Guaranteed Minimum Withdrawal Benefit (GMWB)

  • Provides a guaranteed income stream
  • May increase through resets and bonuses
  • Can be accessed through both a GWA and LWA

Lifetime Withdrawal Amount (LWA)

  • Amount guaranteed to be available for withdrawal each calendar year for the life of the annuitant.
  • Initial LWA is 5% of the year end GWB (LWA is not calculated until December 31 of the year the annuitant reaches age 64)
  • LWA may increase by deposits, bonus, reset and may decrease by withdrawals.

Guaranteed Withdrawal Balance (GWB) Bonus Base

  • Amount used to calculate the GWB Bonus at the end of the calendar year

Guaranteed Withdrawal Balance (GWB)

  • Total guaranteed amount available for future GWA and LWA withdrawals
  • Initially set to 100% of deposit value
  • GWB may increase by deposits, bonus, resets and may decrease by withdrawals. Automatic reset of GWB to the market value, if higher, every 3rd anniversary

Guaranteed Withdrawal Amount (GWA)

  • Amount guaranteed to be available for withdrawal each calendar year until the GWB is depleted to zero
  •  Initial GWA is 5% of initial GWB
  • GWA may increase by deposits, bonus, reset and may decrease by withdrawals.

Guaranteed Withdrawal Balance Bonus (GWB Bonus)

  • Amount added to the GWB at the end of any calendar year if no withdrawals are taken for that year from the IncomePlus Series
  • Available until contract maturity
  • 5% of GWB Bonus Base
  • If withdrawals are requested prior to the LWA eligibility date, we reserve the right to restrict the GWB Bonus period to 15 years from the date of the first deposit to the IncomePlus Series
  • Bonuses are not cash deposits, they increase the amount that is guaranteed for withdrawals.

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 owner³

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

IncomePlus Fee: Annual fee in addition to the MER for the income guarantee and the Death Benefit enhancement.

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, Low-load, Front-end and Front-end Elite

Sales Charge Options %

Fund category

Redemption made during the first 7 years following the date of deposit

Redemption Fees – Back-end option

Redemption Fees – Low-load option

Front-end option

Front-end Elite pricing

Money Market Fund (excludes the Manulife Dollar-Cost Averaging Advantage Fund)

Year 1

1.50

1.00

0.00 - 5.00

N/A

Year 2

1.50

0.50

Year 3

1.50

0.50
Year 4

1.00

0.00

Year 5

1.00

0.00

Year 6

1.00

0.00

Year 7

0.50

0.00

Year 8 and subsequent years

0.00

0.00

All other funds (Bond, Dividend, Asset Allocation, Balanced, Equity Funds and Manulife Dollar-Cost Averaging Advantage Fund)

Year 1

5.50

2.50

0.00 - 5.00

0.00 - 3.00

Year 2

 5.00

2.00

Year 3

5.00

1.50

Year 4

4.00

0.00

Year 5

4.00

0.00

Year 6

3.00

0.00

Year 7

2.00

0.00

Year 8 and subsequent years

0.00

0.00

Notes:

  • Moving money between sales charge options is a sell/buy and must be considered carefully. Moving between sales charge options is not allowed for IncomePlus because buy transactions are no longer permitted.

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Related materials

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Regulatory materials

Advisor materials

1 Front-end 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.