Manulife Life Insurance Company (Manulife Japan) has started sales of 'Ashita-no-Nenkin', a new variable individual annuity insurance type V product through the Bank of Tokyo-Mitsubishi UFJ (BTMU).

<!– @page { margin: 0.79in } P { margin-bottom: 0.08in } –>Ashita-no-Nenkin is a new investment-type annuity insurance product designed to meet needs of customers who wish to begin accumulating funds to prepare for retirement. It offers features that are simple to understand, including a minimum guarantee of total amount that customers may receive, said the company.

The new insurance product allows customers with choice to select either a ‘step-down life annuity’ or a ‘fixed term annuity’ based on their plans for retirement and provides a minimum guarantee of total amount received by customers.

According to teh cpompany, customers may receive an annuity beginning one year from the policy date and also may choose length of deferral period.

Manulife Japan is a subsidiary of Canadian-based financial services group, Manulife Financial, a provider of financial protection and wealth management products and services.

The company provides asset management services, reinsurance solutions specializing in life and property and casualty retrocession.