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Enjoy up to HKD23,1202 tax savings with wealthy retirement and health protection solutions

Contact Our Insurance Specialist
People, Person, Head

Enjoy up to HKD23,1202 tax savings with wealthy retirement and health protection solutions

To cope with the uncertainties in the future, you need comprehensive financial planning and protection. Choosing the tax deduction solutions that suit you to make the most of your tax allowance and reduce the tax burden for you and your family.

Simply apply for Qualifying Deferred Annuity Plan (QDAP), and Voluntary Health Insurance Scheme (VHIS)¹ underwritten by Prudential via Standard Chartered and Tax Deductible Voluntary Contributions (‘TVC’), a product of Manulife distributed by Standard Chartered, and you will be able to fulfil 3 WISHES including Tax Saving, Money Saving and Enhanced Protection with an individual tax-deductible limit of up to HKD68,000² and a first-year premium refund³. You and your spouse can even enjoy tax savings of up to HK23,120² by applying for Qualifying Deferred Annuity Plan / TVC and VHIS plans together!

“Prudential”: Prudential Hong Kong Limited (Part of Prudential plc (United Kingdom))
“Standard Chartered”: Standard Chartered Bank (Hong Kong) Limited
“Manulife”: Manulife (International) Limited (Incorporated in Bermuda with limited liability)

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RETIREMENT
Qualifying Deferred Annuity Plan underwritten by Prudential (QDAP)
Get monthly annuity income while enjoying tax savings
  • To fund your retirement, you’ll need about 300 times your monthly expenses5. For such a large sum of money, it’s never too early to start saving and planning.
  • Through Qualifying Deferred Annuity Plan (QDAP) underwritten by Prudential, you can plan for your retirement life while having tax-deductible limit of up to HKD60,000 per year2
Available Products – PRURetirement Deferred Annuity Plan
  • Provide you with 10 or 20 years of monthly annuity
  • Sign and go – medical examination is not required
Limited Time Offer
  • Enjoy 25% premium refund of the first year annualised premium3
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RETIREMENT
Tax Deductible Voluntary Contributions, a product of Manulife (TVC)
Save more for retirement while enjoying tax savings
  • Looking for ways to boost your retirement savings on your own terms?
  • Powered by Manulife’s MPF scheme with the most extensive fund choices in Hong Kong6, we provide you with the Tax Deductible Voluntary Contributions (“TVC”) option where you can apply for a tax-deductible limit of up to HKD60,000 per year2
Available Products – Tax Deductible Voluntary Contributions (‘TVC’) account
  • Choose the amount and frequency of TVC contribution based on your financial situation, and make amendments anytime7
  • Enjoy more prestige banking services by include TVC contributions in our Bank’s Relationship Balance8
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HEALTH PROTECTION
Voluntary Health Insurance Scheme underwritten by Prudential (VHIS)
Enhance your medical protection while enjoying tax savings
  • Is your company’s group medical insurance coverage sufficient?
  • The Voluntary Health Insurance Scheme (VHIS) series underwritten by Prudential provides one more layer of protection for you. You can also apply for tax deduction on qualifying premiums of up to HKD 8,000 per life assured per year2
Available Products – PRUHealth CoreChoice Medical Plan
  • Guaranteed renewal up to age 100
  • Cover for unknown pre-existing and congenital conditions
  • Learn More
Available Products – PRUHealth VHIS EasyChoice Plan
  • Guaranteed lifetime renewal
  • Cover for unknown pre-existing and congenital conditions
  • Choose from 3 covered room levels for different level of coverage in terms of treatment and accommodation
  • Learn More
Available Products – PRUHealth VHIS VIP plan
  • Guaranteed lifetime renewal with lifetime cover of HKD 56,000,000
  • Cover for unknown pre-existing and congenital conditions
  • If you already have a group medical insurance plan, you can opt for a deductible at a lower premium for higher coverage
  • Learn More
Limited Time Offer
  • Enjoy 30% premium refund of the first year annualised premium3,4

Tax Saving Example

Qualifying Deferred Annuity Plan (QDAP) / Tax Deductible Voluntary Contributions (TVC)
Voluntary Health Insurance Scheme (VHIS)
Tax Savings2

(Calculated Based on 17% of Marginal Tax Rate)

Individual

Tax Deductible Limit: HK$ 60,000

Tax Saving: HK$ 10,200

Married Couple (both must be Hong Kong taxpayers)

Tax Deductible Limit: HK$ 120,000

Tax Saving: HK$ 20,400

The maximum tax-deductible amount is HKD60,000 per assessment year under salaries tax and personal assessment. This is an aggregate limit for both QDAP and TVC in aggregate.

Tax Savings2

(Calculated Based on 17% of Marginal Tax Rate)

Individual:

Tax Deductible Limit: HK$ 8,000

Tax Saving: HK$ 1,360

Married Couple (both must be Hong Kong taxpayers)

Tax Deductible Limit: HK$ 16,000

Tax Saving: HK$ 2,720

Contact us

I am interested in Insurance Product

  • Visit our branch to perform Financial Needs Analysis and review the protection policies to start the tax saving journey!

I am interested in MPF

Disclaimer, Remarks and Important Notes

Disclaimer

Insurance

This webpage is intended to be valid in Hong Kong only and shall not be construed as an offer to sell or solicitation to buy or provision of any insurance product outside Hong Kong. Prudential and Standard Chartered do not offer or sell any insurance product in any jurisdictions outside Hong Kong in which such offering or sale of the insurance product is illegal under the laws of such jurisdictions. This webpage does not constitute a contract of insurance or an offer, invitations or recommendation to any person to enter into any contract of insurance or any transaction described therein or any similar transaction.

The life insurance plans are life insurance products and are not bank deposit. They are underwritten by Prudential Hong Kong Limited (Part  of Prudential plc (United Kingdom)) (“Prudential”). Some of these plans may have a savings element and are not an alternative to ordinary savings or time deposits. Part of the premium pays for the insurance and related costs. Standard Chartered Bank (Hong Kong) Limited (“Standard Chartered”) is an insurance agent of Prudential.

You can always choose to take out the above-mentioned plan(s) as a standalone plan without enrolling with other type(s) of insurance product at the same time, unless such plan(s) is/are only available as a supplementary benefit which needs to be attached to a basic plan. If you want to know more about all other eligible tax deduction products provided by Prudential or other companies that cooperate with the Bank, please inquire with the Bank Staff.

The material and information contained on this webpage should be read in conjunction with the relevant product brochure and for the risk disclosure, please refer to the product brochure.

MPF

This webpage does not constitute any offer, invitations or recommendation to any person to enter into any scheme or any transaction described therein or any similar transaction. This webpage has not been reviewed by the Securities and Futures Commission or any regulatory authority in Hong Kong.

Standard Chartered Bank (Hong Kong) Limited is a distributor of the MPF scheme, a product of Manulife (International) Limited (Incorporated in Bermuda with limited liability) (“Manulife”). In respect of an eligible dispute arising between the Bank and the customer out of the selling process or processing of the related transaction, the Bank is required to enter into a Financial Dispute Resolution Scheme process with the customer; however, any dispute over the governing rules of Manulife’s MPF scheme should be resolved directly between Manulife and the customer.

Investment involves risk. Price of units of any constituent funds and the income from them may go down as well as up. Past performance is not an indicative of future performance. Before making any investment decision to invest in a scheme, members should read the MPF Scheme Brochure for more detailed information (including risk factors, fees and charges) on the scheme and its constituent funds. Investors should ensure they fully understand the risks associated with the scheme and should also consider their own investment objective and risk tolerance level. If in doubt, please seek independent financial and professional advice.

Tax

All of the above general tax information provided is for reference only, whether to apply for insurance coverage or TVC is your own individual decision. You should always consult with 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 do not take any responsibility to inform you about any changes in the laws and regulations or interpretations, and how they may affect you. You must meet all the eligibility requirements set out under the Inland Revenue Ordinance and any guidance issued by the Inland Revenue Department of the Hong Kong Special Administrative Region before they can claim the relevant tax relief. Please note that the Plan may be sold to the person(s) aged 65 or above, who may have plan to retire or retired during the premium payment period of the Plan. In this case, you may wish to further visit your eligibility of tax deduction for your premiums paid during the premium payment period and seek your independent tax advice as appropriate. For further information on tax concessions applicable to Qualifying Deferred Annuity Plan / VHIS plans / TVC account, please refer to http://www.ia.org.hk/en or www.vhis.gov.hk/en/ or https://www.mpfa.org.hk/en.

Remarks

1. Designated Prudential Voluntary Health Insurance Plan coverage are subject to plans, please refer to relevant product brochure and policy document and read carefully.

2. The maximum tax-deductible amount of each Hong Kong taxpayer is HKD60,000 per assessment year under salaries tax and personal assessment. This is an aggregate limit for both Qualifying Deferred Annuity Plan and MPF Tax Deductible Voluntary Contribution annuity premium in aggregate. The total deduction of HK$120,000 can be divided among married couples, but both must be Hong Kong taxpayers, and the deduction applied by each taxpayer cannot exceed the personal limit. HK$8,000 is the upper limit of tax deduction for each insured person of approved products under the Voluntary Health Insurance Scheme. The illustration of tax savings for a married couple of HKD23,120 is calculated by (HKD68,000 x 2) x 17% where 17% represent the maximum tax-deductible amount and the current highest progressive tax rate respectively. However, please note that this is for illustration only; in particular, not every taxpayer will enjoy HKD23,120 in tax savings as the actual amount of tax savings varies, depending on, for example, the taxpayer’s net taxable income, applicable tax rate, tax allowances and deductions entitled as well as the premium amount of TVC, Qualifying Deferred Annuity and Voluntary Health Insurance Scheme premiums, etc. The above figures are for reference only. The issuance of this plan does not necessarily mean you are eligible for any tax deduction for the premiums you have paid for this plan. For further information on tax deduction of this plan, please contact the Inland Revenue Department. We cannot provide you with any tax advice. If you have doubts, you should seek professional advice. Policyholders must meet all the eligibility requirements set out under the Inland Revenue Ordinance and any guidance issued by the Inland Revenue Department of the Hong Kong Special Administrative Region before they can claim the relevant tax relief.

3. The promotion period is from 5 January 2024 to 31 March 2024. Terms and conditions apply.

4. The amount of the premium refund will be credited to the premium deposit account of the eligible policy in 2 batches (i.e., 1st batch: 15% and 2nd batch: 15%). For details of the refund, please refer to clause 6 of the terms and conditions of Prudential Life Insurance Plan -VHIS Plan Promotion.

5. Calculation for reference only. The Rule of 300 is derived from “4% Rule” introduced in 1998 to estimate the total amount of expenses you need after retirement, which is the annual expenses divided by 4% (assuming the annual investment returns are 4% and to be used as annual retirement expenses). For example, if the monthly expenses after retirement are $30,000, simply multiply $30,000 by 12 months and divide the amount by 4%, the total amount needed after retirement will be $9,000,000 ($30,000 x 300 times). Source: Philip L. Cooley, Carl M. Hubbard, and Daniel T. Walz (1998), Retirement Spending: Choosing a Sustainable Withdrawal Rate. The Journal of the American Association of Individual Investors, February 1998 issue.

6. Source: Calculated based on MPF Fund Platform from MPFA website as of 31 August 2020, in terms of the number of constituent funds of each MPF scheme.

7. Subject to the rules of the MPF scheme. Withdrawal upon retirement at age of 65 or on other statutory grounds under the MPF legislation.

8. Please refer to the Opt-in/Opt-out Request Form and the definition of Relationship Balance in the booklet of “Service Charges – An easy guide to banking fees”.

Important notes:

A. The above Promotion is subject to all the terms and conditions of the Promotion.

B. Levy payable will not be counted towards Premium Requirement.

C. Prudential and Standard Chartered shall have the right, without prior notice, to terminate the Promotion or to amend any of the terms and conditions as provided herein. In the event of any dispute, applicants accept that the final decision of Prudential and Standard Chartered shall be binding upon them.

D. In the event of any disputes regarding the eligibility for and entitlement to the offer, Manulife’s decision shall be final and conclusive.