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At a Glance
With a supplementary income stream1, you can pursue a new passion, travel the world, or buy a special gift for your spouse without lifestyle compromises.
Manulife ReadyIncome gives you fixed and non-guaranteed yearly income payouts1 to do just that. It is a whole life insurance income1 plan that pays from the end of the 2nd policy year even when you are still paying premiums.
What’s more, you have the flexibility to transfer the policy ownership to your child when he/she reaches age 18. This allows you to provide your child with long-term financial stability in the form of yearly income payouts1.
Features & Benefits
Certainty and with Potential for Growth
- Receive a supplementary income stream1 with a potential yearly income payout1 of up to 2.25%2 (1% fixed) of the Sum Insured3 from the end of policy year 2 to year 9
- Build long-term financial stability with a potential yearly income payout1 of up to 18%2 (8% fixed) of the Sum Insured3 from the end of policy year 10 onwards
- Receive a Maturity Benefit4 in a lump sum when the Life Insured reaches age 99
- Hassle-free application as policy issuance is guaranteed with no medical check-up needed
- Choice of Premium Payment Term – For 5, 10, 15 or 20 years
- Choice to accumulate the yearly income payouts1 with Manulife at a non-guaranteed interest rate of 3%5 a year
- Choice to make a partial or full withdrawal of the accumulated yearly income payouts1
- Freedom to transfer the policy ownership and yearly income payouts1 to your child when he/she reaches age 18
Peace of Mind
- Premium payment stops6 while yearly income payout1 continues upon diagnosis of Total and Permanent Disability (TPD) of the Life Insured
- Provides the Life Insured with Death6 and Terminal Illness (TI)6 protection
- For policy purchased for your spouse/child, premiums will be waived in the event of Death, TPD or TI of the payor with the compulsory Payor Premium Waiver Rider6 attached
How it Works
How Manulife ReadyIncome can help you in wealth accumulation and retirement
Mr Chia, age 30, non-smoker, wishes to receive a long-term supplementary income stream and buys a Manulife ReadyIncome policy for a Sum Insured3 of S$25,000. He pays an annual premium of S$9,701 for 10 years.
If Mr Chia passes on at age 85
- His family will receive an inheritance of S$101,858 (Death6 Benefit).
- Total yearly income payout: Up to S$211,5002
- Total benefits received: Up to S$313,358*
If Mr Chia lives till age 99
On top of the total income payout of up to S$274,5007, he will also receive a Maturity Benefit' of up to S$154,8627.
- Maturity Benefit4 is made up of
- Fixed payout: S$101,858
- Non-guaranteed maturity bonus: S$48,5047
- Last yearly income: S$4,5002
Note: Figures have been rounded for illustrative purposes.
This plan can help you meet these possible needs:
Gifting for children
Supplementary income stream
* Comprises of fixed and non-guaranteed yearly payouts. Non-guaranteed yearly payouts are based on the projected investment rate of return of 4.75% a year. The projected figures are not indicative of the likely or future performance of Manulife's Participating Fund.
How to Apply
1 Manulife ReadyIncome provides the stream of yearly income payouts starting from the end of the 2nd policy year until the Life Insured reaches the age of 99, or until the termination of the Policy – whichever is earlier.
2 Each yearly income payout from the end of the 2nd policy year onwards consists of fixed and non-guaranteed yearly income. The projected non-guaranteed yearly income is based on the projected investment rate of return of 4.75% per annum. The actual benefits payable may vary according to the future performance of Manulife’s Participating Fund.
3 The Sum Insured is solely used to determine the amount of yearly income. It does not represent the benefits payable on a claimed event.
4 The Maturity Benefit consists of a fixed payout of 105% of total premiums paid-to-date (but not any premiums paid in advance), non-guaranteed maturity bonus, last yearly income, and any accumulated yearly income (less any amount owed to Manulife).
5 3% per annum is the current interest rate. It is based on the projected investment rate of return of 4.75% per annum. The interest rate is subject to change by Manulife with 30 days’ advance notice to the Policy Owner.
6 Please see the Product Summary and Policy Contract for details of the waiver of premium on Total and Permanent Disability Benefit, Death Benefit, Terminal Illness Benefit, and Payor Premium Waiver Rider.
7 The non-guaranteed maturity bonus is based on the projected investment rate of return of 4.75% per annum. The actual benefits payable may vary according to the future performance of Manulife's Participating Fund.
Information is correct as at 24 October 2016.
Click here for important notes.