They all claim to help you save taxes – but is it more important to save more, or getting the product you need?
FWD’s tax-deductible retirement solution, allows you to enjoy up to HK$68,0001 tax deduction in total.
With Journey Deferred Annuity Plan, you can start receiving deferred monthly annuity payments as soon as age 512, allowing you to flexibly retirement plans!
Ted is an auditor, age 512 and has a monthly income of HKD50,000. A passionate photographer, Ted purchased Journey Deferred Annuity Plan and vCare Supreme Medical Plan so that he may continue to pursue his dreams in the future, while enjoying tax deductions:
| Before Insured | After Insured | |
| (A) Annual income (Deducted annual MPF Mandatory Contributions HKD 18,000) |
HKD 582,000 | HKD 582,000 |
| (B) Deductions | ||
| Basic allowances | HKD 132,000 | HKD 132,000 |
| Tax deductible under the Voluntary Health Insurance Scheme | - | HKD 7,220 |
| Tax deductible under the Qualifying Deferred Annuity Policy scheme | - | HKD 60,000 |
| Tax Deductible MPF Voluntary Contributions | - | - |
| (A) – (B) Net chargeable income | HKD 450,000 | HKD 382,780 |
| Total tax payable (after deduction) | HKD 58,500 | HKD 47,072 |
| Annual tax saved | - | HKD 11,428 |
| MAX Points entitled | - | 11,428 MAX Points* |
*Policy holders need to purchase designated plan during the promotion period in order to be entitled to the MAX Points. For the promotion teams and conditions please click here.
Remarks: The amount is based on the assumption that there is no MPF tax-deductible voluntary contributions paid and other applicable tax concession, tax-deductible or allowance, the exchange rate is USD1 to HKD7.8 and that separate taxation is chosen. For the year of assessment 2019/20, the standard tax rate is 15% and the progressive tax rate are 2%, 6%, 10%, 14% and 17%.
Journey Deferred Annuity Plan is a Qualified Deferred Annuity Policy certified by the Insurance Authority.
vCore Medical Plan is a Standard Plan certified by the Government under Voluntary Health Insurance Scheme (Certification Number:S00036-01-000-01).
vCare Medical Plan is a Flexi Plan certified by the Government under Voluntary Health Insurance Scheme (Certification Number : F00015-01-000-01).
vCare Supreme Medical Plan is a Flexi Plan certified by the Government under Voluntary Health Insurance Scheme (Certification Number : F00032-01-000-01).
The above plans are underwritten by FWD Life Insurance Company (Bermuda) Limited (incorporated in Bermuda with limited liability). The features are for indicative only. For the full terms of the policy, please refer to the policy document. For the terms and conditions and the details of the key risks, please refer to the respective FWD website, policy brochure and policy terms.
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