Manulife Life Insurance Company said that it will begin selling nationwide a new non-par whole life insurance product called Kodawari Shushin, through its plan right advisor sales network and MGA sales channel from February 1, 2010.

The new offering Kodawari Shushin is designed with features, including whole life death protection, low premium rates, and a range of options for the premium payment period, the company said.

According to Manulife, the new policy includes features such as whole life death protection, which covers the whole life of the insured during the insured period; lower premium rates by holding down the cash surrender value payable during the premium payment period; and special discount premium rates for non-smoking customers.

In addition, the new whole life insurance product also offers various options for the premium payment method and for the premium payment period. It allows customers to maintain the existing policy even after expiration of the selected premium payment period (low cash surrender value period), in many cases the cash surrender value will exceed the aggregate amount of premiums paid, the company added.