eRefund101 Accident & COVID Insurance Plan(2-Year)

Please note the relevant product risks. This plan is underwritten by Hang Seng Insurance Company Limited.

Plan overview

eRefund101 Accident & COVID Insurance Plan(2-Year) (“eRefund101” or “the Plan”) is a life insurance plan underwritten by Hang Seng Insurance Company Limited and is not equivalent or similar to any kind of bank deposit. The plan is designed as a short policy term of 2-year life, accidental, COVID-19 and vaccine side-effect protection. In addition, a 101% refund of the total premium paid is payable upon maturity if the policy remains in force, irrespective of any claim made under the Plan. Application is easy - simply submit your application online, and without requirement of medical examinations or documentation. 

Only 3 simple steps to apply online – Quote > Apply > Payment

Key features

A short policy term of 2 years adds flexibility to your plan. 101% of Total Premium Paid will be refunded upon policy maturity in 2 years if the policy remains in force, irrespective of any claim made under the plan.

Death Benefit

In the event of an unfortunate death of the Life Insured during the policy effective period, the Beneficiary will be able to claim the death benefit in lump sum, the amount will be equivalent to 100% of the Total Premium Paid on the date of death of the Life Insured. Policy will be terminated immediately once the claim amount is paid.

Plan Option
Death Benefit
Plan A
100% of Total Premium Paid on the date of death
Plan B
Plan C
Plan D

Accidental Death Benefit

In the event of an unfortunate death of the Life Insured in an Accident during the policy effective period, the Beneficiary will be able to claim 100% of sum insured of this Accidental Death Benefit for helping family to cope with living expenses. The Accidental Death Benefit will be paid in addition to the Death Benefit (100% of Total Premium Paid). Policy will be terminated immediately once the claim amount is paid.

Plan Option Accidental Death Benefit[1]
Plan A
HKD100,000
Plan B
HKD250,000
Plan C
HKD500,000
Plan D
HKD1,000,000

Accidental Medical Expense Benefit

If the Life Insured sustains any Bodily Injury as a result of an Accident within the following 365 days and incurs Medically Necessary treatments and services[2] during the policy effective period, including but not limited to surgery, hospital confinement, outpatient treatment, x-ray, chiropractic and physiotherapy[3], “Hang Seng Insurance” will reimburse the actual amount paid for the treatments and services (up to 3 accidents per policy), the total claim amount can go up to HKD150,000.

Plan Option Accidental Medical Expense Benefit - Maximum Claim Amount (Per Accident / Per Policy)
Plan A
HKD5,000 / 15,000
Plan B
HKD12,500 / 37,500
Plan C
HKD25,000 / 75,000
Plan D
HKD50,000 / 150,000

COVID-19 Death Benefit

In the event of the Life Insured's death due to COVID-19 during the policy period, the Beneficiary will be able to claim the death benefit in lump sum, the claim amount is equivalent to 100% of Sum Insured of COVID-19 Death Benefit. The COVID-19 Death Benefit will be paid in addition to the Death Benefit (100% of Total Premium Paid). Policy will be terminated immediately once the claim amount is paid.

Plan Option COVID-19 Death Benefit[4]
Plan A
HKD100,000
Plan B
HKD250,000
Plan C
HKD500,000
Plan D
HKD1,000,000

COVID-19 Diagnosis Benefit

If the Life Insured is diagnosed with COVID-19 infection in Hong Kong SAR within the policy effective period, he or she can obtain the diagnosis benefit in lump sum, it will only be paid once per policy.

Plan Option COVID-19 Diagnosis Benefit
Plan A
HKD5,000
Plan B
HKD12,500
Plan C
HKD25,000
Plan D
HKD50,000

COVID-19 Vaccine Side Effect Hospital Cash Benefit

If the Life Insured is diagnosed with Adverse event following immunization (AEFI), after receiving the Approved Vaccination and such AEFI(s) should be direct result of Approved Vaccination and appeared within 14 days after receiving such Approved Vaccination by a Registered Doctor. And the Life Insured receive the recommendation from a Registered Doctor that such AEFI(s) directly results in Confinement within 24 hours in a Hong Kong SAR Hospital, the daily hospital cash will be paid up to 14 days, without limitation on the number of stay. 

Plan Option COVID-19 Vaccine Side Effect Hospital Cash Benefit Daily Hospital Cash Claim Amount (Each policy has a maximum limit of 14 days)
Plan A
HKD500
Plan B
HKD1,250
Plan C
HKD2,500
Plan D
HKD5,000

The COVID-19 Benefits above have a 21-day waiting period, counting from the policy effective date. 

Enjoy the flexibility of choosing a Plan that is suitable for you: Plan A / Plan B / Plan C / Plan D. The monthly premium is as low as HKD388, please click “Quote and apply” for more premium details.

As long as you are eligible to apply for eRefund101, regardless of your underwriting history, occupation, health and financial status, you will enjoy guaranteed acceptance without any need for medical examination.

Product details

How to utilise premium refundable plan to enjoy accidental protection as well as achieving savings goal?

Mr Chan, aged 50, was looking for an accidental protection plan for himself. In case of unexpected accident, he could still safeguard the living standard of himself and his family. Furthermore, Mr Chan’s son would be entering the university in 2 years and he would need to reserve a fund for supporting his son’s tuition fee. As a result, Mr Chan enrolled in Plan D of eRefund101 Accident & COVID Insurance Plan(2-Year) to provide himself with accidental protection as well as achieve short-term saving to get financially prepared for his son to enter the university.

  1. Policy commenced

    Monthly premium was HKD3,880

  2. 2 months later

    Mr Chan accidentally fell while he was taking the bus, which has led to a broken wrist. He was admitted to the hospital for surgery and received physiotherapy treatments. The medical expense paid was HKD27,500.

    Received the reimbursed Accidental Medical Expense Benefit compensation amount of HKD27,500

  3. 9 months later

    Mr Chan was unfortunately diagnosed with COVID-19 in Hong Kong.

    Received the COVID-19 Diagnosis Benefit compensation amount of HKD50,000

  4. End of Year 2

    Policy maturity

Upon policy maturity in 2 years and irrespective of any claim made under the plan, in total Mr Chan could receive:

  1. 101% refund of Total Premium Paid in 2 years: HKD94,046
  2. Compensation for Accidental Medical Expense Benefit: HKD27,500
  3. Compensation for COVID-19 Diagnosis Benefit: HKD50,000

Total amount Mr Chan received: HKD171,546

Total Premium Paid in 2 years: HKD93,115

Provide frequent business travelers with accidental protection of no geographical restriction

Miss Cheung, aged 35, could foresee herself travelling frequently for work in the next 2 to 3 years. She was concerned she would encounter accidents at any time when staying abroad, so she was looking for a short tenor accidental protection plan. Miss Cheung decided to enrol in Plan C of eRefund101 Accident & COVID Insurance Plan(2-Year) to provide herself with accidental protection of with geographical restriction.

  1. Policy commenced

    Monthly premium was HKD1,940

  2. 3 months later, Miss Cheung received the recognised COVID-19 vaccine in Hong Kong

    The side effects appeared on the 7th day after vaccination, she needed to get hospitalised within 24 hours, and the total number of days of hospital confinement was 3 days.

    Received the COVID-19 Vaccine Side Effect Hospital Cash Benefit compensation amount of HKD7,500

  3. 9 months later, Miss Cheung travelled to UK for work

    She accidentally sprained her waist and was required to do the X-ray examination as well as receiving physiotherapy treatments locally. The medical expenses paid was HKD6,500.

    Received the reimbursed Accidental Medical Expense Benefit compensation amount of HKD6,500

  4. End of Year 2

    Policy maturity

Upon policy maturity in 2 years and irrespective of any claim made under the plan, in total Miss Cheung could receive:

  1. 101% refund of Total Premium Paid in 2 years: HKD47,023
  2. Compensation for COVID-19 Vaccine Side Effect Hospital Cash Benefit: HKD7,500
  3. Compensation for Accidental Medical Expense Benefit: HKD6,500

Total amount Miss Cheung received: HKD61,023

Total Premium Paid in 2 years: HKD46,558

Eligibility

  • eRefund101 Accident & COVID Insurance Plan(2-Year) is only available to tax residents of Hong Kong aged between 18 - 64, the applicant also needs to possess valid Hong Kong Identity Card and Hang Seng bank account
  • Premium payment should be debited from customer’s Hang Seng Bank account

FAQs

Common questions

101% of Total Premium Paid will be refunded upon policy maturity in 2 years if the policy remains in force, irrespective of any claim made on the Accidental Medical Expense Benefit, COVID-19 Diagnosis Benefit or COVID-19 Vaccine Side Effect Hospital Cash Benefit.

If the Life Insured sustains any Bodily Injury as a result of an Accident within the following 365 days and incurs Medically Necessary treatments and services[2] during the policy effective period, including but not limited to surgery, hospital confinement, outpatient treatment, x-ray, chiropractic and physiotherapy[3], “Hang Seng Insurance” will reimburse the actual amount paid for the treatments and services (up to 3 accident claims per policy), the total claim amount can go up to HKD150,000. This benefit will be terminated automatically once the number of claims has reached the maximum amount per policy. However, the policy will remain effective and other coverage items continue.

As long as the maximum number of claims of the benefit (except Death Benefit, Accidental Death Benefit and COVID-19 Death Benefit) has not been reached, the corresponding benefit and the other benefits in the Plan will stay effective.

Policy will be terminated immediately once the claim amount is paid for Death Benefit, Accidental Death Benefit and COVID-19 Death Benefit.

Benefit will be terminated once the number of claims has reached the maximum amount per policy, whereas the policy will remain effective and other coverage items continue.

Benefits
Maximum number of claims per policy
Accidental Medical Expense Benefit
3 accidents and subject to maximum claim amount per accident
COVID-19 Diagnosis Benefit
1 time
COVID-19 Vaccine Side Effect Hospital Cash Benefit
14 days of hospital cash

This Plan has the COVID-19 Vaccine Side Effect Hospital Cash Benefit. If the Life Insured is diagnosed with Adverse event following immunization (AEFI), after receiving the Approved Vaccination and such AEFI(s) should be direct result of Approved Vaccination and appeared within 14 days after receiving such Approved Vaccination by a Registered Doctor and the Life Insured receives the recommendation from a Registered Doctor that such AEFI(s) directly results in Confinement within 24 hours in a Hong Kong SAR Hospital, the daily hospital cash will be paid up to 14 days, without limitation on the number of stay. Please note this plan has a 21-day waiting period, counting from the policy effective date.

Product coverage

101% of Total Premium Paid will be refunded upon policy maturity in 2 years if the policy remains in force, irrespective of any claim made on the Accidental Medical Expense Benefit, COVID-19 Diagnosis Benefit or COVID-19 Vaccine Side Effect Hospital Cash Benefit.

If the Life Insured sustains any Bodily Injury as a result of an Accident within the following 365 days and incurs Medically Necessary treatments and services[2] during the policy effective period, including but not limited to surgery, hospital confinement, outpatient treatment, x-ray, chiropractic and physiotherapy[3] , “Hang Seng Insurance” will reimburse the actual amount paid for the treatments and services (up to 3 Accidents per policy), the total claim amount can go up to HKD150,000. This benefit will be terminated automatically once the number of claims has reached the maximum amount per policy. However, the policy will remain effective and other coverage items continue.

Regardless of your occupations including the high-risk professions, you can still apply for this Plan.

Only certain benefits in the Plan do not have regional or temporal restrictions, please refer to the table below for the details.

Benefits
Insured events have regional or temporal restrictions?
Death Benefit
  • No
Accidental Death Benefit
  • Must incur within 365 days of the date of Accident while this Policy are in force
Accidental Medical Expense Benefit
COVID-19 Death Benefit
  • Not covered within 21 days of the Policy Date or the effective date of reinstatement
COVID-19 Diagnosis Benefit
  • Must be diagnosed with COVID 19 infection by Registered Doctor in Hong Kong SAR
  • Not covered within 21 days of the Policy Date or the effective date of reinstatement
COVID-19 Vaccine Side Effect Hospital Cash Benefit
  • Approved Vaccination must be administered by a Registered Doctor or a Registered Nurse in Hong Kong SAR
  • The Covered Vaccination Adverse Reaction must be diagnosed by Registered Doctor who advised for Hospital Confinement within 24 hours in a Hong Kong SAR Hospital 
  • Not covered within 21 days of the Policy Date or the effective date of reinstatement

Claims related

As long as the maximum number of claims of the benefit (except Death Benefit, Accidental Death Benefit and COVID-19 Death Benefit) has not been reached, the corresponding benefit and the other benefits in the Plan will stay effective.

Policy will be terminated immediately once the claim amount is paid for Death Benefit, Accidental Death Benefit and COVID-19 Death Benefit.

Benefit will be terminated once the number of claims has reached the maximum amount per policy, whereas the policy will remain effective and other coverage items continue.

Benefits
Maximum number of claims per policy
Accidental Medical Expense Benefit
3 accidents and subject to maximum claim amount per accident
COVID-19 Diagnosis Benefit
1 time
COVID-19 Vaccine Side Effect Hospital Cash Benefit
14 days of hospital cash

If the Life Insured received the COVID-19 vaccination before applying the Plan, the Life Insured is not eligible to claim the COVID-19 Vaccine Side Effect Hospital Cash Benefit because this benefit has a 21-day waiting period, counting from the policy effective date.

In the event of the Life Insured's death due to COVID-19, the COVID-19 Death Benefit will be paid in addition to the Death Benefit (100% of Total Premium Paid) to the beneficiary.
If the Life Insured has not claimed the COVID-19 Diagnosis Benefit before his death, the claim amount of the COVID-19 Diagnosis Benefit will be paid in accordance with the inheritance law of Hong Kong.

There is a waiting period of 21 days calculating from the policy effective date for the COVID-19 related benefits in this Plan, including COVID-19 Death Benefit, COVID-19 Diagnosis Benefit and COVID-19 Vaccine Side Effect Hospital Cash Benefit. Claims would not be eligible if the Life Insured develops symptoms or gets infected within 21 days from the policy effective date.

This Plan has the COVID-19 Vaccine Side Effect Hospital Cash Benefit. If the Life Insured is diagnosed with Adverse event following immunization (AEFI), after receiving the Approved Vaccination and such AEFI(s) should be direct result of Approved Vaccination and appeared within 14 days after receiving such Approved Vaccination by a Registered Doctor and the Life Insured receives the recommendation from a Registered Doctor that such AEFI(s) directly results in Confinement within 24 hours in a Hong Kong SAR Hospital, the daily hospital cash will be paid up to 14 days, without limitation on the number of stay. Please note this plan has a 21-day waiting period, counting from the policy effective date.

Policy administration

If you are not satisfied with your policy, you have the right to cancel it within 21 calendar days cooling off period by returning the policy surrender form and obtain a refund of any premium and premium levy paid. After the cooling-off period, the policy holder may request for policy surrender (i.e. Policy cancellation) by returning the policy surrender form at any time, after which the policy will terminate.

If the customer cancels his or her policy after the cooling off period, regardless of any claim made previously, the premium based on the corresponding schedule below will be refunded, provided the policy is still in force on the day of policy surrender.

Effective Date of Policy Surrender
Premium Refund (as % of Total Premium Paid)
Before 1st Policy Anniversary
70%
On or after the 1st Policy Anniversary
80%

eRefund101 offers a grace period of 30 days for payment of any premium when due. If a premium is not paid by the end of the grace period, the policy will immediately lapse.

Once you complete the online eRefund101 application form, you will be asked to confirm and verify your details on a preview page. The same day, a confirmation email will be sent to the email address you provided in your application, assuring you that your application of this plan has been received. We will notify you regarding the outcome by sending a SMS to your default mobile number on record at Hang Seng Bank after 5 to 7 working days, and the policy will be delivered to your default postal address on record at Hang Seng Bank once your application is approved. This simplified process frees you from the hassle of typical insurance applications. You could also log on Hang Seng Personal e-Banking or Hang Seng Personal Banking mobile app to manage and inquire about your policy details on the 'Insurance Overview' page anytime 24/7 once your policy is approved. You can call our hotline at (852) 2998 8038 for queries.

Make a claim

Claim procedures

Find details on how to submit your claim and more.
 

Forms and documents centre

You can find all the forms and documents here for our insurance products.
 

Need more help?

Call us (General enquiry)

(852) 2998 8038
Service hours:
Mon to Fri: 9:00am to 8:00pm
Sat: 9:00am to 1:00pm
Closed on Sundays and Public Holidays

Call us (Policy enquiry)

(852) 2596 6262

Service hours:

Mon to Fri: 9:00am to 5:45pm

Sat: 9:00am to 1:15pm

Closed on Sunday and Public Holidays

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Footnote

Other point(s) to note

  1. eRefund101 Accident & COVID Insurance Plan (2-Year) is underwritten by Hang Seng Insurance Company Limited. Hang Seng Insurance Company Limited is authorised and regulated by the Insurance Authority of the HKSAR. Hang Seng Bank is an insurance agent authorised by Hang Seng Insurance Company Limited and the insurance products are products of Hang Seng Insurance Company Limited but not Hang Seng Bank. In respect of an eligible dispute (as defined in the Terms of Reference for the Financial Dispute Resolution Centre in relation to the Financial Dispute Resolution Scheme) arising between Hang Seng Bank and you out of the selling process or processing of the related insurance product transaction, Hang Seng Bank will enter into a Financial Dispute Resolution Scheme process with you; however any dispute over the contractual terms of the insurance products should be resolved between Hang Seng Insurance Company Limited and you directly.
  2. The above information is intended as a general summary of information for reference only. It shall not be construed as an offer to sell or solicitation of an offer or recommendation to purchase or sale or provision of any products of Hang Seng Insurance Company Limited. Please refer to the actual policy for the exact terms, conditions and exclusions of the Plan.
  3. The figures in the above examples, which are for reference only, are rounded and the actual figures may vary due to the rounding logic. For the actual Total Premium Paid and other details, please refer to the Illustration Summary of your chosen insurance plan and the Policy Provisions.

Remark(s)

  1. Accidental Death Benefit will be paid in addition to the Death Benefit (100% of total premium paid).
  2. The Medically Necessary treatments and services must be certified by a Registered Doctor. And any expense incurred from treatment other than western medicine treatment, including but not limited to bone setting and traditional Chinese medicine treatment, should be excluded.
  3. The x-ray, treatment of chiropractic and physiotherapy must be referred by a Registered Doctor.
  4. COVID-19 Death Benefit will be paid in addition to the Death Benefit (100% of total premium paid).