The return made from an investment over a certain period of time (e.g. 5% over 4 years)
Your account value is how much your total investment is worth to date, which is based on fund performance.
Fund Performance is determined by changes in interest rates, value of stocks, credit standing of issuers, etc.
The Trustee is the person who holds or manages the death benefit for a minor beneficiary.
A unit represents your ownership in the investment fund (Peso Dynamic Allocation Fund). The more units you buy, the greater your share in the fund. Just like the more slices you get from a cake, the bigger your share of the cake.
Your units may decrease due to maintenance charges.
The unit price of a fund is the value of one unit in the investment fund.
Illustration: If an entire cake is worth P1,000 and the cake is sliced into 10 equal parts, one slice of the cake would be worth P100. The worth of one slice of cake is equivalent to the unit price of a fund.
Your beneficiary is the person who will receive the death benefit if you (the insured) die.
Your face amount is 125% of your initial investment.
An insurance premium is the amount that you pay for an insurance policy or a variable life product. This is what you pay us (Manulife) for your GradMaker Policy.
The insured is the person we are insuring under this policy. GradMaker requires that the insured is also the same as the buyer of the GradMaker policy.
The insured's (your) age is based on his most recent birthday.
For example: The required age to purchase a GradMaker policy is between 18 to 50 years old. Last Sept 1, 2017, the client turned 50. Even if the client is a few days over 50, he is still qualified to purchase a GradMaker policy until before he turns 51.
Having an irrevocable beneficiary means that you will need to seek approval from your beneficiary to change him/her to another beneficiary of your choice. You will also need his/her consent to withdraw the funds.
The maturity date is the day your policy contract ends. It is similar to an expiration date.
Your refund value is the account value plus the policy charges applied to your policy.
Having a revocable beneficiary means you are free to use the funds and change your chosen beneficiary without the need of your current beneficiary’s consent.
A Single Premium is the amount you will pay, one time, for a GradMaker policy.
Variable Life Product
A Variable Life Product is a product that offers both an investment and an insurance coverage. A GradMaker policy is an example of a variable life product because you get insurance protection that you wouldn’t otherwise get from a pure investment product from a bank.
A Beneficial Owner is any person who:
- owns the money to be used to buy a GradMaker policy
- controls the applicant
For example: An 18 year old student intends to buy a GradMaker policy with money coming from her mother. In this case, the student has a beneficial owner, her mother.
Official business days are from Monday to Friday, except holidays.
Politically Exposed Person
A person entrusted with prominent public position(s) a) with substantial authority over policy, operations, or the use or allocation of government-owned resources in the Philippines, b) in any foreign state, or c) in an international organization.