Accident & Health Insurance, and VHIS
- Accident Insurance:
- Providing compensation in case of permanent total/partial disability or death caused by accidents. Optional cover against accidental hospitalization expenses & accidental hospital daily allowance
- Health Insurance:
- Covering typically medical, surgical, prescription drug and sometimes maternity-related and dental expenses incurred by the insured, on pay-and-claim/ reimbursement basis, or on direct settlement basis with the network health service providers
- Voluntary Health Insurance Scheme (“VHIS”) (www.vhis.gov.hk):
- VHIS is a policy initiative implemented by the Food and Health Bureau (FHB) to regulate indemnity hospital insurance plans offered to individuals by insurance companies, while the participation by insurance companies and consumers is voluntary
- VHIS has been fully implemented on April 1, 2019
- Consumers may choose to purchase Certified Plans as offered by the participating insurance companies. All Certified Plans under the VHIS must meet the benefit standard prescribed by the Scheme, including standard policy terms and conditions, benefit coverage and benefit amounts
- Given certain defined conditions have been met, Certified Plans can be qualified for claiming tax deductibles under VHIS
Home Insurance
- Home Insurance:
- Covering home contents from the major risks like accidental damage, typhoon, rainstorm, fire, flooding and theft. Home contents include furniture, electrical domestic appliances. Valuable items like jewelry and watches as well as third party protection can also be covered
International Private Medical Insurance (iPMI)
- International Private Medical Insurance:
- iPMI plans are usually high-benefits and comprehensive health insurance plans designed to cover the expatriates, individuals and/or families, outside their home countries. Some plans also cover local citizens in their own countries as long as they are not in the USA
- Covered benefits include in-patient and day care, and other optional covers such as out-patient, routine health check, vaccination, optical care, maternity and childbirth, dental, emergency evacuation and repatriation
- Most medical expenses can be reimbursed on full-refund basis. Some plans may have additional option for personal accident cover
- Nowadays, iPMI plans can also be arranged on a group policy basis, starting with 2 or 3 eligible employees
Private Motor Vehicle Insurance
- Comprehensive Motor Vehicle Insurance:
- Covering loss of or damage to your car due to collision, fire, theft or other accidents
- Commonly with value-added services like 24-hour emergency roadside assistance and 24-hour towing service
- Third Party Liability Insurance:
- This is a compulsory insurance in Hong Kong, which covers the legal liability of you or authorized driver arising from an accident while driving your car, including: death or bodily injury to third party and damage to third party property
Life Insurance and Annuity
- Life Insurance:
- Life insurance is designed to provide financial support for you and your family in your life journey.
- There are many different kinds of life insurance policy, such as:
- Term life insurance which provides death benefits only
- Whole life insurance with savings element (Guaranteed Cash Value, Dividends, Bonus, Reversionary Bonus, etc.)
- Dread Disease/ Critical Illness insurance – providing living benefits for the insureds in case of suffering from serious disease, illness (e.g. cancer, heart attack, stroke, etc.) or accidents
- Keyman insurance which can be used to protect a company (as the policy owner) by paying the claims proceeds to the company when the insured key staff have passed away due to sickness or accident
- Policy Donation – The beneficiary of a life insurance policy can be designated to charitable organizations or NGOs and the claims proceeds will be given to such charitable organizations or NGOs as “donation”.
- Annuity Plan:
- An annuity works by transferring risk from the policy owner, called the annuitant, to the insurance company
- Like other types of insurance, you pay the annuity company premiums to bear this risk
- Premiums can be a single lump sum or a series of payments, depending on the type of annuity
- You may receive guaranteed or non-guaranteed monthly income up to age 100, starting between your age of 50 and 70 of your choice. Non-guaranteed monthly income type may give potentially higher return
- Beneficiary can continue to receive the remaining monthly incomes if the insured passes away
- Policy Donation is also applicable to this type of plan so that regularly monthly “contributions” to the designated beneficiaries of organizations or NGOs can be continued for a defined period of time even if the contributor has passed away
Travel Insurance and Overseas Study Insurance
- Travel Insurance:
- Single trip travel insurance – for business or leisure
- Annual travel insurance – for unlimited business or leisure trips
- Benefits may include:
- Personal accident cover
- Medical expenses
- 24-Hour Worldwide Assistance Services
- Personal Property, Loss of Travel Documents
- Trip Cancellation/ Interruption/ Curtailment/ Delay
- Personal Liability, etc.
- Overseas Study Insurance:
- Personal travel insurance product designed to provide coverage for students going overseas for study
- Benefits are similar to standard travel insurance but with some elements which are suitable for students:
- Personal accident cover
- Medical expenses
- 24-Hour Worldwide Assistance Services
- Personal Property, Loss of Travel Documents
- Study Interruption (Tuition Fees)
- Education Fund
- Kidnap
- Baggage Delay
- Personal Liability, etc.
Domestic Helper Insurance
- Domestic Helper Insurance:
- Domestic helper insurance helps you fulfill your legal obligations as an employer, and provide you with the protection in the unfortunate event of an accident or an illness of your domestic helper
- Cover may include:
- Employer liability
- Hospital and Surgical Expenses, Clinical Expenses, Emergency Dental Expenses
- Repatriation Expenses
- Personal Accidents
- Infidelity (Dishonest Act of the domestic helper)
- Public Liability
- Replacement of domestic helper in case the domestic helper is repatriated due to serious sickness, injury or death, etc.