Manulife offers several endowment insurance plans that may be suitable options for long or short-term savings. Below, we review Manulife's Goal 4, Manulife Educate and Manulife RetireReady Plus plans to help consumers learn more about different endowment plans that are available on the market. Manulife's Goal 4 plan is a 4 year, single premium plan that may benefit savers who are looking for a short-term savings plan. Manulife Educate is an education savings plan that provides 6 payouts to be used for your child's education. Both plans have a 100% capital guarantee, which means your payout won't be less than the premiums you put in. Manulife RetireReady plus plan is a participating endowment plan that highly customisable and can help fund your retirement.
Table of Contents
|Summary of Manulife Endowment Plans|
|Goal 4 & Educate provdie 100% capital guarantee upon policy maturity|
|RetireReady Plus is highly customisable and lets you choose your guaranteed monthly income|
|Manulife Goal 4 lets you pay with your Supplemental Retirement Scheme funds|
|Average 5-Year Investment Return: 3.29%|
|Average reversionary bonus: S$7.00/S$1,000 sum assured, annually compounded at 0.7%|
|No health checkup required|
|Credit Rating: AA-|
Manulife Goal 4
Manulife Goal 4 is a participating single premium endowment plan that may be suitable for people looking for short-term savings. You pay your premium in one lump sum and your policy will mature in 4 years. It also offers you the option to withdraw an annual cash benefit during each of those 4 years. Manulife advertises potential returns between 5.48%-7.36% over 4 years in addition to a 100% capital guarantee (you will receive at least 100% of your premium). You can pay for this plan in cash or via your SRS fund. However, you should note if you do pay via SRS, the funds you withdraw will be paid directly to your SRS account.
Manulife gives you some flexibility with what you can do with the annual payout. You can either choose to take out 1.80% of your single premium as a guaranteed income at the end of years 1-3 or you can choose to accumulate them. There is also a life insurance component that covers you against death at 101% of your premium. You don't need any health check-ups to be approved for this policy. Lastly, it is worth noting that the minimum premium is S$10,000 cash, unless you are choosing to pay via your SRS. Because of the rather high premium, this plan may be more suitable for people who want to deposit one sum of money and watch it grow as opposed to people who want to put away a little bit of savings aside per month.
Manulife's Educate plan is a participating endowment plan that is set up to pay 6 cash benefits that can be used for your child's education. It has a policy term of 10 years and you can choose to make the payout age when your child turns 18 or 20. The cash benefits will consist of a guaranteed component and a non-guaranteed bonus component. You can choose to take out 2 cash benefits before the payout age and the other 4 cash benefits will be paid annually after the payout age.Manulife Educate also provides a life insurance component for your child, which covers them for death and terminal illness.
This plan may be suitable for people looking to save for their child's education. Since it has a 100% capital guarantee, you don't have to worry about getting back less than the premiums you put into the plan. Furthermore, you can choose not to take out the 2 cash payments and let them accumulate instead, which can yield you higher returns when the policy matures. On the other hand, this plan may be less suitable to people looking for a more flexible plan due to Manulife Educate's single option of a 10-year policy term. Lastly, since this is an education-specific savings plan, it won't be suitable for people looking for general savings, retirement or legacy plans.
Manulife RetireReady Plus
If you are looking for a flexible, participating, retirement savings account, Manulife's RetireReady Plus may be a choice you can consider. It is a very flexible policy that lets you customise your policy in every way, ranging from the monthly income you want to receive to the premium period, payout period and retirement age. Since this is a participating plan, your monthly income will consist of a guaranteed portion and non-guaranteed bonus portion. This cash bonus portion can either be added as additional monthly income or reinvested and received as a lump sum annual bonus.
Manulife RetireReady Plus has a few rarely found features that may benefit some consumers. First, it has one of the largest retirement age spreads on the market, ranging between 50 and 70 years of age. In contrast, most retirement savings plans go up to a maximum retirement age of 65. Furthermore, it offers a lifetime payout period, meaning you will receive your monthly payments until you die. You can change this payout period whenever you wish before your retirement age. The life insurance component of this plan covers you for death at 105% of your total premiums paid (or cash value if higher). You will also receive a loss of independence income benefit that is 50% of your gross monthly income (GMI) if you become disabled and can't do 2 of the 6 activities of daily living or 100% of your GMI if you can't do 3 of the 6 activities of daily living.
This plan may benefit people who are looking for a customisable retirement plan. However, it doesn't have a 100% capital guarantee, so you may not end up getting a payout that is equal to or greater than the amount of premiums you put in. Lastly, it may not be suitable for people who are looking for other types of endowment plans, such as short-term savings plans, legacy or education plans.
Manulife will not pay the death benefit if the insured committed suicide within one year of the policy start date. You should be sure to read the policy summary document for a comprehensive list of general exclusions.
Optional Riders & Add-ons
Manulife offers a few option add-ons to supplement your endowment policy. The Manulife Educate plan comes with two optional add-ons: the Payor Premium Waiver Rider and the Cancer Care Premium Waiver Rider. Please speak to one of our advisors if you would like to know about any other riders that may be available for these plans.
Claims & Contact Information
Endowment plans will end on their own without you needing to make a claim. However, if you need to make a death or terminal illness claim, you should reach out to either Manulife or Policypal (depending on who you bought the policy from).
Manulife Endowment Insurance Plan Summaries
Manulife's endowment plans may be a great fit for some savers, whether the end goal is to fund a child's education or to simply save for your own personal needs. However, while they may be a good option for some people, they may not be suitable for others. Thus, we strongly advise you to talk to our financial advisors at PolicyPal to see if these plans will help you save enough for your goals. If you'd like to see how these plans compare to other endowment plans on the market, please read our guide to the best endowment policies in Singapore.
|Features||Goal 4||Educate||RetireReady Plus|
|Payout Period||N/A||N/A||5, 10, 15, 20, Lifetime|
|Policy Term||4 years||10 years||Until Retirement Age|
|Premium Payment Term||Single||10 years||Single, 5, 10, 15, 20 years|
|Life Coverage||Death||Death & Terminal Illness||Death|