Manulife Invest Ready III

Looking at getting the Manulife Invest Ready III plan for retiree parent who has 100-150k to spare. Was told that monthly dividend of 7% is fairly consistent. The main aim of getting the 6 years flexi pay 2 plan is to generate passive dividend income and 101% of capital guaranteed upon death.

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Kindly seeking advice as to whether this plan is recommended? To only invest in Allianz fund or better to diversify across a few funds (so as to preserve capital loss)?

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Or would blue chips in SG banks be a better option at generating dividends?

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Another reason why considering this manulife plan is because I do not have the time to monitor and would appreciate having an agent to help me with it.

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*New to investing here, no prior knowledge in investing (e.g. S&P 500, index funds etc) as due to current family commitments unable to research and DIY. Greatly appreciate any advice. Thank you in advance.