"New Minds is the latest and most comprehensive life and educational product designed for a growing market in need of a reliable future source of funds that may be used to cover educational expenses," Carl S. Gustini, president and chief executive officer of Manulife Philippines, said.
The product offers policyholders a range of cash benefits that include a fund to cover tuition fees, an optional fund to cover other school expenses, and an optional graduation gift. It also comes with a non-guaranteed premium bonus that may be used to help the child fund his or her own Manulife policy when he or she turns 25.
Apart from educational benefits, New Minds also provides insurance protection for the child.
"The company continues to enjoy the trust of policyholders who are assured that Manulife is committed to providing them a wider product selection, enabling them to achieve their financial security goals in an institution deemed to be stable, and therefore, safe," Gustini added.
Marking 100 years in the Philippines in 2007, Manulife consistently ranks among the country’s top five life insurance companies in terms of individual insurance premium volume and among the Top 10 in the pension and education segment of the pre-need industry.
Manulife Philippines is a wholly-owned subsidiary of Manulife Financial Corp., the world’s fourth largest and North America’s second largest life insurance company by market capitalization. Funds under management by Manulife Financial and its subsidiaries were C$370 billion ($332 billion) in end June 2006.