Enjoy up to 12 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 tax deductible limit annually
The premium paid under Qualifying Deferred Annuity Policy (“QDAP”), which is certified by the Insurance Authority, is eligible for tax deduction.
Voluntary Health Insurance Scheme
Taxpayer can enjoy up to: HKD8,0002 tax deductible limit annually in respect of qualifying premiums paid for each insured person
Certified by the HKSAR Government, eligible plan under Voluntary Health Insurance Scheme (“VHIS”) allow policy holders to enjoy tax deductions for premiums for themselves and all specified relative(s).
AXA Tax Deductible Products
IncomeBliss Deferred Annuity Plan (“IncomeBliss”)
Offering a steady cash flow throughout your chosen annuity period together with advantages of tax saving capabilities, the IncomeBliss is tailored to give you the free rein to shape the future you want and design your own version of retirement bliss.
- Multiple flexible options to customise your retirement plan
- Recurring cash flow while retaining opportunities for potential wealth growth
- Tax savings to build more wealth for the future
- Peace of mind with life coverage and dementia protection
- Hassle-free application process for a smooth experience
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 cover3 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 cover3 for hospitalisation and surgical benefits
- Full cover3 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
Discover your tax-saving powers
Uncover the tax-saving potential of QDAP and VHIS effortlessly through the TaxBliss Calculator, paving the way for a brighter financial prospect! Act now - explore the TaxBliss Calculator and take control of your financial future today!
How much can you save from QDAP and VHIS?
Case 1: Smart and worry-free tax planning
(Tax savings: HKD9,708)1, 2, 4
After 4 years in the workforce, 29-year-old Susan is ready to plan for her future. She is looking for both medical protection and finance security and takes advantage of any available tax deduction opportunities. To achieve this, she has decided to take out a WiseGuard policy along with an IncomeBliss policy.
Assume that the total annual income of Susan is HKD384,000 for the year of assessment.
Case 2: Enjoy peace of mind and maximising tax benefits
(Tax savings: HKD25,102)1, 2, 4
Upon entering the prime earning years and cherishing his family, Kelvin has decided to take out VHIS policies4 for himself, his wife and his beloved children. In order to maintain financial flexibility upon retirement, he has planned to secure deferred annuity policies4 for both himself and his wife. The plan not only serves as a financial management tool but also offers the advantage of tax savings.
Insured: Kelvin (age 35) and wife (age 34)
Insurance plans: WiseGuard Pro (Premier benefit level) (Deductible: HKD50,000) and IncomeBliss
Insured: Son (age 10) and daughter (age 6)
Insurance plan: Smart Medicare with supplementary major medical (Superior benefit level)
Assume that the total annual incomes of Kelvin and his wife are HKD816,000 and HKD132,000 respectively for the year of assessment.
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Remarks
Disclaimer
Tax Assessment1, 2, 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 qualifying VHIS premiums | |
Tax deduction for qualifying VHIS premiums | (2,054) |
Tax deduction for qualifying annuity premiums | |
Tax deduction for qualifying annuity premiums | (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 Assessment1, 2, 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 | (260,000) |
Originally - Taxable income | |
Originally - Taxable income | 399,400 |
Originally - Tax payable (a) | |
Originally - Tax payable (a) | 49,898 |
Tax deduction for qualifying VHIS premiums | |
Tax deduction for qualifying VHIS premiums | (27,654) |
Tax deduction for qualifying annuity premiums | |
Tax deduction for qualifying annuity premiums | (120,000) |
Now - Taxable income | |
Now - Taxable income | 251,746 |
Now - Tax payable (b) | |
Now - Tax payable (b) | 24,796 |
Tax savings (a) – (b) | |
Tax savings (a) – (b) | 25,102 |
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