Manulife Investments has broken through the $1 billion sales milestone just 19 weeks after introducing Canada’s first Guaranteed Minimum Withdrawal Benefit (GMWB) product.

IncomePlus, launched in Canada, Oct. 23, 2006 by Manulife Investments as a new retirement solution, provides guaranteed monthly payments independent of when an investor retires in the market cycle, as well as growth potential, flexibility and control.

“Our research told us that a Guaranteed Minimum Withdrawal Benefit would fill a need among pre-retirement or retired investors, especially after we observed the success of this category in the U.S,” said Roy Firth, executive vp, Manulife Financial. “But frankly, the results have far exceeded even our most optimistic expectations. We’re thrilled that Canadian investors and advisors see this as a useful tool and innovative solution to help them plan for retirement.”

The product is designed to help investors navigate the Retirement Risk Zone — the five to 10 year period before and after retirement income begins and when a portfolio is most vulnerable to market downturns.

IncomePlus provides downside protection; upside potential that can be locked in to extend the guaranteed payment period and potentially increase the payments; flexibility and control over investments and access to funds; and security from creditors, probate process and fees.

In addition to resets, investors can lock in an income bonus of up to 50% 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.