Upgrade of “Manulife Investment-Type Annuity (Annuity Amount 5-Year Step Up Type)” Product
Tokyo - Manulife Life Insurance Company (“Manulife Japan”; President and CEO: Geoff Crickmay) announced that it has created new functions for the “Manulife Investment-Type Annuity (Annuity Amount 5-Year Step Up Type),” which has been selling well through Nomura Securities Co., Ltd. (“Nomura”; President and CO: Nobuyuki Koga). The new functions will be available starting February 5.
The most significant feature of the “Manulife Investment-Type Annuity (Annuity Amount 5-Year Step Up Type)” is the opportunity it affords customers to step up (increase) the minimum guaranteed amounts of both the total annuity amount and the death benefit every five years while at the same time providing a minimum guarantee of 105% of the base face amount of the annuity (the single premium paid). With the change, the number of Special Accounts will be increased from one to two to make it possible to address the needs of customers who desire a more aggressive approach to investment, and in conjunction with this, the Company will start a new service to notify customers when targeted amounts are reached (“Goal Notification Service”). The product with these changes will also be covered under the “cooling off” system (the period during which withdrawal of an application or cancellation of a policy is permitted).
The following is an overview of the new functions of the “Manulife Investment-Type Annuity (Annuity Amount 5-Year Step Up Type).”
Manulife Japan will offer the “Manulife Investment-Type Annuity (Annuity Amount 5-Year Step Up Type),” which been made an even more attractive product with the addition of these new functions, to many customers through Nomura’s head office and nationwide network of branch offices, with the goal of further increasing its share of the individual variable annuity insurance market in Japan, a market which is expected to show continuing growth.
Manulife Life Insurance Company (“Manulife Japan”), a member company of the Manulife Financial group, holds the highest level "AAA" credit rating from Standard & Poor’s, one of the world’s most reliable credit rating agencies (as of December, 2006).
Manulife Financial is a leading Canadian-based financial services group serving millions of customers in 19 countries and territories worldwide. Operating as Manulife Financial in Canada and Asia, and primarily through John Hancock in the United States, the Company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were Cdn$381 billion (US$341 billion) as at September 30.
Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ‘0945’ on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com. Manulife Japan can be found on the Internet at www.manulife.co.jp.
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For information related to this press release please contact:
Manulife Life Insurance Company