Introduction
Investment-linked plans (ILPs) offer a unique combination of life insurance protection and investment opportunities, making them an attractive option for those seeking financial security and growth potential. The Manulife SmartRetire (II) is a prime example of such a plan, designed to help individuals achieve their retirement goals while providing essential life coverage. This whole-life, regular-premium ILP is customizable to fit your specific objectives and budget, allowing you to retire with either a lump sum or a stream of income from as early as age 40. With premiums starting at just S$200 per month, Manulife SmartRetire (II) makes it possible for anyone to take the first step towards a secure financial future.
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How ILPs Work
Investment-linked plans combine life insurance coverage with investment opportunities, offering a dual-purpose financial product. In an ILP like Manulife SmartRetire (II), a portion of your premium goes towards life insurance coverage, while the remainder is invested in a range of funds chosen by you. The premium allocation is typically flexible, allowing you to adjust the balance between protection and investment based on your needs and risk appetite. ILPs offer a variety of fund options, ranging from conservative fixed income funds to more aggressive equity funds, catering to different risk tolerances and investment goals. The value of your policy fluctuates based on the performance of your chosen funds, providing potential for higher returns but also carrying investment risks. This structure allows policyholders to potentially benefit from market growth while maintaining essential life coverage.
Insurance Coverage
Manulife SmartRetire (II) provides comprehensive insurance coverage to protect you and your loved ones. The plan includes benefits for death and total and permanent disability (TPD), ensuring financial security in the face of life's uncertainties. Let's explore the key aspects of the insurance coverage offered by this plan:
Death Benefit
Financial Protection. In the event of the insured's death, Manulife SmartRetire (II) provides a death benefit to the beneficiaries. The benefit amount is typically the higher of the sum assured or the account value, ensuring your loved ones receive substantial financial support.
TPD Benefit
Disability Coverage. The plan offers protection against total and permanent disability. If the insured becomes totally and permanently disabled, the policy provides a benefit to help manage the financial impact of the disability.
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Insurance Rider Options
Manulife SmartRetire (II) offers additional insurance coverage through its rider options. These riders allow you to customize your policy to better suit your specific needs and circumstances. While the product details don't explicitly mention specific riders, it's common for ILPs to offer various options. Here's a general overview of potential rider options:
Investment Component
The investment component of Manulife SmartRetire (II) is a key feature that sets it apart from traditional insurance policies. It offers policyholders the opportunity to grow their wealth while maintaining insurance coverage. The plan provides a range of investment options and flexibility to suit different risk appetites and financial goals. Let's explore the key aspects of the investment component:
Fund Options
Diverse Choices. Manulife SmartRetire (II) offers a curated suite of funds, likely including equity, balanced, and fixed income options. This variety allows policyholders to create a portfolio that aligns with their risk tolerance and investment objectives.
Investment Strategies
Professional Management. The funds are managed by professional fund managers who employ various investment strategies to optimize returns while managing risk. These strategies may include diversification across asset classes and geographical regions.
Fund Switching
Flexibility. Policyholders have the option to switch between funds, allowing them to adjust their investment strategy as market conditions or personal circumstances change. This flexibility enables active management of the investment component.
Performance Tracking
Transparent Returns. While specific historical returns are not provided in the product details, policyholders can typically track the performance of their chosen funds. It's important to note that past performance does not guarantee future results.
Fees and Charges
Like all investment-linked plans, Manulife SmartRetire (II) comes with various fees and charges that policyholders should be aware of. These charges cover the cost of insurance, administration, and fund management. Understanding these fees is crucial for assessing the overall cost of the policy and its potential returns. Here's an overview of the key fees and charges associated with Manulife SmartRetire (II):
Premium Allocation
Investment Portion. While specific details are not provided, typically a portion of each premium payment is allocated to investments. The exact percentage may vary based on the policy terms and chosen investment options.
Policy Administration
Ongoing Costs. An administrative charge is likely applied to cover the cost of maintaining and servicing the policy. This fee is usually deducted from the policy's account value on a regular basis.
Fund Management
Investment Expenses. Each fund within the plan will have its own management fee, which covers the cost of professional fund management. These fees are typically expressed as a percentage of the fund's value.
Surrender Charge
Early Termination Fee. If you choose to surrender your policy during the minimum investment period, a surrender charge may apply. This charge typically decreases over time and is designed to recover the insurer's costs.
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Flexibility and Customization
Manulife SmartRetire (II) offers a range of features that provide flexibility and allow for customization of the policy to suit changing needs and circumstances. These options enable policyholders to adjust their coverage and investment strategy over time, making the plan adaptable to life's changes. Here are some key flexibility features of Manulife SmartRetire (II):
Premium Top-ups
Additional Investments. Policyholders can make additional investments beyond their regular premiums through top-ups. This feature allows you to capitalize on surplus funds or windfall gains to boost your investment component.
Partial Withdrawals
Access to Funds. The plan likely allows for partial withdrawals from the investment component, providing access to funds when needed. However, withdrawals may be subject to certain conditions and charges.
Premium Holiday
Payment Flexibility. While not explicitly mentioned, many ILPs offer a premium holiday option, allowing policyholders to temporarily suspend premium payments during financial difficulties without losing coverage.
Adjustable Coverage
Customizable Protection. Policyholders may have the option to adjust their insurance coverage over time, allowing them to increase or decrease protection based on changing life circumstances and financial needs.
Conclusion
Manulife SmartRetire (II) offers a versatile solution for individuals seeking a combination of life insurance protection and investment opportunities. This plan may be particularly suitable for young professionals looking to start retirement planning early, middle-aged individuals wanting to boost their retirement savings, or those seeking a flexible financial product that can adapt to changing life circumstances. The plan's customizable features and investment options make it an attractive choice for those who want to take an active role in managing their financial future.
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