Manulife, Citibank kicks off retirement income solution

ManuRetire Secure is the first of its kind.

In a release, Manulife (Singapore) Pte Ltd and Citibank Singapore Limited have launched ManuRetire Secure, a Singapore Dollar-denominated single premium investment-linked insurance plan (ILP). The plan is the product of Manulife’s and Citibank’s joint expertise and innovation on retirement planning.

It is the first ILP in Singapore that guarantees clients’ investment at 80 per cent of the Fund’s highest historical Unit Price. The plan also offers several payout options providing Singapore consumers with great flexibility for their financial needs during retirement. Citibank is the first exclusive distributor for the plan in Singapore.

Ms Annette King, President & CEO of Manulife Singapore said, “At Manulife, we understand these retirement concerns. Singaporeans need the growth potential of equities to secure their retirement, yet many are uncomfortable with the volatility of equities. With ManuRetire Secure’s unique guarantee feature, clients can be assured that their money is safeguarded by capping their losses in a volatile market, while benefitting from potential gains in a market upturn.”

ManuRetire Secure is designed to allow consumers to benefit from the potentially inflation beating performance of equities while providing them with guaranteed income2 for retirement.

ManuRetire Secure invests in the Manulife Octave SGD Tracking Fund which tracks the performance of the Citi Octave SGD Index3. The index forms the plan’s underlying investment strategy, which comprises of equities and cash-like instruments.

Citibank tapped on its global markets expertise to design ManuRetire Secure’s investment strategy, which is managed by Citigroup Global Markets Limited, the bank’s capital markets arm. It aims to provide consumers with a more dynamic investment strategy for retirement, by capturing positive equity market trends and limiting index losses.

Mr Han Kwee Juan, CEO for Citibank Singapore Limited said, “With growing affluence, more customers are telling us they need a larger sum for retirement. They also have more sophisticated investment appetites now and they want more innovative retirement planning solutions that can offer them higher returns since interest rates are expected to stay low in the next few years.

In response to these insights from our customers, we worked with our global markets experts to design ManuRetire Secure’s unique investment strategy, which offers the best of both worlds – the dynamic performance of equity markets and a guaranteed return of 80 per cent of the highest historical price.”

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