Manulife GIF Investment Account (MLIA)
Product Name
Manulife GIF Investment Account (MLIA)
Description
For contracts sold up to April 30, 2009
Product type
Segregated Fund Contract
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 |
|
RRSP, LIRA |
71** |
71** (but will continue to RRIF/LIF) |
|
RRIF, LRIF, PRIF |
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 |
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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 |
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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|---|---|
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. |
Notes:
Back-end fee option within MLIA no longer allows new deposits, subsequent deposits, new PAC setups, PAC increases and switches in from other sales charges. Switches within the same sales charge option are permitted. Existing investments in back-end will remain and the existing sales charge schedule will apply to any withdrawals.
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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.