Manulife InvestReady Growth: Bridging the Confidence Gap in Achieving Financial and Wellbeing Goals

●      Featuring a first-in-market booster bonus, to safeguard against market volatility

●      Offering competitive bonuses, including one of the market’s highest welcome bonuses at up to 60% of the annual premium

●      Manulife Singapore is the only insurer that provides 100% refund for premium shortfall charges²

SINGAPORE - In an age marked by financial uncertainty and rising costs, Manulife Singapore announced the launch of Manulife InvestReady Growth, a whole life regular premium investment-linked plan designed to navigate the evolving financial landscape and address the growing concerns among Singaporeans about their long-term financial security.

The latest findings from the Manulife Asia Care Survey 2024 reveal a striking confidence gap among Singapore respondents³. The Manulife MyFuture Readiness Index shows a 15-point gap between desired and expected financial wellbeing among the respondents, indicating a lack of confidence in achieving their desired financial wellbeing. The survey further underscores rising living and healthcare costs as major concerns that may derail their plans to achieving their financial aspirations. The survey noted that the respondents perceived healthcare costs to have risen by 20% over the last year.

In response to these pressing concerns, Manulife InvestReady Growth caters to the evolving financial needs of Singaporeans, offering a robust solution for wealth accumulation and coverage protection with unprecedented flexibility. Featuring two plan options, the plan is tailored to provide optimal financial control and enhanced investment potential across various life stages.

Thomas Lee, Chief Product Officer at Manulife Singapore, remarked, "The benefits of Manulife InvestReady Growth directly address the concerns revealed by our latest Manulife Asia Care Survey. With this plan, we are redefining what a financial safety net looks like for Singaporeans. Notably, the survey highlighted that 66% of Singapore respondents are deeply concerned about investment market volatility impacting their financial goals. Manulife InvestReady Growth is a versatile solution that grows alongside our customers, offering them confidence and stability regardless of the economic climate. We are committed to empowering our clients to achieve their financial goals through innovative and responsive financial solutions."

Key features of Manulife InvestReady Growth:

• Focused Plan Options: Manulife InvestReady Growth provides two plan options –
  15 Years Flexi 10⁴ and 20 Years Flexi 10.
• Protection: The plan offers coverage⁵ against death and terminal illness at a higher of 101% of total premiums paid⁶ or account value.
• Competitive Bonuses:
  • Customers can get a head start on their wealth-building journeys with one of the highest Welcome Bonuses in the market of up to 60% of their annual premium. 
  • Additionally, Manulife InvestReady Growth introduces the Booster Bonus, a one-time bonus of additional bonus units and a first-in-market feature that offers up to 35% of the annual premium if the account value⁷ underperforms, safeguarding against market volatility.
  • The Annual Premium Bonus rewards customers with additional bonus units when they choose to pay their premium annually⁸ and a yearly Loyalty Bonus after the end of the chosen Minimum Investment Period (MIP).
  • The Premium Bonus further offers additional bonuses for continued premium payments, fostering a habit of consistent saving.
• Flexibility to serve different needs:
  • Premium Payment Options: The plan offers the flexibility to adjust the regular basic premium¹¹ or make ad hoc top-ups at any time. This accessibility and flexibility allow customers to adapt their payment schedules to suit changing financial circumstances.
    
  • Withdrawal Flexibility: It includes features such as partial withdrawal flexibility¹², and withdrawal of any accumulated reinvested dividends¹³ at any time.
  • Refund of Premium Shortfall Charges¹⁴: All cumulative premium shortfall charges are refunded if missed premiums are fully paid before the Flexi Start Date¹⁵- making Manulife the only insurer in the market to offer such a full refund.

Mark Czajkowski, Chief Marketing Officer of Manulife Singapore, highlighted the unique attributes of the Manulife InvestReady Growth plan, designed for individuals who desire active management of their financial portfolios.

"Our customers are increasingly seeking dynamic financial solutions that offer both flexibility and potential for high returns. Manulife InvestReady Growth stands out by providing unparalleled control to our customers, with features like withdrawal flexibility, and the ability to adjust premium payments from the Flexi Start Date onwards and make additional top-ups at will."

Find out more about Manulife InvestReady Growth here: InvestReady Growth

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1. All information contained in this press release is accurate as of 28 July 2024. Any subsequent developments or changes after this date are not reflected in this document.

2. Premium shortfall charges will be refunded to the policy on the next policy monthiversary as additional units based on the pre-specified basic premium allocation.

3. The Manulife Asia Care Survey engaged 1,038 residents of Singapore aged 25 to 60 years old in January and February 2024. For more information, visit this link.

4. 15 Years Flexi 10 plan entails a 15-year commitment as the minimum investment period. After the 10th year, there is flexibility to miss regular basic premium payments and adjust the regular basic premium as needed.

5. Coverage against death and terminal illness up to policy anniversary immediately after the 99th birthday of the life insured.

6. Total premiums paid include total basic premiums paid and top-up premiums, less any withdrawals.

7. Account value represents the total monetary worth of all investment units held within the policy at any given time. It accounts for all partial withdrawals, withdrawals of reinvested dividends, dividend payouts, and costs of insurance deducted. This value fluctuates based on the performance of the chosen investment funds and the associated fees and charges.

8. A one-time Annual Premium Bonus will be given if the first basic premium is paid via annual premium payment frequency.

9. To qualify for Loyalty Bonus, policy must be in force at the point of bonus payment and no partial withdrawal and withdrawal of reinvested dividends are made in the preceding 12 consecutive months from the loyalty bonus declaration date for any policy year.

10. When policy is in force, premium bonuses are given when regular basic premiums are paid on and after Flexi Start Date and any accumulated partial withdrawal (excluding withdrawal of reinvested dividends) after end of MIP is not more than the first-year annualised basic premium.

11. Flexibility to vary regular basic premium from the Flexi Start Date of the respective Manulife InvestReady Growth plan options.

12. Starting from policy year 6, partial withdrawal up to 20% of account value (less any past partial withdrawal (excluding withdrawal of
reinvested dividends) and partial withdrawal charges) can be requested at a charge of 8% of the amount to be withdrawn. If the
withdrawal is due to a life stage event, the 8% charge will be waived.

13. Subject to the distribution rate and frequency of the chosen InvestReady Growth funds. The issuance of dividends remains at the discretion of the relevant fund manager and is not guaranteed.

14. Premium shortfall charges will be refunded to the policy on the next policy monthiversary as additional units based on the pre-specified basic premium allocation.

15. Flexi Start Date refers to the date when one has the flexibility to vary the regular basic premium and miss any regular basic premium without premium shortfall charge.