20 September 2021
SINGAPORE – Manulife Singapore and DBS Bank today announced the launch of their co-developed retirement product, RetireSavvy. Singapore's first truly flexible, digital retirement plan, RetireSavvy offers customers multiple flexible options to tailor a plan that best serves their financial and retirement needs, throughout the different phases of life.
Designed to endure and adapt to the various changes in the multi-staged lives of Singaporeans, who enjoy one of the highest life expectancies in the world1, RetireSavvy gives customers the option of starting small and boosting their retirement plans with premium top-ups along the way. Customers can also update the income payout period, retirement income rate and/or defer retirement age under their RetireSavvy plans, plus enjoy a lump sum retrenchment payout benefit in the event of retrenchment.
Sean Goh, Chief Bancassaurance Officer, Manulife Singapore, said, “If we accept that life is bound to have a series of spontaneous and natural changes, how can our retirement plans stay the same? It is with this insight that Manulife, together with our valued partner DBS, launched RetireSavvy – a meaningful offering against the backdrop of constantly evolving economic, social and personal dynamics. With the flexible customisation that this plan offers, we hope to be able to help more Singaporeans navigate through all their different lifestages, and be confident and secure about their future.”
In response to the growing demand for digital products, further accelerated by the pandemic, customers can access their RetireSavvy plans and make changes anytime, anywhere.
“Covid-19 continues to present challenges for people in Singapore and the global economy,” said Brandon Lam, Head of DBS Financial Solutions Management Group. “However, the silver lining is that more consumers are now placing a higher priority on holistic financial planning, which also takes into consideration their retirement needs. Instead of putting retirement - a long-term financial goal - on the back burner, being able to retire well weighs significantly on our customers' minds. They are now more cognisant of the importance of maintaining a steady source of recurring income from private savings, investments or insurance, which replaces work income when they choose to retire. We are therefore pleased to partner with Manulife to provide yet another innovative and accessible digital solution where our customers can get started on a customised plan, enjoy the flexibility to perform top-ups, and re-adjust their retirement goals during the tenure of the plan according to their financial and retirement needs.”
RetireSavvy is launched to empower individuals to take charge of their financial lives and enjoy the fruits of proactive planning, through the following benefits:
1. Customise retirement insurance plan in line with personal financial and retirement needs. During the policy term, customers can flexibly:
2. Premium Freeze4
3. Retrenchment Payout Benefit5
4. Waiver of Premium on TPD6
5. Comprehensive Coverage5
6. Easy Application
Find out more about RetireSavvy here: http://go.dbs.com/RetireSavvy
2Customer must submit the request to Manulife one year after the policy effective date and five years before the selected retirement age. Please refer to the product summary for more details.
3Customer must submit the request to Manulife after the policy effective date and two years before the selected retirement age. Please refer to the product summary for more details.
4Provided that the policy has been in force for two years with two full annual premium payments. For regular premium plan only.
5Please refer to the product summary for more details.
6Applicable to regular premium plans, during your premium payment term, or before the policy anniversary immediately after his or her 70th birthday, whichever is earlier. It is written on non-participating fund so it will not benefit from the performance of the participating fund.
Manulife Financial Corporation is a leading international financial services provider that helps people make their decisions easier and lives better. With our global headquarters in Toronto, Canada, we operate as Manulife across our offices in Canada, Asia, and Europe, and primarily as John Hancock in the United States. We provide financial advice, insurance, and our global wealth and asset management segment, Manulife Investment Management, serves individuals, institutions and retirement plan members worldwide. At the end of 2020, we had more than 37,000 employees, over 118,000 agents, and thousands of distribution partners, serving over 30 million customers. As of June 30, 2021, we had CAD$1.3 trillion (US$1.1 trillion) in assets under management and administration, and in the previous 12 months we made $31.3 billion in payments to our customers. Our principal operations are in Asia, Canada and the United States where we have served customers for more than 155 years. We trade as 'MFC' on the Toronto, New York, and the Philippine stock exchanges and under '945' in Hong Kong.
About Manulife Singapore
Established in 1980, Manulife Singapore provides insurance, retirement and wealth management solutions to meet the financial needs of our customers across their various life stages. Customers can readily access our solutions through our extensive multi-channel distribution network. In addition to our established agency force, we distribute our products through a number of specialist partners, including banks and financial advisory firms.
For more information on Manulife Singapore, visit manulife.com.sg
Esther Subramaniam / Derick Lee