HSBC Life Tax Saving Plans

Enjoy retirement income and health protection with tax deductions

Protecting your health and wealth are equally important as you plan for your future well-being. Our qualifying deferred annuity plans and voluntary health insurance scheme plans are insurance plans that let you do just that while allowing you to enjoy potential tax savings of up to HK$68,0001!

Start planning for the future you want. Apply now and enjoy premium discounts!

Speak with us

Call the appointment / application hotline at (852) 2233 3130
(Monday to Friday from 11:00am to 7:30pm except public holidays)

Visit an HSBC branch

 

Retire wealthy


Worry-free healthcare
  Qualifying Deferred Annuity Plans (QDAP) Voluntary Health Insurance Scheme Certified Plans (VHIS)
Features Qualifying deferred annuity plans are insurance plans that accumulate your premiums over an accumulation period, and turn them into a stable stream of income to cover your retirement expenses when the accumulation period ends. Indemnity health insurance plans that offer the extra option of private healthcare solutions, with two types of certified plans, Standard Plan and Flexi Plan.
Tax Benefits Enjoy potential tax savings of up to HKD60,000 per person or HKD120,000 as a married couple per year2. Enjoy potential tax savings of up to HKD8,000 per insured person per year3.
Available Plans

HSBC Income Goal Deferred Annuity Plan

  • Pay in for 5 or 10 years
  • Get a monthly annuity payment after an accumulation period of 10, 15 or 20 years, or accrue them with interest.
  • Receive a non-guaranteed special bonus at the commencement of the annuity period and accumulate with interest (if any) which forms part of a non-guaranteed annuity payment
  • Life insured persons aged 26 to 65 can apply.
Learn more

HSBC EarlyIncome Deferred Annuity Plan

  • Pay in for 5 years
  • Receive a monthly annuity payment for 20 years or up to age 99 after the accumulation period.
  • Unpaid annuity can be succeeded by beneficiaries
  • Life insured persons aged 46 to 70 can apply.
Learn more

 

The above plans are certified by the Insurance Authority as qualifying deferred annuity policies.

Underwritten by HSBC Life (International) Limited. Policyholders are subject to the credit risk of HSBC Life and early surrender loss. T&Cs apply

HSBC VHIS Flexi Plan

  • Get fully covered for hospitalisation and surgical fees without any sub-limits.
  • Insure yourself for eligible cancer treatment expenses, both surgical and non-surgical.
  • Get covered for post-surgery recovery expenses such as physiotherapy and rehabilitation.
  • Cashless arrangement for hospitalisation in Hong Kong upon pre-authorsation.
Learn more

HSBC VHIS Standard Plan

  • Enjoy guaranteed policy renewals up to age 100
  • Get covered against unknown pre-existing conditions.4
  • No lifetime benefit limits - claim up to HKD420,000 per policy year for the treatments you need.
  • Get covered for core hospital expenses
Learn more

This is a Food and Health Bureau certified VHIS standard plan and flexi plan.

Underwritten by HSBC Life (International) Limited. Policyholders are subject to the credit risk of HSBC Life. T&Cs apply

VHIS Provider Registration Number: 000425.

Limited Time Offers
Get up to 10% off your first year premium

Offer ends 30 September 2020.
T&Cs apply

Get up to 20% off your first year premium

Enjoy a 10% discount off your first year premium when you apply for Flexi Plan.
Offer ends 30 Sep 2020.
T&Cs apply

In addition, family plans can enjoy an extra 10% discount!

Get HKD500 Mannings coupons

Apply for Flexi Plan with first year annual premium HKD8,000 or above to enjoy the offer.
Offer ends 30 September 2020.
T&Cs apply

Qualifying deferred annuity plans Voluntary health insurance plans


Retire wealthy
Qualifying Deferred Annuity Plans (QDAP)
Features Qualifying deferred annuity plans are insurance plans that accumulate your premiums over an accumulation period, and turn them into a stable stream of income to cover your retirement expenses when the accumulation period ends.
Tax Benefits Enjoy potential tax savings of up to HKD60,000 per person or HKD120,000 as a married couple per year2.
Available Plans

HSBC Income Goal Deferred Annuity Plan

  • Pay in for 5 or 10 years
  • Get a monthly annuity payment after an accumulation period of 10, 15 or 20 years, or accrue them with interest.
  • Receive a non-guaranteed special bonus at the commencement of the annuity period and accumulate with interest (if any) which forms part of a non-guaranteed annuity payment
  • Life insured persons aged 26 to 65 can apply.
Learn more

HSBC EarlyIncome Deferred Annuity Plan

  • Pay in for 5 years
  • Receive a monthly annuity payment for 20 years or up to age 99 after the accumulation period.
  • Unpaid annuity can be succeeded by beneficiaries
  • Life insured persons aged 46 to 70 can apply.
Learn more

The above plans are certified by the Insurance Authority as qualifying deferred annuity policies.

Underwritten by HSBC Life (International) Limited. Policyholders are subject to the credit risk of HSBC Life and early surrender loss. T&Cs apply

Limited Time Offers
Get up to 10% off your first year premium

Offer ends 30 September 2020.
T&Cs apply


Worry-free healthcare
Voluntary Health Insurance Scheme Certified Plans (VHIS)
Features Indemnity health insurance plans that offer the extra option of private healthcare solutions, with two types of certified plans, Standard Plan and Flexi Plan.
Tax Benefits Enjoy potential tax savings of up to HKD8,000 per insured person per year3.
Available Plans

HSBC VHIS Flexi Plan

  • Get fully covered for hospitalisation and surgical fees without any sub-limits.
  • Insure yourself for eligible cancer treatment expenses, both surgical and non-surgical.
  • Get covered for post-surgery recovery expenses such as physiotherapy and rehabilitation.
  • Cashless arrangement for hospitalisation in Hong Kong upon pre-authorsation.
Learn more

HSBC VHIS Standard Plan

  • Enjoy guaranteed policy renewals up to age 100
  • Get covered against unknown pre-existing conditions.4
  • No lifetime benefit limits - claim up to HKD420,000 per policy year for the treatments you need.
  • Get covered for core hospital expenses
Learn more

This is a Food and Health Bureau certified VHIS standard plan and flexi plan.

Underwritten by HSBC Life (International) Limited. Policyholders are subject to the credit risk of HSBC Life. T&Cs apply

VHIS Provider Registration Number: 000425.

Limited Time Offers
Get up to 20% off your first year premium

Enjoy a 10% discount off your first year premium when you apply for Flexi Plan.
Offer ends 30 Sep 2020.
T&Cs apply

In addition, family plans can enjoy an extra 10% discount!

Get HKD500 Mannings coupons

Apply for Flexi Plan with first year annual premium HKD8,000 or above to enjoy the offer.
Offer ends 30 September 2020.
T&Cs apply

Learn more about smart tax deduction

Download A Trio of Tax Savers

 

Calculate how much you can potentially save on tax

Enter the following amounts for your year of assessment

1. Net chargeable Income
HKD

Net chargeable income is your total income NET of all allowances and allowable deductions (excluding QDAP and VHIS premiums)

2. Deductions for premium paid to QDAP
HKD

Each person could be eligible for a tax deduction of up to HKD60,000 for each year of assessment with an aggregate amount of QDAP premiums and contributions to a TVC account.

A taxpaying couple is allowed to allocate tax deduction for QDAP amongst themselves to claim the total deductions of HKD120,000, provided that the deduction claimed by each person does not exceed HKD60,000.

3. Deductions for premium paid to a VHIS Policy

Each person who or whose spouse is the policyholder of a VHIS policy can claim a tax deduction of up to HKD8,000 per insured person per year for the premiums paid for a VHIS policy. The insured person should be the taxpayer himself or any specified relative in the year of assessment. For more details, please refer to www.ird.gov.hk

  No. of insured person(s) - including the taxpayer or specified relative(s)

The insured person(s) 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. For more details, please click here

  Total amount of deductible premiums
HKD

The maximum deduction allowable is capped at HKD8,000 for each insured person.

If a taxpayer purchased VHIS policies and paid qualifying premiums for himself and his wife in the amounts of HKD10,000 and HKD6,000 respectively, he can claim a total deduction of HKD14,000 (capped at HKD8,000 for his own VHIS policy, and HKD6,000 for his wife’s VHIS policy).

For more details, please click here

Details on net chargeable income and deductions for premiumsEdit

1. Net chargeable income
HKD (nil)
2. Deductions for premium paid to QDAP
HKD (nil)
3. Deductions for premium paid to a VHIS Policy
   No. of insured person(s) 
(nil)
   Total amount of deductible premiums
HKD (nil)

Approximate tax amount you can potentially save with QDAP premium and / or VHIS premium for a year of assessment:

HKD

Reset

The above calculator makes calculations based on progressive tax rates. For standard tax rates, the amount of potential tax savings will be total qualifying premiums x15%.

Any information listed or figures calculated on this website and calculator are for reference and general information only. They are not intended to constitute a recommendation or advice to any prospective customer and are not intended as a substitute for professional advice.  Neither HSBC Life nor HSBC 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 website, or your reliance on or use or inability to use the information contained on this website.

 

Insurance Guide


Remarks

  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. 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.
  3. 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
  4. 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.
  5. 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.