Secure Income Plus

Manulife has launched an investment-linked product for retirees with Guaranteed Withdrawal Benefit (GWB).

Product Features:

• GWB: either regular stream of income for at least 20 years (apparently at 5% of account value) or lifetime income from age 66.
• Loyalty bonus is granted (apparently 25% of GWB if no withdrawal in first 5 policy years and 5% for each year from years 6 to 10 reaching a maximum of 50%)
• Step-up mechanism: (apparently on every 5th policy anniversary if the market value of the account is higher than the GWB, the GWB is stepped up to the market value)
• Switching is allowed
• 3 Secure Income Plus lifestyle portfolios are available
• Distributed through HSBC

Source: Business Times & TAS Research