Manulife Ideal Signature Select - Ideal 100/100 Series
Product Name
Manulife Ideal Signature Select
Series name
Ideal 100/100 Series
Description
Closed to new contract sales and subsequent deposits effective October 28, 2022.
Product type
Segregated Fund Contract
Original line of business
Manulife
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. | ||
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Withdrawals¹ |
Ad hoc:
Scheduled (SWP):
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Switches¹ |
Savings: $250 per switch per premium allocation option Payout: $1,000 per switch per premium allocation option Platinum: $1,000 per switch |
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Age Limits |
Contract Types |
Latest age for initial premium |
Latest age to own |
Non-registered savings plan, TFSA |
85* |
100 | |
Registered savings plan |
71** |
71** | |
RIF, LIF, LRIF, PRIF, and RLIF |
85*** |
100*** | |
Series maturity date |
Client can elect the series maturity date and must be at least 15 years from the first premium payment or from the last reset date. Default:
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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 value⁸ (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. |
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Maturity guarantee³ |
Savings plans: Greater of series value or 100% of death guarantee value on the series maturity date. |
Payout guarantee⁴ |
Registered retirement income plans: Equal to at least 100% of maturity guarantee value paid as income payments over the lifetime of the series.
Nominee registered retirement income plans: Equal to at least 100% 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 15 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) |
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* |
No-load, F-class and Platinum no-load Platinum no-load option requires a minimum of $250,000 per series. |
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| Sales charge options % |
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Back-end load option |
Low-load option |
Up to 1 year |
6.00% |
3.00% |
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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.