Manulife Ideal Signature Select - Ideal 75/100 Series

Product Name

Manulife Ideal Signature Select

Series name

Ideal 75/100 Series

Description

Closed to new contract sales and subsequent deposits effective October 28, 2022.

Product type

Segregated Fund Contract

Original line of business

Manulife

Additional series offered under product

Ideal 75/75 Series Ideal 100/100 Series

Product snapshot

Important Information

Closed to new contracts, new premiums and additional premiums. New PAC arrangements may not be set up and existing PAC arrangements cannot be increased. 

Withdrawals¹

Ad hoc:

  • Savings: $250 per fund
  • Payout: $250 per fund
  • Platinum: $1,000 per fund

 

Scheduled (SWP):

  • (Non-registered savings plans only)
  • $100 per fund ($5,000 minimum must be met)
  • Platinum: $500 per fund per frequency

Switches¹

Savings: $250 per switch per premium allocation option

Payout: $1,000 per switch per premium allocation option

Platinum: $1,000 per switch

Age Limits

Contract Types

Latest age for initial premium

Latest age to own

Non-registered savings plan, TFSA

90*

100

Registered savings plan

71**

71**

RIF, LIF, LRIF, PRIF, and RLIF

90***

100***

Series maturity date

Client can elect the series maturity date and must be at least 10 years from the first premium payment or from the last reset date.

Default:

  • Non-registered/TFSA:  December 31 of the year the annuitant turns age 100
  • For contracts opened before October 23, 2017:  annuitants 100th birthday
  • RSP:  December 31 of the year in which the annuitant reaches the legislative age limit

1 Withdrawals and fund switches may result in tax consequences. 

*Please note that if you have made your initial premium after age 80, the Death Benefit Guarantee will be 75%, regardless of the Series chosen.

**As of December 31st, of the Annuitant’s age shown or the latest age to own under the Income Tax Act (Canada).

***In pension jurisdictions where legislation requires a LIF to be annuitized, the maximum age is on or before December 31st of the year in which you reach age 80.


Features

Death guarantee²

Savings plans: Greater of series value or 100% of death guarantee value (75% if the annuitant is 80 years of age or older at time of first premium payment into the series).

 

Registered retirement income plans: Greater of series value or 100% of death guarantee value (75% if the annuitant is 80 years of age or older at time of first premium payment into the series) less the sum of scheduled retirement income payments received since first premium payment or last reset date.

 

Nominee registered retirement income plans: Greater of series value or 100% of death guarantee value (75% if the annuitant is age 80 or older at the time of the first premium payment) less the sum of all retirement income payments that did not exceed 20% of the series value as of December 31 of the previous year (the maximum amount is also recalculated to consider additional premiums deposited throughout the year). Withdrawals in excess of 20% will reduce the death guarantee value on a proportional basis. 

Maturity guarantee³

Savings plans: Greater of series value or 75% of death guarantee value on the series maturity date.

Payout guarantee⁴

Registered retirement income plans:

Equal to at least 75% of maturity guarantee value paid as income payments over the lifetime of the series.

 

Nominee registered retirement income plans:

Equal to at least 75% of maturity guarantee value paid as income payments over the lifetime of the series.

Amount will be paid as retirement income payments over the lifetime of the series, provided that during the initial 10 years while the series is in-force, all withdrawals do not exceed 20% of the series value as of December 31 of the previous year (the maximum amount is also recalculated to consider additional premiums deposited throughout the year)

Withdrawals in excess of 20% will reduce the maturity guarantee value on a proportional basis. 

Reset

Maturity guarantee value: Up to 2 client‑initiated resets per calendar year.

 

Death guarantee value: Automatic reset every 3 years with a final reset on the series anniversary date following the annuitant’s 70th birthday, if the series value is greater than the death guarantee value.

Ability to bypass estate costs

Yes

Potential for creditor protection

Yes

Waiving redemption fees upon death

Yes

Ability to name successor owner⁵

Yes (non-registered contracts only)

Joint Life Option

No

2 Scheduled retirement income payments reduce the death benefit guarantee on a dollar‑for‑dollar basis. Unscheduled withdrawals made over and above scheduled retirement income payments reduce the death guarantee value on a proportional basis. 3 The maturity guarantee value is used to calculate the maturity benefit guarantee. The death guarantee value is used to calculate the death benefit guarantee. Prior to any resets, the maturity guarantee value and the death guarantee value are equal to the sum of premiums paid less the sum of proportional reductions for prior withdrawals, for a particular series. If a reset has occurred, they are equal to the last reset value plus the sum of additional premiums paid less the sum of proportional reductions for prior withdrawals since the last reset, for a particular series. Resets do not apply to the Ideal 75/75 Series. 4 For Ideal 75/100 Series and Ideal 75/75 Series, the payout benefit guarantee is payable on the condition that the series has been in force for at least 10 years from the date of the first premium payment, or if resets have occurred, from the last reset date. For Ideal 100/100 Series, the payout benefit guarantee is payable on the condition that the series has been in‑force for at least 15 years from the date of the first premium payment, or if resets have occurred, from the last reset date. Additional premiums that have been in the series for less than 15 years are guaranteed at 75%. Scheduled retirement income payments reduce the payout benefit guarantee on a dollar‑for‑dollar basis. 5 In the province of Quebec, a successor owner is known as a subrogated policyholder.


Fees

Management Expense Ratio (MER)

  • MERs vary by Fund and include all management fees, operating expenses and insurance fees.
  • The unit value of a fund is reduced by the MER

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*

No-load, F-class and Platinum no-load

Platinum no-load option requires a minimum of $250,000 per series.

Sales charge options %

 

Back-end load option 

Low-load option

Up to 1 year

6.00%

3.00%

1-2 years

5.00%

2.00%

2-3 years

5.00%

1.00%

3-4 years

4.00%

0.00%

4-5 years

3.00%

0.00%

5-6 years

2.00%

0.00%

6-7 years

1.00%

0.00%

7 years or more

0.00%

0.00%

*Back-end and low-load options no longer allow new deposits, subsequent deposits, new PAC setups and switches in from other load options. Effective May 26, 2023, existing PACs in these sales charge options will continue to no-load option. Existing investments in back-end and low-load options will remain and the existing sales charge schedule will apply to any withdrawals.

Notes:

  • There are no withdrawal charges for the no-load, F-class and Platinum no-load options.
  • Under the back-end load and low-load options, withdrawal charges are waived for payment of the death benefit guarantee

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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.