Each time you pay a premium, by law you must now also pay the levy.  Levy will also be taken into account for other transactions such as premium amendments, refunds and surrenders.   The levy will be collected through existing payment arrangements. 

For new policies, your Financial Consultant will be able to tell you the amount of levy imposed on your policy, which will be included in your Proposal or you may contact our usual AXA Customer Service Hotline for further information.

For existing policies, levy will be included on the Policy Anniversary Statement or Renewal Notice.  You can also contact your Financial Consultant or usual AXA Customer Service Hotline to find out how much levy has been imposed on your policy, or can request a proof of levy once total payment (levy and premium) has been received.

AXA will calculate the levy as prescribed by the Insurance Authority, and in general will communicate as a single amount – levy and premium together.

Levy will start being collected for polices with a Policy Inception date (for new polices) or an Anniversary / Renewal date on or after 1 January 2018.

AXA’s new business, renewal and anniversary documents are generally issued ahead of Policy Inception date or Policy Anniversary / Renewal date to provide customers time to make informed decisions.  Therefore you could start to receive documents updated with the levy amount and terms and conditions towards the end of 2017.

In AXA we refer to a policy’s inception date as the ‘effective date’, ‘policy effective date’ or ‘policy date’.

The levy has no impact on the insurance benefits on your policy contract.

AXA will calculate and apply the levy each time a premium is charged, including single payments, instalments or other ad hoc amendments to the premium. 

If premiums are refunded, then the proportional amount of levy will also be refunded via existing payment arrangements. If a policy is surrendered, terminated or lapsed, AXA will first deduct any outstanding levy before the customer pay-out.