The ManuSignature Series, which was unveiled today, aims to meet the personal and business needs of clients, such as family protection, estate creation, wealth preservation and distribution, and business succession planning.
The number of HNWIs in the Asia-pacific region rose by 43% in five years, and Singapore alone saw a 30% increase in HNWIs since 2009, according to the 2014 Asia-Pacific Wealth Report which was published by Capgemini and RBC Wealth Management.
The Canada-headquartered financial services provider, Manulife said this rapid growth shows little sign of slowing down and, according to the report, the Asia-pacific region is expected to overtake North America as the largest HNWI market in the near future.
“As Singapore continues to gain prominence as a hub for HNWIs, we are likely to see a corresponding increase in demand for wealth management and protection solutions tailored to this segment,” said Naveed Irshad, president and chief executive officer of Manulife Singapore, who joined the firm in May last year.
The three products in the series targeting HNWIs include:
• Heirloom (1), which is a flexible premium US dollar-denominated universal life plan and is designed for clients with legacy planning and wealth transfer needs. It also includes Manulife’s Quit Smoking Incentive (QSI), which offers smokers non-smoker rates for the first three policy years
• ManuSignature Term, which helps bolster protection coverage at a minimum cost with a high sum insured of SG $1m and above in the event of death and terminal illness
• ManuSignature One, a Singapore dollar-denominated single premium whole life insurance plan that offers high protection coupled with a high guaranteed cash value. It features a Minimum Protection Benefit (MPB) factor to guarantee coverage up to 300% of the chosen sum insured.
Manulife’s funds under management totalled $591bn (£394bn, €521bn) in September 2014.
