What Is Insurance?

Insurance contracts are based on trust. 

Roles & Responsibilities

Underwriter will review all information disclosed by client, assess and evaluate the risk associated with the assessment factor for the final decision.

Counter-offer: A proposal that is made as an alternative to the client who may not qualify for a standard insurance policy. It revises the initial offer and often includes special provisions or higher premiums to cover the higher risk the insurance company takes on.

Types of counter-offers

Change Of Ownership Of The Policy

Subject to the approval of the Company at its discretion, the Policy Holder may transfer the ownership of the policy by completing the prescribed form and sending it to the Company. Any change of ownership of this Policy shall be conditional upon the satisfaction of customer due diligence and other applicable requirements under Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance and other applicable guidelines. The change of ownership shall not be effective until the Company has approved the change and such change is evidenced by an endorsement issued by the Company. The Company is not responsible for any written notice of a change of ownership received by us pending issue of an endorsement.

What Documents Are Required?

To help you budget smarter, the premiums you pay for AIA’s VHIS Certified Plans is eligible to be deducted from your annual taxable income, up to an aggregate limit of HKD8,000 for VHIS policies per insured person per tax payer per year.

There is no cap on the number of VHIS policies that a taxpayer can use to claim tax deductions each year, as long as all the policies are held by the same taxpayer and cover yourself and/or your dependants. Dependants include your spouse or child, or a parent, grandparent or sibling of you or your spouse.

In other words, if you take up AIA’s VHIS Certified Plans for yourself, your spouse, your son and your mother as an example (i.e. four insured persons) and pay the required premiums in the same taxable year, the annual tax deduction amount for you would be up to HKD32,000 (i.e. HKD8,000 x 4).

The illustration below shows the tax deduction amount you could claim if you were the policy holder for four insured persons, for example.