KUALA LUMPUR: Manulife Insurance (M) Bhd has launched its Secure Income Plus, said to be a first-of-its-kind investment-linked retirement income plan in the country.

In a statement, Manulife said the product offered a guaranteed withdrawal benefit (GWB) to provide a regular stream of retirement income for at least 20 years or income for life from age 66, regardless of investment performance.

The company said the GWB had growth potential through its loyalty bonus and step-up mechanism to increase retirement income.

President and chief executive officer Peter Robertson said the product was designed to help retirees to bridge the gap between low-yield savings products and high-yield risky investment.

“This product offers advantages such as the ability to benefit from bullish market conditions or earn higher returns in the form of loyalty bonuses,” he said.

Manulife has appointed HSBC Bank as its distribution partner for the retirement product.

The company said the product had already experienced market success in North America and Asia. – Bernama