Manulife GIF Capital Accumulator Plan (CAP)

  • Product Name

    Manulife GIF Capital Accumulator Plan (CAP)

  • Description

    For contracts sold up to April 30, 2009

  • Product type

    Segregated Fund Contract

  • Original Company

    Maritime Life


Product snapshot

Deposits and Pre-Authorized

Chequing (PAC) arrangements

Closed to new and subsequent deposits and new PAC arrangements.

Existing PAC arrangements can continue but cannot be increased.

Withdrawals¹

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

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

Switches¹

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

Scheduled: Minimum $100 per fund per sales charge option

Five free switches per year

Age Limits

Contract Types

Latest Age to Purchase*

Latest Age to Own*

Non-registered

80

100

RRSP, RLSP, LIRA

71**

71** (but will continue to RRIF/LIF)

RRIF, LRIF

80

No age limit

LIF (pension jurisdictions requiring annuitization at age 80)

80

80

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 provinces where legislation requires a LIF to be annuitized at age 80, the latest age to purchase is 65


Features

Death guarantee

100% of Deposit Value for Deposits received before the Annuitant attains age 80

80% for Deposits made on or after the Annuitant’s 80th birthday

Maturity guarantee

100% of Deposit Value for Class A Funds (75% for Deposits made in the final 10 years of the Contract; the closing decade)

75% of Deposit Value for Class B Funds

Automatic Daily Reset (ADR)

  • For Class A Funds with more than 10 years until the Maturity Date
  • Maturity Guarantee is Reset daily for Class A Funds only; Class B Funds are not Reset

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

Yes

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.

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 only

Other Features

Bonus Deposit

10% of the amount equal to the sum of Deposits made 10 or more years prior to the Bonus Date less all withdrawals requested

Contract bonus deposit paid on the 15th contract anniversary and every 5th contract anniversary thereafter.

Sales Charge Options %

All CAP funds are sold with a Back-end fee option only.

Deferred Sales Charge

Money Market

All bond funds

All other funds

Year 1

4.00

5.00

7.00

Year 2

3.00

4.00

6.50

Year 3

2.00

3.00

6.00

Year 4

1.00

2.00

5.00

Year 5

0.00

1.00

4.00

Year 6

0.00

0.00

3.00

Year 7

0.00

0.00

2.00

Year 8+

0.00

0.00

0.00

Notes:

All CAP funds are available with a back-end fee option only. CAP funds are only open to existing PACs and bonus deposits.


Explore our segregated funds


Related materials

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.