Insurance plans and MPF scheme for tax savings

Eligible products overview

Protect yourself and your family and plan for a better future with potential tax savings. Qualifying Deferred Annuity Policy (“QDAP”), Voluntary Health Insurance Scheme (“VHIS”) Certified Plan and MPF Tax Deductible Voluntary Contributions (“TVC”) solutions offer you sufficient protections and up to HKD68,000 tax deduction per tax assessment year (The maximum tax deduction for qualifying premiums paid under VHIS certified plan for each insured person is HKD8,000 per each tax assessment year, and the combined tax deductions for QDAP and TVC for each taxpayer is capped at HKD60,000 per each tax assessment year).

eIncomePro Deferred Annuity Plan (100% Guaranteed)

  • Enjoy Monthly Guaranteed Annuity Income for 10 years with life protection and free accidental death benefit for short premium payment period of 5 years[1]
  • Certified as Qualifying Deferred Annuity Policy, the relevant premiums are eligible for potential tax deductions[23]
  • Easy online application with guaranteed acceptance

FortuneLife Deferred Annuity Life Insurance Plan

  • Being certified by the Insurance Authority (“IA”) as Qualifying Deferred Annuity Policy (“QDAP”)[2], the relevant premiums are eligible for potential tax deductions
  • Including Monthly Guaranteed Annuity Income, Annual Guaranteed Bonus (if any) and Special Guaranteed Bonus (if any)
  • Flexible annuity options with different payment terms and accumulation period

Bupa Hero VHIS Plan (F00040)

  • Certified VHIS Flexi Plan[3]
  • Full cover for cancer treatments
  • Enhanced cover including unknown pre-existing conditions
  • The relevant premiums are eligible for potential tax deduction

Bupa MyBasic VHIS Plan (S00020)

  • Certified VHIS standard plan[3]
  • Covers up to HKD420,000 necessary expenses every year
  • Cover unknown pre-existing conditions
  • The relevant premiums are eligible for potential tax deduction

Global Prestige VHIS Plan (F00035)

  • Certified VHIS Flexi Plan[3]
  • Up to HKD40 million annual worldwide full cover for medical expense
  • More affordable healthcare with 4 deductible options
  • The relevant premiums are eligible for potential tax deduction

Tax Deductible Voluntary Contributions (“TVC”)

  • Save more and potentially reduce your tax burden
  • Have flexibility in your saving plan
  • Take control on how you manage your MPF money to make the best out of it
  • May enjoy bonus unit rebates[4][5][6][7] 

Eligible products for tax savings introduction

Tax saving solutions examples

Married couple

Ready the necessary protections for joyous family life

Background

Mr. Lee, aged 45, is married with a 1-month old daughter. As a new dad, he reviewed his family’s protection needs to ensure his wife and him could worry-freely accompany their daughter to grow up. With limited capital and conservative wealth management, what protection solutions should he select? 

Protection needs

  • Want to create passive income to support his daughter’s expenses in extracurricular activities
  • Reduce burden on premium payment through products that eligible for tax deduction incentive 

Selected solutions

eIncomePro Deferred Annuity Plan (100% Guaranteed)

Mr. Lee chose Accumulation Period of 10 years and annual payment mode. With 5 years premium payment, he could enjoy 100% guaranteed monthly annuity income[9] in annuity period[8] of 10 years.

Mr. Lee and his spouse are both Hong Kong taxpayers having income chargeable to tax and they do not hold other tax deductible MPF voluntary contributions account nor other QDAP policies. They can allocate the qualifying annuity premiums for tax deductions in order to potentially claim a maximum amount of deductions of HKD120,000, so as long as the deductions claimed by each taxpayer do not exceed the individual limit (assuming the combined maximum total tax deductions for qualifying annuity premiums and MPF tax deductible voluntary contributions for the applicable tax assessment year is HKD60,000 per individual). Online application for eIncomePro Deferred Annuity Plan (100% Guaranteed) online could be completed around 10 minutes[10], suitable for busy person like Mr. Lee who could finish his application in a moment after daily work.

Annual Deferred Annuity Plan Premium: HKD120,000

Potential tax savings in a tax assessment year[11]: HKD20,400

Total Monthly Guaranteed Annuity Income is 129.3% of Total Premiums Paid

Bupa Hero VHIS Plan (Advance)

Provides medical coverage of up to HKD25 million per year, fully covers eligible medical expenses so there is no need to worry about any unexpected medical expenses. Cashless treatment [13] by using Bupa’s medical card and free 24-hour Mental Health Service Hotline are also available, so Mr. Lee’s cash flow and his family’s daily life would not be affected. Moreover, as Mr. Lee, his spouse and daughter are eligible family members, they can enjoy a 15% family discount for enrolling together. Bupa Hero VHIS Plan is certified as VHIS compliant. Mr. Lee is a Hong Kong taxpayer having income chargeable to tax, the total qualifying premiums paid by Mr. Lee of HKD16,266 [12][14] for enrolling Bupa Hero VHIS Plan (Advance) for himself, his spouse not living apart from him, Mrs. Lee, and his daughter can potentially be allowed to claim tax deduction. With this plan, Mr. Lee can enjoy superior medical protection, family discount and potentially enjoy tax deductible benefits all together.

Annual Premium paid under VHIS certified plan [14]: HKD16,266 (premiums paid for the insured persons Mr. Lee, Mrs. Lee and daughter are HKD6,280, HKD6,280 and HKD3,706 respectively)

Potential tax savings in a tax assessment year [14]: HKD2,766

Plan ahead for your retirement and investment solutions

Background

Miss Chan, aged 36, is a white collar executive with a considerable salary. She is a Hong Kong taxpayer and the highest rate (17%) of the progressive tax rates is applicable to her. She wishes to plan ahead for her retirement, at the same time enjoy tax deduction benefits.

Protection needs

  • Use her income for investment, to accumulate wealth for retirement, and enjoy tax deduction benefits
  • Build a balanced financial planning portfolio, wishes to choose low risk option with stable return
  • Enjoy guaranteed income after retirement, at the same time keep certain flexibility for her capital

Selected solutions

eIncomePro Deferred Annuity Plan (100% Guaranteed)

Miss Chan can choose a Accumulation Period of 15 years and annual payment mode with HKD38,000 premium level. With 5 years premium payment, she can enjoy 100% guaranteed monthly annuity income [9] in an annuity period [8] of 10 years, considered to be a low risk investment protection. Online application for eIncomePro Deferred Annuity Plan (100% Guaranteed) can be completed in around 10 minutes [10], suitable for a busy person like Miss Chan who can finish her application in an instant after work.

Hang Seng MPF Tax Deductible Voluntary Contributions ("TVC")

Miss Chan, who wants to enjoy the tax deduction incentive, has also decided to make a TVC of HKD22,000 per year in addition to applying for eIncomePro Deferred Annuity Plan.

Miss Chan can apply for a TVC account and make TVC as she is a current employee member of an MPF Registered Scheme. With the Constituent Funds of a range of different risk levels, the TVC made by Miss Chan will be invested in the Constituent Funds she chooses according to her investment objective and risk tolerance level. She can change her TVC methods according to her personal financial situation, i.e. making monthly TVC by direct debit, or simply paying a lump-sum. She can even stop the contributions when needed. Miss Chan thinks TVC is flexible, which suits her needs.

Annual Deferred Annuity Plan Premium: HKD38,000

Annual Contribution to TVC account: HKD22,000

Annual Deferred Annuity Policy Premium and Contribution to TVC account in total: HKD60,000

Potential tax savings in a tax assessment year: HKD10,200 [15]

Plan ahead to fully indulge in retirement life

Background

Mr. Cheung, aged 45, plans to retire at age 65 and hoping to receive monthly “bonus” to enrich his retirement life.

Protection needs

  • Save for retirement in advance
  • Enjoy tax deduction benefits before retirement

Selected solutions

FortuneLife Deferred Annuity Life Insurance Plan

The plan provides incremental annuity income, helping Mr. Cheung to counteracts inflation. The plan also provides Annual Guaranteed Bonus and Special Guaranteed Bonus; Mr. Cheung may choose to receive Annuity Income in cash or to retain it in the Policy for accumulating interest, and reaping potential upside returns over a period of time.

During the Annuity Period, the plan expects to pay a non-guaranteed Annual Dividend to your policy at each policy anniversary, Mr. Cheung may accumulate these dividends in the policy account to earn interest for future use or withdraw them according to his needs. In the event of policy termination, a lump-sum non-guaranteed Terminal Dividend (if any) may become payable to Mr. Cheung or the Beneficiary(ies), providing extra potential returns.

As Mr. Cheung is a Hong Kong taxpayer having income chargeable to tax, he could potentially enjoy tax deduction of up to HKD60,000 for the premium paid for QDAP. Potential tax savings can be up to HKD10,200 per taxpayer in a tax assessment year (assuming the combined maximum total tax deductions for qualifying annuity premiums and MPF tax deductible voluntary contributions for the applicable tax assessment year is HKD60,000 and the applicable tax rate is 17%).

Annual Qualifying Deferred Annuity Plan Premium: HKD60,000

Potential tax savings in a tax assessment year[16]: HKD10,200

Welcome the pinnacle of your career by planning ahead for your investment and protection solutions

Background

Mr. Chan, aged 25, is a career starter working diligently. Although work is exhausting, Mr. Chan believes that by managing his wealth proficiently and selecting the right protection solutions, he can focus on his career without worries.

Protection needs

  • Does not prefer investment products with higher risks due to limited capital
  • Accumulate wealth by wisely managing income and investment
  • Obtain his first medical insurance while he is young and healthy to avoid being declined in insurance application if he is unfortunately be diagnosed with diseases
  • Enjoy tax deduction benefits

Selected solutions

Hang Seng MPF Tax Deductible Voluntary Contributions ("TVC")

Mr. Chan can apply for a TVC account as he is a current employee member of an MPF Registered Scheme and can make TVC at his own pace. He can direct debit from as little as HKD300 per month, or by lump-sum TVC of HKD1,000 or more; contributing by lump-sum provides him with the flexibility to contribute into his TVC account whenever he wants to fit his daily financial and saving needs. Mr. Chan may face higher financial burden during his studies, he can choose to suspend making lump-sum contributions to satisfy his financial needs in tuition and housing fees. As Mr. Chan is a Hong Kong taxpayer having income chargeable to tax, by making contribution to TVC account, Mr. Chan can potentially enjoy up to HKD60,000 income tax deduction annually under Hong Kong personal income tax, with maximum potential tax savings of HKD10,200[17]!

Annual Contribution to TVC account: HKD60,000
Potential tax savings in a tax assessment year[17]: HKD10,200

Bupa MyBasic VHIS Plan

This VHIS plan covers necessary medical expenses from Room and Board and Surgeon’s fees to outpatient visits before or after a hospital confinement or day case procedure up to HKD420,000 every year, protecting Mr. Chan’s basic medical needs. Mr. Chan’s annual premium amount is as low as HKD2,063 as he enrolls in the plan at the young age of 25 years old. As Mr. Chan is a Hong Kong taxpayer having income chargeable to tax, his full premium amount for this VHIS plan can potentially be allowed to claim a tax deduction[14][18][19].

Annual Premium: HKD2,063
Potential tax savings in a tax assessment year[18]: HKD351

FAQs

Popular questions

Products eligible for tax deduction include Qualifying Deferred Annuity Policy (QDAP), Voluntary Health Insurance Scheme (VHIS) and MPF tax-deductible Voluntary Contributions (TVC). The first 2 products help you save for retirement while the last product is for health protection. The 3 products are eligible for tax deduction of up to HKD68,000 in total. (The maximum tax deduction for qualifying premiums paid under VHIS certified plan for each insured person is HKD8,000 per each tax assessment year, and the combined tax deductions for QDAP and TVC for each taxpayer is capped at HKD60,000 per each tax assessment year). The tax deduction is only applicable to Hong Kong taxpayer.

Whether you are a career starter, white collar worker, pre-retiree or a married couple, check out the examples in this website to know more about how to enhance protection, while at the same time enjoying tax deduction.

No, Qualifying Deferred Annuity Policy (QDAP) is the only annuity product eligible for a tax deduction. Hang Seng provides a variety of QDAPs, such as eIncomePro Deferred Annuity Plan (100% Guaranteed), where you can apply online to enjoy stable guaranteed annuity income and life protection with tax deduction benefits.

Early surrender or termination of an annuity policy usually incurs a financial penalty, so policyholders will most likely suffer from financial loss in case of early surrender, especially during the early years of the policy period. Please check with your insurer about any applicable fees or charges before replacing your existing policy. In case of doubt, please seek professional advice[20].

Taxpayers must meet all the eligibility requirements for QDAP tax deductions set out in the Inland Revenue Ordinance and any guidance issued by the Inland Revenue Department (IRD) to claim this tax deduction. If the taxpayer’s spouse has no income chargeable to tax, the couple is not eligible to elect joint assessment or elect personal assessment jointly. Therefore, the maximum amount of deduction allowable for the taxpayer is the individual limit of HKD60,000. Please visit the IRD website for more information. If you have further questions on tax deductions, please approach the IRD directly[20].

Product information

A deferred annuity product must satisfy the criteria set out in the guideline issued by the Insurance Authority to be a QDAP[20]. The criteria include:

  • A minimum total premium of HKD180,000 and minimum payment period of 5 years;
  • A minimum annuity period of 10 years;
  • Annuitisation at the age of 50 or above; and
  • Fulfilment of the following disclosure requirements:
    • A clear statement of the Internal Rate of Return (IRR) in the sales brochure and in the related communication with holders;
    • A clear presentation of the guaranteed payment and variable payment, if applicable; and
    • Clear separation of the premiums of riders such as critical illness and hospitalisation cash from the premiums for the QDAP

Hong Kong taxpayer who has purchased an eligible health insurance plan (certified by the Health Bureau of Hong Kong as VHIS) can claim a tax deduction on qualifying premiums up to HKD8,000[21] per insured person each tax assessment year. The relationship between the taxpayer and the insured person must be included in the definition of “specified relatives” as set out in the Inland Revenue Ordinance (Cap. 112). The deduction is available for certified plans, but not any other optional benefits, with policy eff­ective date of 1 April 2019 or later. To facilitate the tax deduction process under your Hong Kong personal income tax return filing, you’ll receive Premium payment record from Bupa by the end of April each year.

TVC is a new type contribution to be offered in a Registered Scheme upon each MPF service provider’s decision, which can only be paid into a specific TVC account of a Registered Scheme, such as the Hang Seng Master Trust. The purpose of TVC is to provide eligible members a tax concession for voluntary contributions and to assist in member’s long term saving for a better retirement.

A TVC account allows any members to make tax deductible voluntary contributions starting from 1 April 2019.

Such contributions are voluntary in nature, and are subject to the same vesting, preservation and withdrawal restrictions applicable to mandatory contributions. TVC can only be made directly by the persons who fulfil the eligibility requirement. Therefore, involvement from the employers is not required.

TVC account holders can contribute into their TVC accounts via two methods:

  1. By monthly direct debit from as little as HKD300 per month. To set up or change your monthly direct debit arrangement in your TVC account, please complete the "Set up/Change of Regular Tax Deductible Voluntary Contributions Instruction Form".
  2. By lump sum TVC of HKD1,000 or more. This method provides Members with the flexibility to contribute into their TVC account whenever they want. Lump sum TVC can be made by cheque. For TVC account holders interested in making a lump sum TVC, please complete the "Tax Deductible Voluntary Contributions Lump Sum Deposit Form".
    Please note:
    • As you are accumulating your funds for retirement purposes, you should consider your personal circumstances before deciding the TVC amount to contribute.
    • TVC will have the same vesting, preservation and withdrawal requirements applicable to mandatory contributions. This also applies to contributions that are above the maximum tax deductible amount.

The maximum tax deductible amount under Hong Kong personal income tax for a tax assessment year is HKD60,000 and it is an aggregated limit for both TVC and qualifying annuity premiums.

The individual taxpayer (not the Trustee, Sponsor and/or other operators of the Hang Seng Master Trust) has to make tax deduction claim on the TVC amount in his/her tax return. If you are in doubt of your personal tax position, please consult your own advisor.

To facilitate the tax return filing by TVC account holders, the Trustee will provide a TVC summary to each TVC account holder in the Hang Seng Master Trust around 10 May after the end of the relevant year of assessment (i.e. before the end of a period of 40 days from the beginning of the next tax assessment year commencing on 1 April).

Call us

Life Insurance

(852) 2198 7838

Service hours:

Mon to Fri: 9:00 a.m. to 5:30 p.m.

Sat: 9:00 a.m. to 1:00 p.m.

Closed on Sunday and public holidays

Medical Insurance

(852) 2998 9886

Service hours:

Mon to Fri: 9:00 a.m. to 7:00 p.m.

Sat: 9:00 a.m. to 1:00 p.m.

Closed on Sunday and public holidays

MPF

(852) 2997 2838

Service hours:

Mon to Fri: 8:45 a.m. to 6:00 p.m.

Closed on Saturday, Sunday and public holidays

Need more help?

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Footnote

Other point(s) to note

  1. Hang Seng Bank Limited (“Hang Seng Bank”) shall have the right in accordance with the related guideline from regulators and relevant regulations to reject all insurance applications accepted retrospectively and to cease acting as agent of that policy accordingly.
  2. eIncomePro Deferred Annuity Plan (100% Guaranteed) is underwritten by Hang Seng Insurance (“HSIC”). HSIC is authorised and regulated by the Insurance Authority of the HKSAR. Hang Seng Bank Limited (“Hang Seng Bank”) is an insurance agent authorised by HSIC and the insurance products are products of HSIC 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 HSIC and you directly.
  3. Bupa Hero VHIS Plan (Advance) (F00040) is certified by the Health Bureau of Hong Kong and is underwritten by Bupa (Asia) Limited ("Bupa") which is authorised and regulated by the Insurance Authority in Hong Kong. Hang Seng Bank  is an insurance agent authorised by Bupa for distribution of this plan. Premium will be payable to Bupa upon enrolment in this plan. Bupa will provide Hang Seng Bank with the relevant commission and performance bonus in accordance with the selling of this plan. The existing sales staff remuneration policy offered by Hang Seng Bank will take into account various aspects of staff performance but not solely the sales amount. Health Coaching Services is provided by Bupa. In respect of an eligible dispute arising between Hang Seng Bank and the customer out of the selling process or processing of the related transaction, Hang Seng Bank is required to enter into a Financial Dispute Resolution Scheme process with the customer; however, any dispute over the policy terms or performance (claims and service) of the product should be resolved directly between Bupa and the customer.  Deleted, since it has already been defined above. 
  4. Hang Seng Bank Limited, is the Sponsor of Hang Seng MPF. Tax deductible voluntary contributions are accepted at the discretion of the MPF Trustee. The MPF Trustee reserves the absolute right not to accept any tax deductible voluntary contributions at any time.
  5. The information shown on this webpage is for illustrative purposes only.  The actual tax deductible and/or saving amount depends on the personal circumstances, which may be different from the amounts shown on this webpage. All the information included in this webpage is not intended to provide any form of tax advice. Hang Seng Bank or Hang Seng Insurance Company Limited do not provide tax advice. You are advised to exercise caution in relation to tax matters and this webpage. If you are in doubt about any of the contents of this webpage, you should obtain independent professional advice.  Please note that the tax law, regulations and/or interpretations are subject to change and may affect any related tax incentives including the eligibility criteria for a tax deduction. Hang Seng Bank or Hang Seng Insurance Company Limited is not responsible for informing you about any changes in laws, regulations or interpretations, and how they may affect you.
  6. The Voluntary Health Insurance Scheme Series are underwritten by Bupa (Asia) Limited which is authorised and regulated by the Insurance Authority in Hong Kong. Hang Seng Bank is an insurance agent authorised by Bupa for the distribution of the above plans. Premiums will be payable to Bupa upon enrolment in the above plans. Bupa will provide Hang Seng Bank with the relevant commission and performance bonus in accordance with the selling of the above plans. The existing sales staff remuneration policy offered by Hang Seng Bank will take into account various aspects of the staff performance but not solely the sales amount. HealthPro Concierge Service is provided by Bupa. In respect of an eligible dispute arising between the Hang Seng Bank and the customer out of the selling process or processing of the related transaction, Hang Seng Bank is required to enter into a Financial Dispute Resolution Scheme process with the customer; however any dispute over the policy terms or performance (claims and service) of the product should be resolved directly between Bupa and the customer. Please refer to the policy for the detailed coverage, general exclusions, terms and conditions.

Remark(s)

  1. Terms and Conditions apply, please note the relevant product risks and credit risks. eIncomePro Deferred Annuity Plan (100% Guaranteed) is underwritten by Hang Seng Insurance Company Limited.
  2. FortuneLife Deferred Annuity Life Insurance Plan is underwritten by Hang Seng Insurance Company Limited.
  3. The Voluntary Health Insurance Scheme Series are underwritten by Bupa (Asia) Limited.
  4. Investment involves risks. Terms and Conditions apply. The Sponsor of Hang Seng MPF scheme is Hang Seng Bank Limited.
  5. You should not invest based on the information shown on this page alone and should read the MPF Scheme Brochure.
  6. Investment involves risks. Past performance is not indicative of future performance. The value of financial instruments, in particular stocks and shares, and any income from such financial instruments, may go down as well as up. For further details including the product features and risks involved, please refer to the MPF Scheme Brochure.
  7. Important - if you are in doubt about the meaning or effect of the contents of the MPF Scheme Brochure, you should seek independent professional advice.
  8. Annuity Period refers to the period during which Monthly Guaranteed Annuity Income is payable. The Annuity Period of "eIncomePro" is 10 years.
  9. Monthly Guaranteed Annuity Income is payable on each monthiversary starting from the commencement date of the Annuity Period. The Monthly Guaranteed Annuity Income will be directly deposited into the designated Hang Seng Bank saving account.
  10. The actual time required maybe affected by various factors, including the environment, network, device, etc.
  11. Calculation based on the assumptions that the highest rate of the progressive tax rates applicable to both taxpayers is 17%, which remains the same throughout the premium payment period and Mr. Lee has applied one eIncomePro Deferred Annuity Plan (100% Guaranteed)  policy only and both of taxpayers in this example do not have any tax deductible MPF voluntary contributions account nor other QDAP policies during the 5 years premium payment period.
  12. Calculation based on the assumptions the maximum tax deduction for qualifying premiums paid under VHIS certified plan for each insured person for the applicable tax assessment year is HKD8,000; and the highest rate of the progressive tax rates applicable to the taxpayer is 17%.
  13. If you receive treatment at designated private hospitals in Hong Kong, you can enjoy cashless treatment for the following items: items (a) - (j) listed under 1) Basic Benefits and items (a) and (b) listed under 2) Enhanced Benefits in the Summary of Benefits for the Certified Plan. You need to follow the required procedures to enjoy cashless treatment. Please refer to the Policy and membership guide for details. For the list of designated private hospitals in Hong Kong, please visit hangseng.com/vhis-hero. This list is subject to change from time to time.
  14. Hong Kong taxpayer who has purchased an eligible health insurance plan (certified by the Health Bureau of Hong Kong as VHIS) can claim a tax deduction on qualifying premiums up to HKD8,000 per insured person each year. The relationship between the taxpayer and the insured person must be included in the list of “specified relatives” in the Inland Revenue Ordinance (Cap. 112). You can claim the deduction in the same tax year when the premium was paid. The deduction is available for certified plans with policy effective date of 1 April 2019 or later. There is no limit on the number of insured persons and/or policies claimed by each taxpayer. Policies purchased for a domestic partner, grandchild(ren) or domestic partner’s parents / children are not eligible for tax deduction.
  15. Calculation based on the assumptions that Miss Chan only has one eIncomePro Deferred Annuity Plan (100% Guaranteed) and one Hang Seng MPF TVC account and do not have any VHIS certified plan and any other QDAP policies or other TVC account during the tax assessment year; the maximum total tax deductions for qualifying annuity premiums and MPF tax deductible voluntary contributions for the applicable tax assessment year is HKD60,000; and the highest rate of the progressive tax rates applicable to the taxpayer is 17%.
  16. Calculation based on the assumptions that the highest rate of the progressive tax rates applicable to taxpayer is 17%, which remains the same throughout the premium payment period and Mr. Cheung has applied one FortuneLife Deferred Annuity Life Insurance Plan policy only and do not have any tax deductible MPF voluntary contributions account nor other QDAP policies during the 10 years premium payment period.
  17. Based on a progressive tax rate of personal income tax of 17% and a member paying HKD60,000 of TVC during the tax assessment year. The actual tax savings depend on your personal circumstances.
  18. Calculation based on the assumptions that Mr. Chan only has one Hang Seng MPF TVC account and one Bupa MyBasic VHIS Plan and do not have any Qualifying Deferred Annuity Policy or other TVC account and other VHIS certified plan during the tax assessment year.
  19. The annual contribution to the TVC account is HKD60,000 and the annual qualifying premium paid under the VHIS certified plan is HKD2,063.
  20. Information is from Insurance Authority website.
  21. The maximum tax deduction for qualifying premiums paid under VHIS certified plan for each insured person for the year of assessment 2019/2020 onwards is HKD8,000.  It is subject to change in tax law, regulations and/or interpretations.  The actual tax deductible amount depends on the personal circumstances.
  22. To borrow or not to borrow? Borrow only if you can repay!
  23. eIncomePro is certified by the Insurance Authority ("IA") as a Qualifying Deferred Annuity Policy ("QDAP"). However, the IA certification is not a recommendation or endorsement of the policy nor does it guarantee the commercial merits of the policy or its performance. It does not mean the policy is suitable for all policyholders nor is it an endorsement of its suitability for any particular policyholder or class of policyholders. The policy has been certified by the IA but such certification does not imply official recommendation. The IA does not take any responsibility for the contents of the product brochure of the policy, makes no representation as to its accuracy or completeness, expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of the product brochure of the policy. The QDAP status of this product does not necessarily mean you are eligible for tax deduction available for QDAP premiums paid. This product’s QDAP status is based on the features of the product as well as certification by the IA and not the facts of your own situation. You must also meet all the eligibility requirements set out under the Inland Revenue Ordinance and any guidance issued by the Inland Revenue Department of the HKSAR before you can claim these tax deductions. Any general tax information provided is for your reference only, and you should not make any tax-related decisions based on such information alone. Please note that only the premium paid net of any marketing offers (e.g. discount, premium waiver, etc.) might be eligible for tax concession and the actual tax benefits of this Policy depend on your personal tax position (e.g. salaries income and assessable profits) and you should always consult a professional tax advisor if you have any doubts. Please note that the tax law, regulations or interpretations are subject to change and may affect related tax benefits including the eligibility criteria for tax deduction. We have no responsibility to inform you about any changes in the laws and regulations or interpretations, and how they may affect you. Further information on tax concessions applicable to QDAPs may be found at www.ia.org.hk .