Manulife Guaranteed Investment Funds encore (GIF encore)
Product Name
Manulife Guaranteed Investment Funds encore (GIF encore)
Description
Closed to new contract sales effective October 5, 2009 and to subsequent deposits effective April 30, 2011
Product type
Segregated Fund Contract
Original Company
Manulife
Additional series offered under product
Product snapshot
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 pension jurisdiction where legislation requires a LIF to be annuitized at age 80, the latest age to deposit is December 31, age 70
Features
Death guarantee |
Provides 100% of the Deposits allocated to a Series or the current market value of that Series, if greater, reduced proportionally by withdrawals. One automatic reset of the death benefit guarantees annually on each policy anniversary until annuitant’s 80th birthday. Annual automatic reset stops on the annuitant’s 80th birthday, the death benefit guarantee becomes the greater of the deposit value at the beginning of the most recent 10-year term or the market value. |
|---|---|
Maturity guarantee |
Series 1: 100% of deposit value or current market value, whichever is greater, reduced proportionally by withdrawals
Series 2: 75% of deposit value or current market value, whichever is greater, reduced proportionally by withdrawals Automatic reset of Maturity Guarantee and Deposit Value on a Deposit Maturity Date |
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 |
No |
2 In the province of Quebec, a successor owner is known as a subrogated policy holder.
Fees
Management Expense Ratio (MER) |
MERs vary by Fund for more details visit Price and Performance. |
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Other Fees |
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Load Options |
No-load and Front-end |
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Other features |
N/A |
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Sales Charge Options % |
Deferred Sales Charge (DSC) |
Money Market |
Bond/Dividend |
All other funds |
Year 1 |
2.25 |
4.50 |
5.50 |
|
Year 2 |
2.00 |
4.00 |
5.00 |
|
Year 3 |
1.75 |
3.50 |
4.50 | |
Year 4 |
1.25 |
3.00 |
3.75 |
|
Year 5 |
1.00 |
2.50 |
3.00 |
|
Year 6 |
0.75 |
2.00 |
2.00 |
|
Year 7 |
0.50 |
1.50 |
1.50 |
|
Year 8 |
0.00 |
0.00 |
0.00 |
|
Notes:
Deferred sales charge option no longer allows new deposits, subsequent deposits, new PAC setups and switches in from other sales charges. Existing PACs in this sales charge option will continue to Front-End. Existing investments in deferred sales charge 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.