GIF Select - EstatePlus
Product name
GIF Select
Description
Closed to new contracts and series effective October 28, 2022.
Product type
Segregated Fund Contract
Original Company
Manulife
Product snapshot
Deposits |
Closed to new contract sales and additional deposits. New PAC arrangements may not be set up and existing PAC arrangements cannot be increased. |
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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 |
Fund Switches
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Age Limits |
Contract Types |
Latest Age to Deposit* |
Non-registered, TFSA, LIF, RRIF, LRIF, PRIF, RLIF |
80 |
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RRSP, RLSP, LIRA |
71** |
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LIF (pension jurisdictions requiring annuitization at age 80) |
71 |
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1 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.
*All dates are as of December 31 of the annuitant’s age shown
**Or latest age to own under the Income Tax Act (Canada)
Features
Death guarantee |
100% of deposit value or the current market value, if greater, 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 or the current market value, reduced proportionally by withdrawals Available on December 31 of the annuitant’s 100th year or earlier where required by legislation |
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 owner³ |
Non-Registered contracts only |
Joint Life Option |
No |
3 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. |
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Other Fees |
EstatePlus Fee applies in addition to the MER for the Death Benefit enhancement. A Small Policy Fee may apply if your Death Benefit Guarantee balance is below the initial Deposit minimum 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 |
No-load, Front-end, Front-end Elite and F-Class |
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Sales Charge Options % |
Fund category |
Year |
Back-end & Back-end Elite |
Low-load & Low-load Elite |
Front-end, Front-end Elite & F-class |
Money Market Fund |
Year 1 |
1.50 |
1.00 |
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 |
Year 1 |
5.50 |
2.50 |
N/A |
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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, Back-end Elite, Low-load and Low-load Elite 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 or Front-End Elite. Existing investments in back-end or low-load will remain and the existing sales charge schedule will apply to any withdrawals.
- Moving money between sales charge options is a sell/buy and must be considered carefully.
- F‑class is only available for fee‑based programs where contracts are held in Nominee or Intermediary Name.
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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.