Manulife launches new flexible retirement insurance plan in Singapore

Policy owners can choose to retire with a stream of income or receive a lump sum.

Manulife Singapore has launched Manulife SmartRetire (V), a whole-of-life, regular premium investment-linked insurance policy that offers policy owners the opportunity to create a retirement plan best suited to their needs, with premiums starting as low as $300 per month.

Policy owners can choose to retire with a stream of income or to receive a lump sum from as early as 40 years old or even at age 70 based on their lifestyle needs.

The launch of the plan comes after a recent DBS-Manulife Future Ready Survey revealed that more than half of (59%) pre-retirees define a well-lived life as being ‘content and comfortable'. 

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The survey also showed that whilst 73% of respondents prioritise making provisions for retirement as their biggest life goal, just over half (53%) feel they’ve achieved this. One in six said that they don't have anyone to rely on for their retirement security.

“As busy Singaporeans prioritise making provisions for retirement, we wanted to offer a product that is easy to set up and flexible enough to cater for future adjustments. Manulife SmartRetire (V) is designed with this in mind, and we hope to support customers to build a comfortable retirement plan according to their lifestyle needs so they can retire with peace of mind.,” Darren Thompson, Chief Customer Officer and Chief Product Officer at Manulife Singapore said.