Manulife has unveiled a range of tax-deductible solutions aimed at Hong Kong residents, from health wellbeing to retirement planning.
These comprise the certified Standard Plan and Flexi Plan under the HKSAR government's Voluntary Health Insurance Scheme (VHIS), and the MPF Tax Deductible Voluntary Contributions (TVC) account. Manulife Hong Kong also announced the plan to introduce a certified Qualifying Deferred Annuity Policy (QDAP).
"Manulife is proud to be a top insurance brand and we value the importance of providing our customers with more insurance options for healthcare services and retirement planning. With the growth of aging population and the hike of medical cost in Hong Kong, we are pleased to offer our customers better coverage through the latest array of health and retirement solutions, which we are announcing today," said Guy Mills, chief executive officer of Manulife Hong Kong.
Manulife is proud to be a top insurance brand and we value the importance of providing our customers with more insurance options for healthcare services and retirement planning"
The Manulife First VHIS Flexi Plan offers customers health protection through nine options, including different ward class choices and additional reimbursement amounts for excess medical expenses. Customers can enjoy extra protection with the plan's benefit of up to 100% medical expenses reimbursement. They are also free to choose their preferred doctor or hospital for treatment.
"Our recent survey found that those without insurance protection expect to use their personal savings to pay over 80% of their medical bills in case of serious illness. That is a huge burden for most people and a significant stress to live with. We believe many Hong Kong people can fill this gap by buying the new VHIS plans while enjoying tax concessions," said Mills.
Under the VHIS plans, eligible premiums can be tax-deductible for up to HK$8,000 per insured person per tax year. This benefit is also applicable to certified plans purchased for an unlimited number of eligible dependents.
As the largest MPF scheme sponsor, Manulife managed 23% of Hong Kong's total MPF assets as of the end of 2018. Leveraging this know-how, Manulife's TVC account aims to help the city's working population boost their retirement savings while unlocking the new tax concessions. The maximum tax-deductible limit for TVC and QDAP premiums is set at HK$60,000 per taxpayer per tax year.
TVC account members will be provided with flexible options to make extra contributions, including the contribution amount, and payment on a monthly or lump sum basis4. Manulife's TVC account members will have a broad choice of MPF funds to pick from for their additional contributions. T
Manulife's planned QDAP product is another choice for the city's workforce to secure stable income in retirement. This tax-deductible annuity is expected to be launched shortly, subject to regulatory approval.