Enjoy up to 6 months’ premium refund on AXA WiseGuard Pro Medical Insurance Plan*!
* For details, please refer to the relevant promotion leaflet. Terms and conditions apply.
Tax Deduction Tips
Qualifying Deferred Annuity Policy
Individual Taxpayer can enjoy up to : HKD 60,0001
The premium paid under QDAP, which is certified by the Insurance Authority, is eligible for tax deduction.
Tax deductible limit annually.
Voluntary Health Insurance Scheme
Taxpayer can enjoy up to: HKD8,000
Certified by the HKSAR, eligible plan under VHIS allows policy holder to enjoy tax deductions for premiums for themselves and all specified dependent(s).
Maximum annual tax deduction in respect of qualifying premiums paid for each insured person.
AXA Tax Deductible Products
IncomeEnrich Deferred Annuity Plan (“IncomeEnrich”)
IncomeEnrich is certified by the Insurance Authority as a Qualifying Deferred Annuity Policy (“QDAP”) eligible for tax deductions. Policy owner can enjoy a maximum tax deductible limit up to HKD60,000¹ annually while married spouses can enjoy a maximum tax deductible limit up to HKD120,000¹ amongst themselves, provided that the deduction claimed by each tax payer does not exceed the individual limit of HKD60,000¹.
AXA WiseGuard Medical Insurance Plan
WiseGuard is AXA’s VHIS Standard Plan that covers your essential medical needs according to VHIS standards and more. With WiseGuard, you’ll enjoy essential, quality protection backed by one of the largest insurers in the world. With AXA, you know you’re in safe hands.
- Guaranteed renewal up to age 100
- Annually refreshed benefit item limit with no lifetime benefit limit
- No waiting period
- Coverage for pre / post-confinement and day case procedure outpatient care
Smart Medicare
Smart Medicare is a VHIS Flexi Plan that gives you all the benefits of WiseGuard together with three tailored benefit levels to give you full flexibility on coverage. There is no limit to lifetime benefits and supplementary major medical cover is available as an option.
- Choice of 3 different benefit levels to meet your unique needs
- Optional supplementary major medical
- No claim discount
- Worldwide emergency assistance
AXA WiseGuard Pro Medical Insurance Plan
WiseGuard Pro is a VHIS Flexi Plan that offers a comprehensive range of benefits, such as full cover2 for hospitalisation surgical benefits, prescribed non-surgical cancer treatments and outpatient kidney dialysis without lifetime benefit limit, and no waiting period for unknown pre-existing conditions. WiseGuard Pro also offers a wide range of premium features to give you a well-guarded life.
- Full cover for hospitalisation and surgical benefits
- Full cover for prescribed non-surgical cancer treatments and outpatient kidney dialysis
- No waiting period for unknown pre-existing conditions
- Quadruple security with extra and optional protections
How much can you save from QDAP and VHIS?
Case 1: Individual -
Plan smart to save more
(Tax savings: HKD9,708)
After 5 years in the workforce, Mabel begins to plan her future. She is looking for essential medical protection as well as financial security during her prime time.
Mabel (age 29) who successfully applies the below plans for herself:
1. WiseGuard Medical
2. IncomeEnrich
Annual salary: HKD384,000
Case 2: Married couple with children -
The more you protect, the more you save
(Tax savings: HKD25,058)
Upon entering their prime earning years, Mr. and Mrs. Chan decide to take out comprehensive health protection to each of their two children. Mr. Chan also wants to protect his family’s finances in case his health takes a turn for the worse. Meanwhile, Mrs. Chan dreams of travelling during retirement, and is looking for extra financial flexibility to do so with her husband.
Mr. Chan (age 37) & Mrs. Chan (age 36) who successfully apply the below plans for themselves:
1. WiseGuard Pro – Premium (Deductible: HKD50,000)
2. IncomeEnrich
And their son (age 10) and daughter (age 6):
3. Smart Medicare with SMM - Superior benefit level
Annual salary (joint assessment): HKD948,000
The example assumes that the total annual incomes of Mr. and Mrs. Chan are HKD816,000 and HKD132,000 respectively.
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Remarks
Disclaimer
Tax Assessment3,4 (HKD) | |
Annual personal income | |
Annual personal income | 384,000 |
Basic allowance | |
Basic allowance | (132,000) |
Mandatory contributions to recognised retirement schemes | |
Mandatory contributions to recognised retirement schemes | (18,000) |
Originally - Taxable income | |
Originally - Taxable income | 234,000 |
Originally - Tax payable (a) | |
Originally - Tax payable (a) | 21,780 |
Tax deduction for VHIS premium | |
Tax deduction for VHIS premium | (2,054) |
Tax deduction for QDAP premium | |
Tax deduction for QDAP premium | (60,000) |
Now - Taxable income | |
Now - Taxable income | 171,946 |
Now - Tax payable (b) | |
Now - Tax payable (b) | 12,072 |
Tax savings (a) – (b) | |
Tax savings (a) – (b) | 9,708 |
Tax Assessment3,4 (HKD) | |
Annual household income | |
Annual household income | 948,000 |
Mandatory contributions to recognised retirement schemes | |
Mandatory contributions to recognised retirement schemes | (24,600) |
Married person’s allowance | |
Married person’s allowance | (264,000) |
Child(ren) allowance | |
Child(ren) allowance | (240,000) |
Originally - Taxable income | |
Originally - Taxable income | 419,400 |
Originally - Tax payable (a) | |
Originally - Tax payable (a) | 53,298 |
Tax deduction for VHIS premium | |
Tax deduction for VHIS premium | (27,398) |
Tax deduction for QDAP premium | |
Tax deduction for QDAP premium | (120,000) |
Now - Taxable income | |
Now - Taxable income | 272,002 |
Now - Tax payable (b) | |
Now - Tax payable (b) | 28,240 |
Tax savings (a) – (b) | |
Tax savings (a) – (b) | 25,058 |
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Experience our seamless digital enrollment platform! Meet, buy, sign, pay and upload documents safely from the comfort of your home.
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