Manulife Investments reports that sales have surpassed the $2 billion milestone for GIF Select, featuring IncomePlus, Canada’s first guaranteed minimum withdrawal benefit (GMWB) product designed to help Canadians save, protect and grow their retirement savings.

Launched in October 2006, the GMWB product appeals to Canadian boomers approaching the five-to-10-year period before they retire and after they reach retirement — the time when their portfolios are most vulnerable to market downturns and volatility.

IncomePlus provides guaranteed monthly payments independent of when an investor retires in the market cycle, as well as growth potential, flexibility and control.

“Success of these products in the U.S. in the last five years signaled the potential for a strong and swift uptake in Canada,” says Roy Firth, executive vp, Manulife Financial. “Still, we couldn’t have predicted this much early success. The popularity of these products with Canadians speaks to the current mindset of today’s boomer — they want protection when markets are volatile and growth when markets are good. This product gives them that, and more.”

IncomePlus provides investors with guaranteed monthly income with downside protection; upside potential that can increase the payments; flexibility and control over investments with complete access to the market value of their funds at anytime if needed.

In addition, investors can lock in an income bonus of up to 50% of their deposits by purchasing the product up to 10 years before they begin withdrawals, regardless of how the market performs.

IncomePlus includes a wide range of funds managed by some of the top fund managers in Canada including: AIM Trimark Investments, CI Investments, Fidelity Investments, MFC Global Investment Management, and Mackenzie Investments.