“Recent EPF reports show that retirees do not have sufficient funds to last throughout their retirement. For many, their retirement funds only manage to stretch up to ten years. They fail to realise that retirement years can be as long as working years. In addition, there is a need to build an investment portfolio that grows over time and meets the rising cost of inflation" said Mr. Peter Robertson, President and CEO of Manulife Malaysia. "Secure Income Plus is designed to help retirees to bridge the gap between low yield savings products and high yield risky investments. This product offers the advantages such as the ability to benefit from bullish market conditions or earn higher returns in the form of loyalty bonuses.”
At a glance, Manulife's Secure Income Plus provides the following benefits:
• An annual guaranteed withdrawal amount equal to five per cent of the subscription for minimum of 20 years. The guaranteed retirement income is secure and will never go down even in a declining market.
• 50 per cent guaranteed Loyalty Bonus that upsizes the Guaranteed Withdrawal Benefit to 150 per cent of the initial investment if no withdrawals are made in the first 10 years (25 per cent bonus for the first five policy years and an extra five per cent bonus each year from policy year six to 10).
• Offers automatic step-up opportunities which locks-in investment gains every five policy years, up to age next 81, which in a rising market, increases the value of the guaranteed withdrawal amount, in line with the appreciation of the underlying investment funds.
• Income for life - Beginning at age next 66, the investor can elect to receive withdrawals/
• No upfront charge - The initial subscription will be 100 per cent invested into any of the chosen Secure Income Plus Lifestyle Portfolio Funds.
• Investors have the flexibility to access their account value at any time *1 or make switches from one portfolio to another. Currently, there are three Secure Income Plus Lifestyle Portfolios available. The exposure in equities ranges from 80 per cent in the aggressive portfolio to 40 per cent in the balanced portfolio.
• Guaranteed death benefit - The beneficiary has a choice of receiving the account value or the remaining guaranteed regular withdrawals.
Manulife introduced this type of product in the United States about five years ago, launched it in Japan in 2005 and Canada in 2006, and in Hong Kong, Singapore and Taiwan in 2007. The plan has experienced tremendous market success in North America and Asia.
“No matter how affluent you are, and however meticulously you have planned for your retirement, a hard-won investment portfolio is vulnerable to many threats. It can be hit by dramatic downswings in the value of equities or inflation, which can quickly overtake the provisions of a cautious investor” said Mr. Robertson.
“Manulife's Secure Income Plus is a truly innovative solution to the perennial problem of putting money aside for your retirement. Under this revolutionary scheme, customers can choose to have retirement income through regular withdrawals that will never go down and never run out*1, 2 ,” added by our CEO Mr. Robertson.
~ About Manulife Malaysia
Manulife Insurance (Malaysia) Berhad, established in 1963, is a member of Canada-based Manulife Financial Corporation. Manulife Malaysia offers an innovative range of financial protection and wealth management products and services to meet different customer needs. The company currently serves the needs of more than 270,000 policyholders and is one of the most financially sound life insurance companies in the country. Manulife Malaysia has been listed on the Main Board of Bursa Malaysia since 1984. As at March 31, 2008, Manulife Malaysia's assets under management were over RM3.0 billion.
~ About Manulife Financial
Manulife Financial is a leading Canadian-based financial services group serving millions of customers in 19 countries and territories worldwide. Operating as Manulife Financial in Canada and Asia, and primarily through John Hancock in the United States, the Company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were Cdn$400 billion (US$389 billion) as at March 31, 2008. (www.manulife.com.my)
Manulife Financial is one of two publicly traded life insurance companies in the world whose rated life insurance subsidiaries hold Standard & Poor's Rating Services' highest "AAA" rating.
Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under '0945' on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com
*1 Subject to policy conditions and withdrawal charge for withdrawal in excess of Guaranteed Withdrawal Amount (the initial GWA will be 5% of the initial GWB)
*2 If IFL track is selected
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* If you think you have what it takes to be a Manulife Advisor, contact Tan Min Chun to find out more about a career as an Insurance/Financial Advisor ... Email : askbernardtan@
