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10 February 2022

Manulife Singapore launches Manulife IncomeGen - a short-term premium commitment savings solution that offers Singaporeans a lifetime lifestyle allowance that can be passed on to future generations

  • With just three years of premium payments, customers can enjoy a reliable and steady lifestyle allowance to live their desired lifestyles
  • Customers can pass the gift of the lifestyle allowance to their future generations with a change of life insured option and assignment of policy ownership

SINGAPORE - Manulife IncomeGen is the latest whole-life insurance savings product by Manulife Singapore to empower Singaporeans to take back control of their financial lives.

Designed to help customers live their desired lifestyles, Manulife IncomeGen provides a reliable and steady stream of lifestyle allowance1 up to life-insured age 120, with just three years of premium payments. One of the unique features is the Change of Life Insured option, which allows customers’ loved one to take over as the new life-insured. When the Change of Life Insured option and assignment of policy ownership are held together, customers can pass down the policy in its entirety to their loved one and even their next generation.

This short-term premium commitment plan is the latest in Manulife's wide suite of products aimed to safeguard the needs of today's customers. A recent "Manulife Asia Care Survey" shows that while more than half (52%) of Singaporeans have accepted that COVID-19 is here to stay, they remain concerned about the pace of the economic recovery and income security. These concerns have spurred them to take charge of their financial well-being, with more Singaporeans intending to purchase new insurance (58%), invest (20%) more this year and cut back on unnecessary expenses (30%).

Manulife IncomeGen aims to allow customers to make lifestyle choices that bring them happiness. The regular lifestyle allowance payout will enable them to enjoy lifestyle moments with their loved ones for a lifetime.

Darren Thompson, Chief Customer Officer and Chief Product Officer, Manulife Singapore, said, “One key thing we’ve learned from the pandemic is that our financial situation can change in an instant, necessitating a change in lifestyle to cope. What if we can offer a new product that empowers

Singaporeans to preserve their desired lifestyle? With this insight, we launched Manulife IncomeGen to provide customers with a steady and reliable stream of lifetime allowance for themselves and their loved ones. As a short-term premium commitment plan, we hope to be able to help Singaporeans reap the benefits early so that they can feel secure about their future.”

Helping customers to achieve financial security and create their desired lifestyle

Manulife IncomeGen is designed to empower Singaporeans to take charge of their financial lives and help customers to live their desired lifestyles through the following benefits:

  1. Lifetime Monthly Income
    • Receive lifetime monthly[1] income from the end of 49th policy month up to age 120
    • A lump sum maturity benefit payout upon policy maturity at age 120
  2. Change of Life Insured[2]
    1. Option to change the life insured during the course of the policy
  3. Waiver of Future Premiums[3]
    • Get your premiums waived upon total and permanent disability during your premium payment term, while your coverage continues
  4. Limited Payment Term
    • Just three years of premium payments
  5. Coverage
    • Get coverage against death and terminal illness up to age 120.
    • Receive an additional payout of 50% of total premiums paid to date in the event of accidental death of the life insured before the age of 80
  6. Easy Application
    • Guaranteed acceptance with no health questions asked.

Find out more about Manulife IncomeGen here:

1 Lifetime monthly income consists of guaranteed and non-guaranteed monthly income. Guaranteed monthly income is equal to 0.81% of the sum insured divided by 12. Based on illustrated investment rate of return of 4.25% p.a., non-guaranteed monthly income is equal to 2.43% of the sum insured divided by 12 and based on illustrated investment rate of return of 3.00% p.a., non-guaranteed monthly income is equal to 1.17% of the sum insured divided by 12.

2 After 2 policy years, you may request to change the life insured up to 2 times during the policy term for individual policies and unlimited number of times for corporate policies. Terms and conditions apply. Please refer to Product Summary for more information.

3 Terms and conditions apply. Please refer to Product Summary for more information.

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About Manulife

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 provide financial advice and insurance, operating as Manulife across Canada, Asia, and Europe, and primarily as John Hancock in the United States. Through Manulife Investment Management, the global brand for our global wealth and asset management segment, we serve individuals, institutions and retirement plan members worldwide. Our principal operations are in Asia and 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. In the previous 12 months we made CAD$31.8 billion in payments to our customers.

Not all offerings are available in all jurisdictions. For additional information, please visit

About Manulife Singapore

Established in 1899, 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


Media contact

Zaim Zahari / Jane Goh                  


Eveline How

Senior Manager, Communications