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RetireReady

Be ready for a more comfortable retirement

Manulife RetireReady is a retirement income plan that gives you the certainty of a Guaranteed Monthly Income, Flexibility and 2x Guaranteed Monthly Income should you face Loss of Independence.

1.
Guaranteed Monthly Income1 of up to 2.57%2 per annum,
starting from your selected retirement age

Earn additional income with annual bonus before retirement and cash bonus after your selected retirement age boosting your total income up to 4.43%3 over the life of the plan.

2.
The flexibility of choosing your:
  • Desired Retirement Age - At 55, 60, 65 or 70 years old
  • Income Payout Period - Up to 80 or 90 years old, or for life
  • Desired retirement Guaranteed Monthly Income
  • Premium Payment Period - For 5, 10 or 20 years or single premium
  • Mode of payment - By cash or Supplementary Retirement Scheme

At your selected Retirement Age, you can choose to receive any accumulated annual bonus4 as

  • A full payment or
  • Additional Monthly Income that enhances your Guaranteed Monthly Income
3.
2x Guaranteed Monthly Income for Loss of Independence5

If Loss of Independence occurs during your income payout period, you will receive 2x Guaranteed Monthly Income.

What is Loss of Independence?

Loss of Independence occurs when a customer becomes unable to perform at least 3 of the following 6 activities of daily living:

1. Washing 2. Dressing 3. Transferring 4. Mobility 5. Toileting 6. Feeding

4.
Waiver of premiums

If Total and Permanent Disability occurs during your Premium Payment Period, your premiums will be waived6.

5.
Your capital is 100% guaranteed upon retirement age
6.
Guaranteed policy acceptance without the need for a medical check up

Example of how Manulife RetireReady can help in retirement planning

Jason, age 40, plans to retire at age 65 and would like to receive a Guaranteed Monthly Income of S$3,000 up to age 90. He selects RetireReady and will pay his premiums annually for 20 years.

Payouts assuming Jason converts his accumulated annual bonus into Additional Monthly Income:

In addition to the payout benefits above,

i)
Premium payment will be waived6 if Jason suffers from Total and Permanent disability during his premium payment period.
ii)
If Jason suffers Loss of Independence5 during his income payout period, he will receive an additional S$3,000 Guaranteed Monthly Income.
iii)
Jason also benefits from protection for loss of life12 throughout the policy term.

Speak to us today!

Click for Important Notes

Footnotes


1 We (“Manulife (Singapore)”) will pay you the Guaranteed Monthly Income (less any policy debt), starting one month after the policy anniversary immediately after the life insured reaches the chosen retirement age and we will pay this till the end of your chosen income payout period. For a single-life policy, the life insured will also be the policy owner.


2 The guaranteed return varies depending on the different combination of entry age, premium payment term, retirement age and Income Payout Period. The guaranteed return of 2.57% per annum is applicable only upon policy maturity.
It is based on the assumption that a 25 years old customer has opted to pay premiums annually for 10 years, and start receiving retirement income from retirement age of 70 till 90.


3 The total yield varies depending on the different combination of entry age, premium payment term, retirement age and Income Payout Period. The total return of 4.43% per annum is applicable only upon policy maturity. It is based on the assumption that a 31 years old customer has opted to pay premiums annually for 5 years, and start receiving retirement income from retirement age of 60 till age 80.


4 We may declare an annual bonus from the second policy anniversary until the policy anniversary immediately before the life insured’s retirement age. We will keep the declared annual bonus, however it will not earn any interest. We will pay the accumulated annual bonus as a lump sum when the life insured dies. If you cash in the policy, we will pay the cash-in value of accumulated annual bonus.


5 At any time during the income payout period, if the life insured meets the Loss of Independence definition, we will pay a Loss of Independence income equivalent to the Guaranteed Monthly Income. This will start from the next retirement income payment date, after the end of the deferment period. Deferment period means the 90-day period from the claim date (including the claim date). We will pay the Loss of Independence income together with the retirement income benefit as long as the life insured meets the Loss of Independence definition. You cannot leave the Loss of Independence income due under this benefit with us. This benefit ends immediately on the date the life insured recovers and is no longer in the state of Loss of Independence. If the life insured has recovered but loses independence again, you are entitled to this benefit again as long as the life insured continues to meet the Loss of Independence definition. For the full definition of Loss of Independence and the 6 activities of daily living, please refer to the product summary and policy contract.


6 If the life insured suffers a Total and Permanent Disability before the policy anniversary immediately after their 65th birthday and at any time during the premium payment period, you will not have to pay (waive) the future premiums for this policy.


7 Annual premium quoted is based on male, age 40 (retirement age 65) for premium payment term of 20 years, with a Guaranteed Monthly Income of S$3,000 up to age 90.


8 Projection is based on 4.75% per annum investment rate of return. The bonus rates used for the benefit illustrated are not guaranteed. The actual benefits payable may vary according to the future performance of Manulife’s Participating Fund.


9 Total projected payout comprises of Guaranteed Monthly Income, non-guaranteed cash bonus and additional monthly income (if any). As non-guaranteed cash bonus is not guaranteed, the actual benefits payable may vary according to the future performance of Manulife’s Participating Fund.


10 You have the flexibility of withdrawing the accumulated Guaranteed Monthly Income, Annual Monthly Income and cash bonus with interest subsequently. The minimum amount for a withdrawal is S$500 or the balance available. This withdrawal will not affect future monthly income amounts.


11 3% per annum is the current interest rate. It is non-guaranteed and based on the projected investment rate of return of 4.75% per annum. The rate is subject to change by Manulife with 30 days advance notice to the Policy Owner.


12 Please refer to the product summary and policy contract for details of the death benefit.


Important Notes:

Manulife RetireReady is underwritten by Manulife (Singapore) Pte. Ltd. (Registered number 198002116D). Buying a life insurance policy is a long-term commitment. If you end the policy early, it usually involves high costs and the cash-in value (also known as surrender value) (if any) may be less than the total premiums you have paid. This brochure is for general information only and does not take account of your specific investment objectives, financial situation and any of your particular needs. You should seek advice from a financial adviser before making a commitment to purchase the plan. In the event that you choose not to seek advice from a financial adviser, you should consider carefully whether this plan is suitable for you. This brochure is not a contract of insurance and is not an offer or recommendation to buy the plan and the riders. The specific details which apply to this insurance plan and the riders are set out in the policy contract. This policy is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of the coverage, where applicable, please contact Manulife (Singapore) Pte. Ltd. or visit the Life Insurance Association or SDIC websites (www.lia.org.sg or www.sdic.org.sg). If there is any difference between the English and Chinese versions, the English version will apply.


Information is correct as of 8 March 2016.