QDAP X VHIS
HSBC Life — your No. 1 Life Partner

End Notes

1. The maximum tax deduction amount is calculated based on the assumption that a taxpayer paying a total of HKD60,000 of premiums under the qualifying deferred annuity policy and HKD8,000 of premiums under the VHIS policy after deducting all premium discounts (not including levy on both premiums) during the relevant year of assessment. The actual tax saving may be lower than the illustrated amount and will be subject to review and agreement by the Inland Revenue Department.
2. According to the provisional statistics of the Hong Kong insurance industry released by the Insurance Authority, HSBC Life continued to rank first in Hong Kong for individual life New Business Premiums in Q3 2022.
3. Source: HSBC Life Hong Kong 1H 2022 Strategic Net Promoter Scores report.
4. Source: Annual Statistics for Long-term Business 2020 issued by the Insurance Authority (Individual Insurers' Statistics: Total Individual Annuity New Business).
5. Based on the highest rate (17%) of the progressive tax rates and a tax payer paying HKD60,000 of a qualifying deferred annuity policy during the relevant year of assessment. A taxpaying couple can also claim a total deduction of HKD120,000 provided that the deductions claimed by each taxpayer do not exceed the individual limits.
6. The insured person should be the taxpayer or any specified relatives, which cover the taxpayer's spouse and children, and the taxpayer's or his/her spouse's grandparents, parents and siblings. Tax deduction eligibility is only applicable to policyholders or his/her spouse who are Hong Kong taxpayers. Tax deductions for the qualifying premiums paid under a VHIS policy (not including levy) will be based on the premiums paid after deducting the premium discount (if any). The actual tax saving may be lower than the illustrated amount and will be subject to review and agreement by the Inland Revenue Department on a case by case basis. For more information, please refer to www.ird.gov.hk
7. Pre-existing condition(s) shall mean, in respect of the insured person, any sickness, disease, injury, physical, mental or medical condition or physiological degradation, including congenital condition, that existed prior to the policy issuance date or the policy effective date, whichever is the earlier. An ordinary prudent person shall be reasonably aware of a pre-existing condition, where - (a) it has been diagnosed; (b) it has manifested clear and distinct signs or symptoms; or (c) medical advice or treatment has been sought, recommended or received. HSBC Life may impose case-based exclusion(s) to the pre-existing condition(s) notified to HSBC Life in the application for the plan and any subsequent information or document submitted to HSBC Life for the purpose of the application. An unknown pre-existing condition(s) refers to any pre-existing condition(s) that the policy holder and/or insured person was not aware of and would not reasonably have been aware of at the time of application. Please refer to the policy provisions for the full terms and conditions.
8. Medical Concierge Service is not a part of the policy in respect of HSBC VHIS. For more details, please refer to the detailed terms and conditions on HSBC website of VHIS Flexi Plan.
9. To learn more about the list of HSBC VHIS certified plans, please click here. For certification number of HSBC VHIS Standard Plan, please click here. For certification numbers of HSBC VHIS Flexi Plans, please click here.

Tax Implications

Qualifying Deferred Annuity Insurance Policy: The certification status of the above QDAPs do not automatically guarantee that you will be eligible for a tax deduction for QDAP premiums you have paid. The certification status of the QDAPs is based on the features of the product as well as their compliance with the criteria set out in the guideline issued by the Insurance Authority (“IA”); not necessarily matters regarding other tax related criteria or your personal situation. Before claiming any tax deductions, you must meet all eligibility requirements set out in the provisions under the Inland Revenue Ordinance, while following the guidance issued by the Inland Revenue Department (“IRD”) of the Hong Kong SAR. Please note that the actual tax benefits of these policies would depend on your personal tax position and there might not be tax deductions benefits if you are not subject to salaries tax and personal assessment in the relevant year of assessment. You should refer to the website of the IRD (www.ird.gov.hk) or contact the IRD directly for any tax related enquiries.

Voluntary Health Insurance Scheme: Tax deduction eligibility is only applicable to policyholders or his/her spouse who are Hong Kong taxpayers. Tax deduction for the qualifying premiums paid under VHIS policy (not including levy) will be based on the premiums paid after deducting the premium discount (if any). For more information, please refer to www.ird.gov.hk or seek independent tax advice.

Disclaimer

Please refer to the product brochures of the respective products for their detailed product features and associated risks, and please refer to the policy provisions for the detailed terms and conditions.

Qualifying Deferred Annuity Policies and Voluntary Health Insurance Policies mentioned on this webpage are not any kind of bank deposit or bank savings plan. Both are underwritten by HSBC Life (International) Limited (“HSBC Life”) and are intended only for sale in the Hong Kong SAR. HSBC Life is incorporated in Bermuda with limited liability, and is one of the HSBC Group’s insurance underwriting subsidiaries. HSBC Life is authorised and regulated by the Insurance Authority (“IA”) of the Hong Kong SAR to carry on long-term insurance business in the Hong Kong SAR. Policyholders are subject to the credit risk of HSBC Life. If the policyholder discontinues and / or surrenders the Qualifying Deferred Annuity Policies in the early policy years, the amount of the benefit he / she will get back may be considerably less than the amount of the premium he / she has paid.

Any information listed and figures calculated on this website are for reference only. They are not intended to constitute a recommendation or advice to any prospective customers and are not intended as a substitute for professional advice. You should not act on any information on this website, without seeking specific professional advice. You may find the wealth management plan you need by undertaking an assessment for financial planning. This website provides general information issued from publicly available sources. HSBC Life or HSBC do not provide any form of tax advice. You are advised to seek independent tax advice if in doubt. In no event will HSBC Life or HSBC be liable for any damages, losses or liabilities including without limitation, direct or indirect, special, incidental, consequential damages, losses or liabilities, in connection with your or any third party’s use of this on this website, or your reliance on or use or inability to use the information contained on this webpage.

If you are in doubt about the meaning or the effect of the contents on this website, you should seek independent professional advice. Please note that the tax law, regulations and / or interpretations are subject to change and may affect any related tax benefits including the eligibility criteria for a tax deduction. HSBC Life or HSBC are not responsible for informing you about any changes in laws, regulations or interpretations, and how they may affect you. Further information regarding tax concessions applicable to Qualifying Deferred Annuity Policies and Voluntary Health Insurance Policies may be found at the webpage of the Insurance Authority: www.ia.org.hk.

The Hongkong and Shanghai Banking Corporation Limited (referred to as "HSBC") is an insurance agent of HSBC Life for the distribution of life insurance products. For monetary disputes arising between HSBC and you out of the selling process or processing of the related transaction, HSBC will enter into a Financial Dispute Resolution Scheme process with you; however any dispute over the contractual terms of the product should be resolved between HSBC Life and you directly.