The plan, which is for Hong Kong based clients, will provide immediate cash assistance to clients when they are faced with unforeseen medical circumstances as well as the usual income for life contract.
“Successful retirement planning is not just about maintaining a sustainable retirement income,” said George Chew, head of individual financial products, Manulife (International).
“One should never underestimate the devastating financial impact that a serious health setback can have on an individual and their family. While we all wish to stay healthy, the truth is that critical illnesses can strike at any time of life. We want to be by our customers’ side when they are in need.”
MyChoice covers three of the most common critical illnesses: cancer, stroke and heart attack and offers advances of 50% of future guaranteed income if the insured is diagnosed with any of these after the premium-payment period.
Manulife said the plan also encourages customers to take an active approach towards their health by the introduction of a Wellness Programme, which offers five free medical check-ups bi-annually in the first ten years from the first policy anniversary, helping customers to detect and manage worrying health conditions early.
MyChoice provides customers with a flexible choice of premium-payment periods — from five, 10 or 15 years, or up to age 60 or 65. Customers could receive a guaranteed monthly income of either 20 years or up to age 100. A non-guaranteed dividend will be declared annually, which further builds up customers’ retirement reserves.
The plan also has an income-advancement option, which offers an advance of up to one sixth of future guaranteed income in a lump sum at any time during the guaranteed-income period, giving customers flexibility in using and managing their savings.
Chew added: “If you are young and do not want to lock up your money in a retirement-savings plan, MyChoice gives you access to a lump-sum advance of your guaranteed income, thus providing the flexibility and financial liquidity to fulfill your priorities in life. If you are close to retirement, MyChoice’s premium-payment period can be as short as five years; you could still secure a guaranteed monthly income for up to 20 years.”
