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
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 |
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Subsequent deposits |
No deposits are allowed |
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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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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 |
Ad hoc: Minimum $500 per fund per sales charge option Scheduled: Minimum $100 per fund per sales charge option Five free switches per year
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Age Limits |
Contract Types |
Latest Age to Deposit*◊ |
Latest Age to Own* |
Non-registered, TFSA, LIF, RRIF, LRIF, PRIF, RLIF |
80 |
100 |
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RRSP, RLSP, LIRA |
71** |
71** |
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LIF (pension jurisdictions requiring annuitization at age 80) |
71 |
80 |
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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)
◊ 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 |
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|---|---|---|---|
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 |
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Payout guarantee |
N/A | ||
Income guarantee |
Guaranteed Minimum Withdrawal Benefit (GMWB)
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Lifetime Withdrawal Amount (LWA)
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Guaranteed Withdrawal Balance (GWB) Bonus Base
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Guaranteed Withdrawal Balance (GWB)
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Guaranteed Withdrawal Amount (GWA)
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Guaranteed Withdrawal Balance Bonus (GWB Bonus)
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Ability to bypass estate costs |
Yes |
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Potential for creditor protection |
Yes |
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Waiving redemption fees upon death |
Yes |
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Ability to name a successor annuitant |
Yes |
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Ability to name successor owner³ |
Non-Registered contracts only |
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Joint Life Option |
No |
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Fees
Management Expense Ratio (MER) |
MERs vary by Fund for more details visit Price and Performance. |
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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. |
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Load Options |
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 |
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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 (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 |
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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:
- Back-end and low-load sales charge options no longer allow new deposits, subsequent deposits, new PAC setups and switches in from other sales charges. Effective May 26, 2023, existing PACs in these sales charge options will move to Front-End (0% commission). Switches within the same sales charge option are permitted. Existing investments in back-end or low-load will remain and the existing sales charge schedule will apply to any withdrawals.
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Important disclosure
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.