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Ideal Segregated Funds Signature Series - Ideal Income Series

  • Product Name

    Ideal Segregated Funds Signature Series

  • Series name

    Ideal Income Series

  • Description

    Closed to new contract sales effective January 21, 2013 and to subsequent deposits effective October 28, 2022.

  • Product type

    Segregated Fund Contract

  • Original Company

    Standard Life

  • Additional series offered under product

    Ideal 75/100 Series Ideal 100/100 Series

Product snapshot

Important Information

Closed to all new contracts, new premiums and additional premiums. New PAC arrangements may not be set up and existing PAC arrangements cannot be increased.

Age Limits

Additional premiums: age 100 or earlier where required by legislation

Additional premiums are only permitted via an existing PAC agreement and cannot be increased.

Withdrawals⁴

Savings plans¹: $100 per fund

Payout plans²: N/A

Platinum: $500 per fund

Switches⁴

Savings plans¹: $250 per fund

Payout plans²: $1,000 per fund

Platinum: $1,000 per fund

Features

Death guarantee

Savings Plans¹: Greater of Series Value or 100% of Death Guarantee Value⁶ (75% if the annuitant is 80 years old or older at the time of the first premium payment).

Payout Plans²: Greater of Series Value or 100% of Death Guarantee Value⁶ (75% if the annuitant is 80 years old or older at the time of the first premium payment) less sum of scheduled retirement income payments received since first premium payment or last reset date.

Automatic resets of the Death Guarantee Value every 3 years until Annuitant reaches age 70 (joint life annuitant’s age, if younger). A final reset may occur on the Series Anniversary Date following the Annuitant’s 70ᵗʰ birthday.

Maturity guarantee

Savings Plans¹ only:

  • Maturity Benefit Guarantee is equal to the greater of Series Value or 75% of Maturity Guarantee Value⁷ on the Series Maturity Date.

Payout guarantee

Payout Plans² only:

  • Payout Benefit Guarantee equal to the greater of Series Value or 75% of Maturity Guarantee Value⁷.

Income guarantee

Guaranteed Lifetime Withdrawal Benefit (GLWB)

Guaranteed Withdrawal Balance (GWB)

  • Total guaranteed amount from the Series available for future LGWA.
  • Set with the first premium allocation to the Series, may increase over time with additional premiums, resets and bonuses, and may decrease with withdrawals.
  • Automatic reset of the GWB every 3 years on the Series Anniversary Date, if the Series Value is greater than the GWB.

Guaranteed Bonus Base (GBB)

  • GBB is the amount used to calculate the bonus at the end of each year. Initially equal to the first premium and adjusted for additional premiums, resets and withdrawals.
  • Automatic reset of GBB every 3 years on the Series Anniversary Date, if the Series Value is greater than the GWB.

Bonus

  • Prior to the LID, a 5% bonus is added to the GWB each year when no withdrawals have been made. Does not impact Series Value; cannot be redeemed if the Series is withdrawn.
  • Bonus increases the GWB and LGWA. Does not increase the Series Value or the GBB.

Lifetime Income Date (LID)

  • The date that the contractholder elects to start receiving guaranteed income (LGWA), after which the percentage used to calculate the LGWA will be fixed.
  • Before the LID is reached, clients can change it as long as written instructions are received at least 3 months prior to the date.

Guaranteed Payment Phase (GPP)

If the Series Value drops to zero, and there is a remaining GWB, the Series will enter into the GPP. In this phase, we will continue to provide a LGWA until the death of the Annuitant (or last surviving spouse or common‑law partner, if Joint Life Option).

Lifetime Guaranteed Withdrawal Amount (LGWA)

  • Amount guaranteed to be available each calendar year for withdrawals for the life of the annuitant or joint life, if a joint life is selected.

    • Calculated as a percentage of the GWB.

Age

Single life LGWA

Joint life LGWA

55 – 59

4.00%

3.50%

60 – 63

4.50%

4.00%

64 – 69

5.00%

4.50%

70 – 74

5.25%

4.75%

75 – 79

6.00%

5.50%

80+

6.50%

6.00%

Ability to bypass estate costs

Yes

Potential for creditor protection

Yes

Waiving redemption fees upon death

Yes

Ability to name a successor annuitant

Yes

Ability to name successor owner⁵

Contingent contract holder for Non-Registered plans only

Joint Life Option

Yes

1 Savings plans include: Non‑registered savings plan, TFSA, RSP (including spousal RSP), LIRA, LRSP and RLSP. 2 Payout plans include: RIF (including spousal RIF), LIF, LRIF, Prescribed RIF and RLIF. 3 Platinum No‑load contract minimum must be respected prior to setting up a Systematic withdrawal plan (SWP). 4 Withdrawals and fund switches may result in tax consequences. 5 In the province of Quebec, a successor owner is known as a subrogated policyholder. 6 Death Guarantee Value is equal to the sum of premiums paid less the sum of proportional reductions for prior withdrawals. 7 Maturity Guarantee Value is equal to the sum of premiums paid less the sum of proportional reductions for prior withdrawals.

Fees

Management Expense Ratio (MER)

MERs vary by Fund for more details visit Price and Performance.

Other Fees

Ideal Income Series Fee charged quarterly in addition to the MER

Charges may apply for certain transactions including withdrawals and Fund switches.

For additional detail, refer to the Information Folder and Contract documentation.

Load Options

No‑load and Platinum No‑load

Platinum no‑load option requires a minimum of $250,000 per contract

Sales Charge Options %

 

Back‑end load option

Low‑load option

Up to 1 year

6%

3%

1‑2 years

5%

2%

2‑3 years

5%

1%

3‑4 years

4%

0%

4‑5 years

3%

0%

5‑6 years

2%

0%

6‑7 years

1%

0%

7 years or more

0%

0%

Notes:

  • Back-end and low-load options no longer allow new deposits, subsequent deposits, new PAC setups and switches in from other load options. Effective May 26, 2023, existing PACs in these sales charge options will continue to no-load option. Existing investments in back-end and low-load options will remain and the existing sales charge schedule will apply to any withdrawals.
  • There are no withdrawal charges for the No‑load and Platinum No‑load options.
  • Under the Back‑end load and Low‑load options, withdrawal charges are waived for payment of the Death Benefit Guarantee.

Explore our segregated funds

Related materials

Regulatory materials

Important disclosure

The Manufacturers Life Insurance Company (Manulife) is the issuer of insurance contracts containing Manulife segregated funds and the guarantor of any guarantee provisions therein.  Manulife Investment Management is a trade name of Manulife.

This is a quick reference guide only. For full contract provisions, refer to the product’s Information Folder, Contract & Fund Facts.