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Bank of China (Hong Kong) Limited
Financial Consultants
Tax Savings Calculator
Estimate your tax savings in the current tax assessment period.
Your Qualifying Deferred Annuity Policy^
Taxpayer
Please take note of the minimum premium requirement of relevant Qualifying Deferred Annuity Policy (QDAP)
Your VHIS Plan*
Tax Rate
Estimated amount of tax saved
Certification number:
F00057-01-000-02 for Deductible HK$0,
F00057-02-000-02 for Deductible HK$10,000,
F00057-03-000-02 for Deductible HK$30,000,
F00057-04-000-02 for Deductible HK$70,000
VHIS Provider Registration Number: 00022
Registration Effective Date: 6 March 2019
^ The Qualifying Deferred Annuity Policy ("QDAP") has to be certified by Insurance Authority ("IA"). Further information on tax concessions applicable to QDAP may be found at the website of IA www.ia.org.hk.
* Applicable to certified VHIS-compliant Plan for tax deduction. For details of tax deductions, please refer to the website of VHIS (www.vhis.gov.hk) or Inland Revenue Department of HKSAR ("IRD") (www.ird.gov.hk).
# Please note that the maximum amount of tax deduction for qualifying premium of QDAP and voluntary contribution of MPF in aggregate is capped at HKD60,000 per taxpayer per year.
The amount of the estimated tax concession of the above tax savings calculator is computed according to the information that you have entered. It is for your reference only and does not constitute tax advice. For details, please consult IRD or other relevant organizations. You must also meet all the eligibility requirements set out under the Inland Revenue Ordinance and any guidance issued by the IRD before you can claim these tax deductions. Any general tax information provided is for your reference only, and you should not make any tax-related decisions based on such information alone. 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. BOC Group Life Assurance Company Limited does not take any responsibility to inform you about any changes in the laws and regulations or interpretations, and how they may affect you.
Supplementary Information
Certification number: (For new application)
F00057-01-000-02 for Deductible HK$0,
F00057-02-000-02 for Deductible HK$10,000,
F00057-03-000-02 for Deductible HK$30,000,
F00057-04-000-02 for Deductible HK$70,000
Certification number: (Not for new application)
F00057-01-000-01 for Deductible HK$0,
F00057-02-000-01 for Deductible HK$10,000,
F00057-03-000-01 for Deductible HK$30,000,
F00057-04-000-01 for Deductible HK$70,000
* Other services including Cashless Treatment, 24-hour Mental Health Service Hotline, Health Coaching Services and Worldwide Assistance Programme are not part of the VHIS Certified Plan. You may inform BOC Life in writing if you do not want to receive the other services.
Inclusion of public hospitals and private hospitals in Hong Kong in the definition of Hospital under VHIS policy terms and conditions
With effect from 26 March 2023, the definition of "Hospital" in Part 8 "Definition" of your VHIS policy terms and conditions shall be refined to make clear that it shall include public hospitals as defined in the Hospital Authority Ordinance (Cap. 113 of the Laws of Hong Kong) and hospitals for which a licence is issued under the Private Healthcare Facilities Ordinance (Cap. 633 of the Laws of Hong Kong), subject to other conditions of (b), (c) and (d) in the definition. The relevant Supplement will be sent to all policy holders concerned from 19 March 2023. For any queries, please contact us at our customer service hotline +852 2860 0688.
Important Notice:
You have an option to purchase the Plan as a standalone certified plan under the VHIS without bundling with other type(s) of insurance product.
The product information does not contain the full terms of the policy and the full terms can be found in the policy documents.
The above material is for reference only and must be read in conjunction with the product brochure / coverage details and is intended to be distributed in Hong Kong only. It shall not be construed as an offer to sell or a solicitation of an offer or recommendation to purchase or sale or provision of any products of BOC Life outside Hong Kong. The above Plan and the supplementary riders (if any) are subject to the formal policy documents and provisions issued by BOC Life. Please refer to the policy documents and provisions issued by BOC Life for details (including but not limited to insured items and coverage, detailed terms, key risks, conditions, exclusions, policy costs and fees) of the Plan and the supplementary riders (if any).
Tips for Voluntary Health Insurance Scheme
Voluntary Health Insurance Scheme (“VHIS”) is a policy initiative implemented by the Food and Health Bureau (“FHB”) on 1 April 2019 to regulate indemnity hospital insurance plans offered to individuals by insurance companies.
There are two types of VHIS Certified Plans, namely “Standard Plan” and “Flexi Plan”. The Standard Plan provides a basic level of protection that meets but not exceeds all VHIS minimum requirements; while the Flexi Plan provides enhanced benefits based on the Standard Plan product features – e.g. higher benefit limits and broader benefit coverage. Certainly, premiums of the Flexi Plan will be higher than that of the Standard Plan.
Both Standard Plan and Flexi Plan are eligible to apply for tax deduction.
All Certified Plans under VHIS, including Standard Plans and Flexi Plans, must meet or exceed the minimum product standards of VHIS.
Standard Plan: offers uniform terms and protection, and fulfills the minimum policy coverage and benefit limits requirements of VHIS. The Standard Plans offered by different insurance companies will be roughly the same, except for very limited minor allowable variations.
Flexi Plan: offers basic protection equivalent to Standard Plan coverage plus flexible top-up protection, e.g. higher benefit limits and broader benefit coverage. To suit market needs, insurance companies will design various top-up protection but subject to certain rules set out by the FHB.
Due to variety in product design of certified plans available in the market, consumers are advised to ensure that their rights are protected by comparing different products in the market and carefully read through the product brochures and the terms and conditions of relevant insurance plans.
Your VHIS policy should fulfill the following criteria in order to be eligible for the tax concessions:
- The policy provides coverage of a Certified Plan under VHIS;
- The policy owner is an individual income taxpayer or his/her spouse;
- The insured person is the policy owner or the policy owner’s “specified relatives” as defined under the Inland Revenue Ordinance (Cap. 112); and
- The insured person is a Hong Kong resident*.
(*) Including Hong Kong Identity Card holders, and people aged under 11 who are not Hong Kong Identity Card holders but their parents are Hong Kong Identity Card holders when they were born or adopted. For details, please refer to the definitions under the Inland Revenue Ordinance (Cap. 112).
A specified relative of a policy owner refers to the policy owner’s
- Spouse;
- Children* aged less than 18 / aged 18 to less than aged 25 receiving full-time education / aged 18 or above but incapacitated for work by reason of physical or mental disability;
- Brothers or sisters* aged less than 18 / aged 18 to less than aged 25 receiving full-time education / aged 18 or above but incapacitated for work by reason of physical or mental disability; or
- Parents or grandparents* aged less than 55 but eligible to claim an allowance under the Government’s Disability Allowance Scheme / aged 55 or above.
(*) Step and adopted relationships also qualify. For details, please refer to the definitions under the Inland Revenue Ordinance (Cap. 112).
For each assessment year, the premiums that an individual taxpayer can claim for tax deduction is up to HK$8,000 per insured person. There is no upper limit on the number of eligible policies that may apply for tax deduction.
Reference:
Insurance Authority website (www.ia.org.hk)
The Voluntary Health Insurance Scheme under the Food and Health Bureau (www.vhis.gov.hk)
Education platform The Chin Family managed by the Investor and Financial Education Council (https://www.ifec.org.hk/en/)
The above information is provided for reference only. BOC Group Life Assurance Company Limited (“BOC Life”) is not liable for any damage or loss caused through use or misuse of any provided information in the above article.
Any general tax information provided is for your reference only, and you should not make any tax-related decisions based on such information alone. 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. BOC Life does not take any responsibility to inform you about any changes in the laws and regulations or interpretations, and how they may affect you.