Manulife Financial Corporation
(MFC - Free Report
) has broadened its retirement product portfolio as Manulife Investments introduced Manulife RetirementPlus. Manulife Investments is the brand name of certain Canadian subsidiaries and operating divisions of Manulife Financial.
Manulife RetirementPlus is meant for that group of the population which is five to fifteen years away from their retirement age.
The product has been designed in such a way so as to provide the triple benefits of savings, preservation and income.
The product carries a flexible contract which will provide the customers with savings growth through equity participation which will tap in the benefit of rising interest rate. They also have an option of getting a guaranteed lifetime income.
The product consists of three stages. In the first stage, called the savings phase, the customers will get full benefit of equity market, while at the same time they will get the benefit arising of rising interest rates. The second phase called the preservation phase will enable customers get a future guaranteed income.The final and the third stage allow customers to draw their retirement income from the age of 50.
The plan will be made available to the customers from Oct 28, 2013 onwards.
This initiative by the company reflects its efforts to grow the Canadian retirement business segment. Along with product diversification, the company has expanded its distribution reach by welcoming new advisors, extending existing relationships and enhancing support to its distribution partners.
Manulife currently retains a Zacks Rank #3 (Hold).