Mackenzie Financial has launched a new line of segregated fund policies issued by The Great-West Life Assurance Co., Mackenzie announced Monday.

Mackenzie Guaranteed Investment Funds (GIF) offer the protective features of an insurance policy combined with the benefits of an investment fund.

Mackenzie GIF offers three different levels of protection to meet varying investor objectives and time horizons. Investors can choose between a 75% or 100% maturity guarantee and a 75% or 100% death benefit guarantee, depending on their selection: Mackenzie GIF Core, Mackenzie GIF Intermediate or Mackenzie GIF Enhanced. The Intermediate and Enhanced versions also offer an optional annual reset provision that automatically locks in investment gains while protecting against future market losses, Mackenzie says.

“Mackenzie GIF meets the needs of a variety of investors with a low risk tolerance looking for a secure, long-term investment,” says David Feather, president of Mackenzie Financial Services Inc. “With Mackenzie GIF, you are protected when markets fall, but still have capital appreciation potential when markets rise.”

In addition, Mackenzie GIF simplifies estate planning, as proceeds of the policy are paid directly to the beneficiary, saving both the time and expense of probate.

Investors have a choice of 22 funds that are managed by professional managers from Canada and around the world.