Introduction
In today's uncertain economic climate, planning for your future requires a robust insurance plan that not only protects your loved ones but also builds your funds. Enter Manulife GrowSecure, a comprehensive insurance solution designed to secure your financial future. This innovative product guarantees your capital at policy maturity while offering flexibility in premium payments and policy terms. With additional benefits like waiver of future premiums upon total and permanent disability diagnosis and accidental death coverage, Manulife GrowSecure provides a holistic approach to safeguarding your tomorrow. Let's delve deeper into how this product can help you take confident steps towards a more secure future.
Type of Endowment Plan
Manulife GrowSecure is a non-participating endowment plan with regular premium payments. This means that the policy does not participate in the profits of Manulife's participating fund, providing more predictability in terms of benefits. As a regular premium plan, it allows policyholders to spread their payments over time, making it more manageable for budgeting purposes. The plan offers flexibility with premium payment terms of 5, 8, or 10 years, and policy terms of 16 or 18 years. This structure enables policyholders to tailor the plan to their financial goals and capabilities, ensuring a balance between protection and savings.
Coverage Customization
Manulife GrowSecure offers a range of coverage options to suit your individual needs. From guaranteed maturity benefits to potential non-guaranteed returns, this plan is designed to provide both security and growth potential. Let's explore the key aspects of coverage customization available with this product.
Capital Guarantee
Manulife GrowSecure guarantees 100% of your capital return upon policy maturity. This feature ensures that you receive at least the total premiums paid, providing a safety net for your investment.
Non-Guaranteed Returns
While the plan guarantees your capital, it also offers potential for non-guaranteed returns. These returns can enhance your overall maturity value, potentially providing additional funds for your future needs.
Fund Performance
The product brochure does not provide historical performance data for the fund. It's advisable to consult with a Manulife Financial Consultant for more detailed information on fund performance.
Return Factors
Non-guaranteed returns are influenced by various factors, including market conditions and the performance of Manulife's investment portfolio. The illustrated example shows potential returns based on 4.25% and 3.00% p.a. investment rates of return.
Riders and Additional Benefits
Manulife GrowSecure comes with a range of additional benefits and optional riders to enhance your coverage. These features are designed to provide comprehensive protection and flexibility, ensuring that your policy can adapt to your changing needs over time. Let's explore the key benefits and riders available with this product.
Death and Terminal Illness
The policy provides coverage against death and terminal illness, ensuring financial protection for your loved ones in case of unfortunate events.
Accidental Death Benefit
An additional payout of 50% of total premiums paid to date is provided in the event of accidental death before the age of 80, enhancing the financial security for your beneficiaries.
Premium Waiver
Future premiums are waived upon Total and Permanent Disability (TPD) during the premium payment term or before age 70, allowing your policy to continue even if you're unable to pay premiums.
Premium Freeze
After 2 policy years and full annual premium payments, you can put your premium payment on hold while your policy continues, offering flexibility during financial constraints.
Change of Life Insured
After 2 policy years, you can change the life insured up to 2 times for individual policies and unlimited times for corporate policies, providing adaptability to changing circumstances.
Surrender Value and Partial Withdrawals
Understanding the surrender value and partial withdrawal options of your Manulife GrowSecure policy is crucial for managing your financial flexibility. While the product is designed for long-term financial planning, life's uncertainties may necessitate early access to your funds. Here's what you need to know about the surrender value and partial withdrawal features of this plan.
Surrender Value
The surrender value of your policy may be zero or less than the total premiums paid, especially if terminated early. It's important to consider this before making any decisions to surrender the policy.
Withdrawal Options
The product brochure does not specify partial withdrawal options. It's advisable to consult with a Manulife Financial Consultant for detailed information on any available partial withdrawal features.
Surrender Charges
While specific surrender charges are not detailed in the brochure, it's mentioned that there may be high costs involved in early termination. Consult the policy contract or a Manulife representative for precise information on applicable fees.
Claims and Customer Service
Manulife Singapore is committed to providing excellent customer service and a smooth claims process for Manulife GrowSecure policyholders. For any inquiries or to file a claim, you can contact Manulife's customer service team at +65 6833 8188. The company recommends seeking advice from a Manulife Financial Consultant or their Appointed Distributors before making a commitment to purchase a policy. You can also visit any DBS/POSB Branch for assistance. For the most up-to-date information and detailed policy terms, it's advisable to refer to the official Manulife website at manulife.com.sg/ManulifeGrowSecure.
Conclusion
Manulife GrowSecure offers a compelling solution for individuals seeking a balance between guaranteed returns and potential growth. This product may be particularly suitable for those looking for capital protection at maturity, flexibility in premium payments, and additional coverage benefits. It could be an excellent fit for young professionals starting their financial planning journey, parents saving for their children's future, or individuals approaching retirement who want to secure a portion of their savings.
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