Manulife (Singapore) launched an annuity product for retirees yesterday. The plan promises a guarantee, sustainable retirement income stream that has potential to growth.
Named as Secure Retirement Plus, it is the first of its kind to launch in Singapore after Hong Kong, Japan, Canada and USA.
This plan provides the benefit of a predicable Guarantee Withdrawal Amount for retirees for at least 20 years or income for life from age 65, regardless of market performance.
The retirement income also has the potential to grow together with the loyalty bonus if there is no withdrawal in the first 10 years.
This plan is for those aged 40 and above and the minimum investment amount is US$50,000 (SGD77, 000).
Darren Thomson, President & CEO of Manulife Singapore said that people here are at high risk of running out of money at their golden years according to a retirement survey. “Secure Retirement Plus addresses this gap by providing our clients with the lifetime financial security of a retirement income that can never go down, never run out and has the potential to grow,” said Darren Thomson.
Besides Manulife Financial Planners and Financial Advisor Firms, Citibank is one of the key-distributing partners for this plan.
Nick Czolak, head of Bancassurance, Citibank Singapore said that this plan could help Citibank customers to ease their worries of sustaining a retirement income stream during their golden years.
Sunday, June 24, 2007
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