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. |
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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 |
|
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)
|
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. |
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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 |
|
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.
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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.