Hong Kong, 15 October 2020 – FWD Hong Kong (“FWD”) has launched vCANsurance Medical Plan (Certification Number F00051) (“vCANsurance”), FWD’s sixth Voluntary Health Insurance Scheme (“VHIS”) product and a flexi-plan certified by Hong Kong’s Food and Health Bureau. Designed with comprehensive benefits and coverage in mind, vCANsurance offers worldwide medical protection2 with competitive premium levels.
vCANsurance brings to the VHIS market a “per disability per policy year” claims mechanism for each benefit item. With this new design of vCANsurance, the aggregate limit for hospitalisation per disability per policy year, which amounts to HK$650,000 for semi-private room (superior plan) and HK$500,000 for ward room (standard plan), will be counted afresh for each disability during each policy year, allowing the coverage and benefit limits to be reset per disability and per policy year, i.e. more flexibly.
vCANsurance also provides additional benefits for prescribed non-surgical cancer treatments and kidney dialysis, which amount to HK$500,000 per disability per policy year (superior plan), and HK$350,000 per disability per policy year (standard plan). vCANsurance also has no itemised sub-limits on a wide range of medical expenses incurred for hospitalisation and surgery to enhance the level of comprehensive protection and convenience for customers.
Kelvin Yu, Chief Product Officer of FWD Hong Kong & Macau, said, “The introduction of vCANsurance is an exciting addition to our suite of VHIS products. It is uniquely developed to respond to the needs of our customers who seek comprehensive yet hassle-free medical coverage. We’re also thrilled with professional insurance information platform, 10Life’s rating on vCANsurance, which is rated a 5-star VHIS plan with both its semi-private room (superior) and ward room (standard) plans ranking number one in market (as of 12 October, 2020).”
Up until August 2020, FWD’s suite of VHIS plans accounted for a high proportion of new medical insurance sales of FWD’s life insurance business, which increased overall by 90% over the same period of the previous year (per annualised premium equivalent, APE).
vCANsurance underlines FWD’s commitment to providing suitable health protection for customers with different needs. vCANsurance puts no limitation on covered age for congenital diseases, and brings about a series of professional health services to give customers enhanced access to the full range of benefits of medical insurance.
From now until 30 November 2020, new vCANsurance policyholders can enjoy up to 6 months of first year premium discount (policies must be issued by 31 December 2020).
The vCANsurance Medical Plan is underwritten by FWD Life Insurance Company (Bermuda) Limited (incorporated in Bermuda with limited liability). The above information does not contain the full terms and benefits of the policy, key product risks, and major exclusions. For details, terms and conditions of vCANsurance Medical Plan please refer to its product brochure and policy provisions downloadable at https://www.fwd.com.hk/en/protect/health-accident/vhis/vcansurance/.
1. The “per disability per policy year” claims mechanism for each benefit item is first in VHIS market as of 17 Sep 2020, compared with other certified VHIS products provided by Hong Kong major insurers.
2. Except psychiatric treatments.
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Additional benefits/services of vCANsurance:
1. Strengthened third-party professional health assistance services3
vCANsurance provides a series of enhanced third-party professional health assistance services to deliver exceptional care for customers:
2. No-claim premium discounts as much as 25% to reward healthy living individuals and families
Table 1 – vCANsurance Medical Plan’s annual premium example (based on an insured male whose attained age is 30)
Standard plan (Certificate number: F00051-01-000-01)
Superior plan (Certification Number: F00051-02-000-01)
The premiums mentioned do not include levy which is collected by the Insurance Authority.
Table 2.1 – vCANsurance Medical Plan’s No Claim Premium Discount for Individual
If the policy holder has not made any claim for 2 or more consecutive policy years prior to policy’s renewal, vCANsurance will offer him/her a discount of up to 15% on his/her next renewal premium as follows:
No claim period immediately prior to policy ‘s renewal
No claim premium discount
(Discount rate on renewal premium)
2 consecutive policy years
3 consecutive policy years
4 consecutive policy years
5 or more consecutive policy years
Number of in-force vCANsurance Medical Plan policies issued to the policy holder(which are also eligible for the individual no claim premium discount in Table 2.1 on the policy renewal date)
Extrano claim premium discount for the eligible policies
(Discount rate on renewal premium)
2 or 3
5 or above