Manulife Singapore upgrades income-generating product

By Mathieu Stern from Unsplash

About 9 in 10 S’poreans said they want to earn without working.

Manulife Singapore's income-generating product, Manulife IncomeGen (II), has been enhanced. This new version features a shorter breakeven period and introduces a terminal cancer benefit, providing more robust financial solutions.

According to the Manulife Asia Care Survey 2024, over 90% of respondents in Singapore have long-term financial goals, with "having income without working" ranking among the top five. 

The insurer said the upgraded product targets these aspirations by offering a lifetime of monthly income payouts up to age 120.

Key enhancements include:

  • Shortened breakeven period: Achieve capital guarantee by Year 6 with the '5-Pay' version, down from Year 8.
  • New terminal cancer benefit: Provides support following a terminal cancer diagnosis, enhancing the policy's significance during critical times.

“Our customers express significant concern about the increasing cost of living, and almost half are worried about unexpected expenses. Enhancements such as a short premium paying period and a potentially long income payout duration offer our customers a valuable buffer against financial uncertainties.” said Mark Czajkowski, Chief Marketing Officer of Manulife Singapore, in a press release.