Manulife GIF Investment Account (MLIA)
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Product Name
Manulife GIF Investment Account (MLIA)
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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 |
$500 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 $100 per fund per sales charge option |
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Maximum deposit |
N/A |
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Withdrawals¹ |
DIA (Daily Interest Account)/GIA (Guaranteed Interest Account): $100 scheduled and unscheduled. Segregated Funds: $500 per Fund or $100 per month scheduled. |
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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, LIRA |
71** |
71** (but will continue to RRIF/LIF) |
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RRIF, LRIF, PRIF |
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 guarantees |
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 |
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 |
The Segregated Funds are only available with a No-load sales charge option and do not incur sales charges, other than early withdrawal fees. |
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 |
No Load only (Class A and Class B) |
Other features |
N/A |
Sales Charge Options % |
All MLIA funds are No Load fee option. |
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.