Save Smart, Pick Smarter!

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!

Tax Savings MAX Points Reward
Earn MAX Points with each dollar in tax saved*
*Earn 1 Max Point for 1 dollar in tax saved
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Tax Deduction Case Study

case study ted

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%.

  1. Each taxpayer who purchases VHIS Certified Plans for themselves or specified relatives is eligible for annual maximum tax deduction of HKD8,000 per insured. Each taxpayer may apply for a maximum HK$60,000 each year in tax deductions for both Qualifying Deferred Annuity Policy (“QDAP”) and MPF Tax deductible Voluntary Contributions. Actual tax deducted depend on the taxable income and tax rates of the taxpayer. Tax deduction shall be subject to the regulations and policy of the Inland Revenue Department of the Hong Kong Special Administrative Region from time to time. FWD does not provide tax advice. In case of any doubt, you should consult professionals for independent tax advice.
  2. The age of the insured as on his/her next birthday.
  3. It is not part of the Terms and Benefits of the Certified Plan – vCore Medical Plan Certification Number: (S00036-01-000-01) and vCare Medical Plan Certification Number: (F00015-01-000-01).
  4. CANcierge, Second Medical Opinion Services & International SOS 24-hour Worldwide Assistance Services are provided by third party service provider(s) which are not guaranteed renewable. FWD reserves the right to terminate the service without further notice. For details of the services, please refer to the leaflet of FWD Professional Medical Assistance Services.
  5. 25% equals to the sum of the highest no claims premium discount (15%) and the extra no claims discount (10%).

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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Disclaimer: The features above are indicative only. Please refer to the Product Brochure for details. For a complete explanation of the terms and conditions, please call our 24-hour Service Hotline at +852 3123 3123.


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