Manulife Investments has launched Manulife Ideal Signature Select, the newest addition to its segregated fund platform.
The new contract, which incorporates key features of the former Standard Life Ideal Segregated Funds Signature 2.0 product, will be part of Manulife's new and simplified segregated fund product portfolio.
Manulife Ideal Signature Select offers three levels of protection and gives customers the flexibility to choose a protection level appropriate for their needs. The Ideal 75/100 Series is for customers who want to build their savings while protecting their estate; Ideal 100/100 Series is for customers who want full capital and estate protection (provided certain conditions are met); and Ideal 75/75 Series is for customers who want to diversify their portfolio.
"Over the last year, we spoke with advisors and distribution partners to find out what they wanted in a segregated fund product," says Bernard Letendre, President, Manulife Investments. "The number one request was to keep key features of the former Standard Life product, which provides the right amount of flexibility that customers are looking for."
The new Manulife Ideal Signature Select product includes features a line-up of funds including equity, fixed income and balanced investment options managed by Manulife Asset Management as well as top third-party asset management partners. The line-up includes the Ideal Global Absolute Return Strategies Fund1 (available only within the Ideal 75/75 Series), which aims to deliver positive absolute returns over the medium to long-term in all market conditions.
Signature Select alls features The Payout Benefit Guarantee, which available with registered retirement income plans, guaranteeing that customers will receive the money invested, or a portion of it depending on the Series selected, as scheduled retirement income payments over the lifetime of the Series (provided certain conditions are met). This guarantee offers protection in down markets.
In addition, Signature Select provides Resets, which allow customers to lock-in gains when markets perform well, while guarantees provide some protection when markets perform poorly. Resets are available on Ideal 75/100 and Ideal 100/100 Series.
With the introduction of Manulife Ideal Signature Select, the following products were closed to new contract sales on 13 May, 2016: Ideal Segregated Funds Signature 2.0, Ideal Segregated Funds, and GIF Select EstatePlus. Existing contractholders are not affected by these closures and can continue to make deposits into these products.
Manulife Investments' segregated fund product shelf will now include six different products, providing solutions for a variety of customer needs.
