Retirement Plans

ManuRetire

A regular premium endowment insurance plan that helps your retirement planning from just S$4501.

ManuRetire

This affordable regular premium endowment insurance plan helps you kick-start your retirement plan from just S$4501 a year, which works out to be just S$1.23 per day! It offers you flexibility and certainty with fixed returns of up to 2.37%2 per annum at policy maturity. This plan is available to you from age 18 to 62.

Product Details

Benefits at a Glance:

Flexibility

  • Choice of Retirement Age - 50, 55, 60, 65, 70 or 75
  • Choice of premium term - 8 years, 10 years or regular premium payment up to 5 years before your selected Retirement Age
  • Hassle-free application with no health check required for these riders:
    • Level Term Rider
    • Cancer Care Premium Waiver Rider3
    • Payor Premium Waiver Rider3

Certainty

  • Every dollar you contribute as premiums will be returned to you as monthly Guaranteed Retirement Income Benefit (GRIB)4 GRIB over 10 years5
  • Receive your desired GRIB4 monthly for 10 years, starting from your selected Retirement Age
  • Provides Death6 (plus additional benefit for Accidental Death)7 and Terminal Illness (TI)8 protection, so your loved ones will be taken care of, should the unforeseen occur

This plan can help you with these possible needs:

Basic:
  • Living expenses
  • Medical expenses

Here’s how ManuRetire can help in retirement planning:

Jason, age 40, plans to retire at age 65 and would like to receive a monthly GRIB4 of S$3,000 monthly for 10 years. He buys ManuRetire (with compulsory Accidental Death Cover (ADC) rider) and chooses to pay till age 50.

In the diagram above, Jason also receives a non-guaranteed Maturity Payout10 at the end of his 10th year into retirement, which he can use to supplement his funding into his golden years.

Overview of Payouts 

Total GRIB4 Received:
S$3,000 x 12 months X 10 years

S$360,000 (A)

Projected9 non-guaranteed Maturity Payout10:

S$321,057 (B)

Projected9 Total Retirement Income Payouts:

S$681,057 (A+B)

Projected9 Total Retirement Income Payouts Divided by Total Premiums Paid:

295%

Guaranteed Return at Maturity:

1.78% per annum

Total Returns (Guaranteed and Non-guaranteed) at Maturity:

4.02% per annum

Note: The figures above are for illustrative purposes only. The projected9 figures are not indicative of the likely or future performance of ManuRetire plan. The graph is not drawn to scale.

Risk Disclosure: The benefits (including any guaranteed and non-guaranteed payouts) are provided by Manulife (Singapore) Pte. Ltd. (“Manulife”) and are not obligations of or guarantees by DBS Bank Ltd (“DBS”) or any of its affiliates or subsidiaries. Customers are subject to the credit risk of Manulife.

Other Income Options

At age 65, Jason can also choose11 to receive his retirement income in one of the 3 other ways below:

Option 1: Accumulate12 the monthly GRIB4 with Manulife to earn interest13

Option 2: Withdraw some of the cash value and receive the remaining as monthly GRIB4 for 10 years. Receive a non-guaranteed Maturity Payout10 at the end of his 10th year into retirement.

Option 3: Fully withdraw the total cash value which will be more than the total premiums paid by him (as shown by the table below)

  

Total Premiums Paid:

S$231,199

Guaranteed Cash Value:

S$294,585 (C)

Projected9 Non-guaranteed Cash Value:

S$158,055 (D)

Projected9 Total Cash Value at age 65 (Selected Retirement Age):

S$452,640 (C+D)

Projected9 Total Cash Value at age 65 Divided by Total Premiums Paid:

196%

Guaranteed Return at age 65 (Selected Retirement Age):

1.21% per annum

Total Returns (Guaranteed and Non-guaranteed) at age 65 (Selected Retirement Age):

3.38% per annum

How to Apply

Footnotes
1 The minimum annual premium to buy the plan is S$450.
2 The guaranteed return varies depending on the age, policy term, premium term option and premium payment frequency. The maximum guaranteed return of 2.37% per annum is applicable only upon policy maturity and is based on the assumption that a male, age 18, buys a ManuRetire plan with the compulsory Accidental Death Cover (ADC) Rider and has chosen to pay premiums annually for 8 years. He opts for a Retirement Age of 75 and has chosen to receive a monthly income S$1,000 for 10 years.
3 These riders are not available for attaching to ManuRetire if you choose to pay regular premiums up to 5 years before your selected Retirement Age.
4 Payment of the monthly Guaranteed Retirement Income Benefit (GRIB) will start one month after policy anniversary on the year of your selected Retirement Age and subject to the minimum of S$350.
5 Every dollar you contribute will be returned to you provided that there is no policy alteration prior to the selected Retirement Age and no partial withdrawal at Retirement Age. Only applicable to the premiums paid for ManuRetire and the compulsory ADC Rider (excluding any attaching optional supplementary benefit/rider).
6 Before the selected Retirement Age, in the event of death of the Life Insured, the protection coverage is the higher of:
  1. 101% of Total Premiums Paid (excluding any advance premiums and any premiums paid for riders attached to the Policy) + Accumulated Reversionary Bonus (if any) + Claim Bonus (if any); or
  2. Total Cash Surrender Value, less any amount owed to Manulife (Singapore) Pte. Ltd. (“Manulife”) (if any).
After the selected Retirement Age, in the event of death of the Life Insured, the protection coverage is the higher of:
  1. 101% of Total Premiums Paid (excluding any advance premiums and any premiums paid for riders attached to the Policy) + Accumulated Reversionary Bonus (if any) + Claims Bonus (if any) - Total GRIB paid out; or
  2. Total Cash Surrender Value, plus GRIB accumulated with Manulife with non-guaranteed interests (if any), less any amount owed to Manulife (if any).
7 Coverage from ADC Rider, a compulsory rider attached to ManuRetire. It pays out a lump sum payment of 105% of the Total Premiums Paid on both ManuRetire and the ADC Rider in the event of accidental death of the Policy Owner. No medical underwriting is required. The rider does not accumulate cash value.
8 In the event of Terminal Illness (TI) of the Life Insured during policy term, the Death Benefit will be advanced in a lump sum. The maximum amount which Manulife will pay for TI claim(s) (aggregating all policies which Manulife is liable for on the same life) is S$1 million. Further, the maximum amount which Manulife will pay for TI and Critical Illness (CI) claim(s) in total (aggregating all policies which Manulife is liable for on the same life) is S$2 million. Accumulated Reversionary Bonus (if any) and/or Claim Bonus (if any) are included in determining the TI limit or TI/CI limit of S$1 million or S$2 million respectively.
9 Projection is based on 4.75% per annum investment rate of return. The bonus rates used for the benefit illustrated are not guaranteed. The actual benefits payable may vary according to the future performance of Manulife’s Participating Fund.
10 Upon maturity, while policy is in-force and upon survival of Life Insured, you will receive a Maturity Payout which consists of
  1. Accumulated Reversionary Bonus (if any); and
  2. Maturity Bonus (if any); and
  3. Accumulated GRIB with interest (if any), less any amount owed to Manulife (if any).
The Maturity Payout will be payable with the last GRIB.
11 You have the option to choose how you want to receive the GRIB, 60 days before the policy anniversary on the year of your selected Retirement Age.
12 You have the flexibility of withdrawing the accumulated GRIBs with interest subsequently. The minimum amount for a withdrawal is S$500 or the balance available. This withdrawal will not affect future monthly income amounts.
13 3% per annum is the current interest rate. It is non-guaranteed and based on the projected investment rate of return of 4.75% per annum. The rate is subject to change by Manulife with 30 days advance notice to the Policy Owner.

Information is correct as at 1 January 2016.

Important Notes

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