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Enjoy up to HKD23,0002 tax savings with suitable tax deduction solutions

Person, Human, People

Enjoy up to HKD23,0002 tax savings with suitable tax deduction solutions

To cope with the uncertainties in the future, you need comprehensive financial planning and protection. Choosing the tax deduction solutions that suit you helps 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 and Voluntary Health Insurance Scheme (VHIS)¹ underwritten by Prudential via Standard Chartered, and you will be able to fulfil three wishes including tax saving, money saving and 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 and VHIS plans together!

Enjoy individual tax-deductible limit of up to HKD68,000 per year² by applying both Qualifying Deferred Annuity Plan and VHIS Plan¹ underwritten by Prudential via Standard Chartered.

Tax Deduction Solution
Tax-deductible Limit
Tax Savings
(calculated based on 17% of marginal tax rate)
VHIS Plan HKD8,000 per person Individual Married Couple
HKD1,360 HKD2,720
Qualifying Deferred Annuity Plan HK$60,000 per person HKD10,200 HKD20,400
Total Tax Savings HKD11,560 HKD23,120

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 under the VHIS, 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.

Limited Time Premium Refund Offer (From now till 30 September 2022)3

Apply Qualifying Deferred Annuity Plan underwritten by Prudential

  • To enjoy up to 15% premium refund of the first year annualized premium

Apply VHIS series underwritten by Prudential

  • Basic offer: to enjoy up to 25% premium refund of the first year annualized premium⁴
  • Extra offer: apply together with your family member(s) to enjoy up to 50% premium refund of the first year annualized premium⁴

Contact us

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

Disclaimer and Important Notes

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 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.

The life insurance plans are life insurance products and are not bank deposit. They are underwritten by Prudential Hong Kong Limited (A member of Prudential plc group) (“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.

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.

3.The promotion period is from Now to 30 September 2022. The above Promotion is subject to all the terms and conditions of the Promotion. Premium Refund of the First Year Annualised Premium is available to clients who have successfully applied for the Eligible Plan(s) that meets the applicable requirements stated in the terms and conditions of the Promotion. For premium refund details, please refer to the terms and conditions of the Promotion.

4. The premium refund on Basic Offer and Extra Offer (if applicable) will be credited to the premium deposit account of the eligible policy in 2 batches. For details of the refund, please refer to clause 7 of the terms and conditions of the Promotion.

5. Family member(s) include the legal spouse, children, parents, siblings, parents-in-law, children-in-law, grandparents and grandchildren, nephew/niece, aunt/uncle, cousins, fiancé/ fiancée, stepfather/stepmother, stepchildren (the “Family Member(s)”).

For product details of the relevant insurance plan, please refer to relevant product brochure and policy document. Standard Chartered is an insurance agent of Prudential. All of the above general tax information provided is for reference only, whether to apply for insurance coverage 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. 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. For further information on tax concessions applicable to Qualifying Deferred Annuity Plan / VHIS plans, please refer to www.ia.org.hk/en or www.vhis.gov.hk/en/.

Important notes:

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

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

3.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.