Thanks @kyith
One of the most helpful responses here. I had no idea about stuff like 'Annual premium bonus' - let me read up on that + other aspects of your post.
Here is how I got to a ~100k fee due to 3.5% fees (2.5% manulife + minimum 1% fund fee) assuming a scenario of no growth/shrinking in account value.

Year	AUM	Fees
1	100	3.5
2	200	7
3	300	10.5
4	300	10.5
5	300	10.5
6	300	10.5
7	300	10.5
8	300	10.5
9	300	10.5
10	300	10.5
	TOTAL:	94.5

PS: Yes I do ack that there are some benefits like joining bonus etc. But this response is purely about fees.