Kuala Lumpur– Manulife Insurance (Malaysia) Berhad today announced the launch of its new RetireSmart Series, a range of products to meet the retirement planning needs of Malaysians.
The RetireSmart Series offers Malaysians the flexibility to structure their stream of retirement income to complement their existing EPF retirement funds.
“We recently saw tremendous publicity highlighting the importance of planning for one’s retirement. Research studies clearly indicate many Malaysians are not financially prepared for their golden years. What is more worrying is that statistics reveal that 70% of retirees deplete their EPF funds within three years after retiring. With Malaysians now enjoying longer life expectancy, there is a strong possibility that people are at high risk of running out of money altogether in their old age,” explained Peter Robertson, President and CEO of Manulife Malaysia. “Our RetireSmart Series addresses this gap by providing our customers with the financial security of a retirement income.”
RetireSmart Series comprises RetirePlan, a regular premium limited-payment participating whole life plan and RetireLink, an investment-linked retirement plan. Both products have unique features that are specifically tailored to meet retirement needs, the most important being a stream of retirement income.
One of the key features of RetirePlan is the guaranteed cash payments that are payable annually starting from the end of the 20th year until age 80. This will provide an annual income upon one’s retirement. When attached with the RetirePlan Rider, it also offers the flexibility to shorten the premium payment term. Based on a customer’s retirement planning portfolio, they then can decide when they want to commence receiving their retirement income.
With RetireLink, Manulife Malaysia is offering a market-first feature where customers can choose the age at which they start receiving the retirement income and the amount received.
Manulife Malaysia has capitalised on the product expertise available in the Asian region to develop its RetireSmart Series. “With longer life expectancy and the number of retirees continually increasing, it was very important for us to provide as much flexibility as possible in our products to cater to different circumstances. We successfully achieved this and I am proud to say our RetireSmart Series offers unique features in the market,” said Mr. Robertson.
“Through our RetireSmart Series, Manulife Malaysia aims to create better awareness on the need to plan for retirement. Any action taken now is better than having no plan at all,” said Mr. Robertson.
Manulife Malaysia also developed a number of sales tools to help its agents educate and provide advice to customers. Manulife agents have been trained to use these tools and to present our solutions in a professional manner.
About Manulife Malaysia
Manulife Insurance (Malaysia) Berhad, established in 1963, is a member of Canada-based Manulife Financial Corporation. Manulife Malaysia offers an innovative range of financial protection and wealth management products and services to meet different customer needs. The company currently serves the needs of more than 270,000 policyholders and is one of the most financially sound life insurance companies in the country. Manulife Malaysia has been listed on the Main Board of Bursa Malaysia since 1984. As at June 30, 2007, Manulife Malaysia’s assets under management were in excess of RM2.7 billion.
About Manulife Financial
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$410 billion (US$386 billion) as at June 30, 2007.
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.
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