Manulife GIF Capital Accumulator Plan (CAP)
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Product Name
Manulife GIF Capital Accumulator Plan (CAP)
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Description
For contracts sold up to April 30, 2009
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Product type
Segregated Fund Contract
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Original Company
Maritime Life
Product snapshot
Fund minimum |
$30 per fund per sales charge option |
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Subsequent deposits |
Closed to additional deposits since April 29, 2011 |
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PAC deposits |
No new PACs can be established Existing PAC arrangements cannot be increased Minimum $30 per fund per sales charge option |
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Maximum deposit |
N/A |
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Withdrawals1 |
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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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 |
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Age Limits |
Contract Types |
Latest Age to Purchase* |
Latest Age to Own* |
Non-registered |
80 |
100 |
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RRSP, RLSP, LIRA |
71** |
71** (but will continue to RRIF/LIF) |
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RRIF, LRIF |
80 |
No age limit |
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LIF◊ (pension jurisdictions requiring annuitization at age 80) |
80 |
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)
◊ 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 |
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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)
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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 |
Fees
Management Expense Ratio (MER) |
MERs vary by Fund for more details visit Price and Performance. |
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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. |
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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 |
Back-end only | |||
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. |
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Sales Charge Options % |
All CAP funds are sold with a Back-end fee option only. |
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Deferred Sales Charge |
Money Market |
All bond funds |
All other funds |
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Year 1 |
4.00 |
5.00 |
7.00 |
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Year 2 |
3.00 |
4.00 |
6.50 |
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Year 3 |
2.00 |
3.00 |
6.00 |
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Year 4 |
1.00 |
2.00 |
5.00 |
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Year 5 |
0.00 |
1.00 |
4.00 |
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Year 6 |
0.00 |
0.00 |
3.00 |
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Year 7 |
0.00 |
0.00 |
2.00 |
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Year 8+ |
0.00 |
0.00 |
0.00 |
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Explore our segregated funds
Related materials
Regulatory materials
Important disclosure
1 Withdrawals and fund switches may result in tax consequences. 2 In the province of Quebec, a successor owner is known as a subrogated policyholder. 3 Guarantees are reduced proportionally by withdrawals
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.