Please refer to relevant product page of the respective insurance plan for the Appointed Licensed Insurance Agency. Please refer to the policy document for the full terms and conditions of the Eligible Life Insurance Plan(s), and the product leaflet of Hong Kong Life's life insurance plans for product information and risk disclosure. Before applying for any life insurance plan, clients should carefully read and understand the contents and terms of the policy documents. Clients should also seek independent and professional advice before making any decision.

Terms and Conditions of "VHIS Certified Plans – Client Incentive"

General Terms and Conditions:

1. VHIS Certified Plans – Client Incentive (the "Incentive") refers to First Year and Second Year Premium Discount Basic Plan of the Eligible Life Insurance Plan underwritten by Hong Kong Life Insurance Limited ("Hong Kong Life".
2. The promotion period of the Incentive is from 2 October 2026 to 31 March 2027 (both dates inclusive)("Promotion Period").
3. To be eligible for the Incentive, the application signing date and submission date of the application for any of the Eligible Life Insurance Plans must fall within the Promotion Period. The Incentive must be applied at the time of submission of the Application Form.
4. Unless otherwise stated, the Incentive cannot be enjoyed in conjunction with any other incentive(s) offered by Hong Kong Life.
5. The premium discount amount is not eligible for tax deduction. For details of the tax deduction, please refer to relevant product leaflet and the website of the Inland Revenue Department of the Hong Kong Special Administrative Region.
6. Hong Kong Life reserves the right to change or terminate the Incentive and amend any terms and conditions of the Incentive at any time without giving prior notice to clients or reason therefor. For the avoidance of doubt, the Incentive applicable to the eligible policy issued prior to such variation, suspension or termination of the Incentive will not be affected.
7. Clients should refer to the Product Section of Hong Kong Life website, the policy, proposal, product leaflet and any other relevant documents of Hong Kong Life's life insurance plans for relevant product information, contents, terms and conditions. This promotion describes the details of the Incentive only, it does not cover any coverage, exclusions, risk disclosure, contents, terms and conditions of the Eligible Life Insurance Plan(s). Clients should read, fully understand and accept the coverage, exclusions, risk disclosure, contents, terms and conditions of the policies and proposals before applying for any Eligible Life Insurance Plan(s) inclusive of the Incentive.
8. The Incentive and its relevant terms and conditions are applicable within the Hong Kong Special Administrative Region ("Hong Kong") only and governed by the laws of Hong Kong. The Hong Kong Courts have exclusive jurisdiction over any dispute arising out of or in connection with these Terms and Conditions.
9. If there is any discrepancy or inconsistency between the English version and the Chinese version of this promotion, the English version shall prevail.
10. Hong Kong Life reserves the right of final decision in case of any dispute.

Specific Terms and Conditions of First Year Premium Discount:

11. Subject to the General Terms and Conditions and the Specific Terms and Conditions herein, clients who fulfill all of the following requirements will be entitled to the First Year Premium Discount of Basic Plan of the Eligible Life Insurance Plans ("First Year Premium Discount") as shown in the Incentive Table: (i) with successful applications submitted within the Promotion Period for the Eligible Life Insurance Plans; and (ii) the policy being successfully issued.
12. The First Year Premium Discount does not apply to any riders.
13. Annualized First Year Premium of basic plan is counted per policy. Annualized First Year Premium is the total amount of first year premium to be paid in respect of the basic plan of the Eligible Life Insurance Plan in the first policy year.
14. If the Annualized First Year Premium is not an integer, such figure will be rounded off to the nearest integer for the purpose of calculating the amount of First Year Premium Discount that clients can enjoy.
15. The amount of the First Year Premium Discount will be calculated in the currency under which the Eligible Life Insurance Plan is denominated.
16. Clients can pay the net premium (i.e. the premium after deducting the premium discount amount) when they submit the applications for the relevant Eligible Life Insurance Plans. If the premium of the selected Eligible Life Insurance Plan is paid in a non-annual payment mode, the premium discount amount will be counted per modal premium in the first policy year. If the premium of the selected Eligible Life Insurance Plans is payable on a monthly basis for the initial premium, clients are required to pay the net premium of the first two months. For the remaining ten modal premiums, clients are required to pay the net modal premium.
17. In case of any changes made by clients in the first policy year, which results in the requirements for the First Year Premium Discount not being fulfilled, Hong Kong Life reserves the right to disqualify such client's entitlement to the First Year Premium Discount and such client agrees to reimburse Hong Kong Life for the amount of the First Year Premium Discount already granted to such client upon request.
18. The First Year Premium Discount is not applicable to policies withdrawn during the cooling-off period. In such case, clients would receive a refund of the premium(s) (not including the premium discount amount) and levy(ies) paid (both in the original payment currency) to Hong Kong Life, without any interest.
19. The First Year Premium Discount is non-transferable and cannot be redeemed for cash and is not applicable to the premium on renewal of existing policy.

Specific Terms and Conditions of Second Year Premium Discount:

20. Subject to the General Terms and Conditions and the Specific Terms and Conditions herein, clients who fulfill all of the following requirements will be entitled to the corresponding Second Year Premium Discount of Basic Plan ("Second Year Premium Discount") as shown in the Incentive Table above: (i) fulfilling clause 11 of the Terms and Conditions; and (ii) relevant policy remains inforce on the premium due date of second year premium.
21. Second Year Premium Discount is applicable to the renewal premium at the second policy year. Policyowner can pay the net premium of the second year (i.e. the premium after deducting the premium discount amount). If the premium is paid in a non-annual payment mode, the premium discount amount will be counted per modal premium in the second policy year.
22. If the premium of the policy is increased or decreased, the premium discount amount will be calculated based on the latest adjusted premium.
23. The Second Year Premium Discount does not apply to any riders.
24. If the Second Year Premium is not an integer, such figure will be rounded off to the nearest integer for the purpose of calculating the amount of Second Year Premium Discount that clients can enjoy.
25. The amount of the Second Year Premium Discount will be calculated in the currency under which the Eligible Life Insurance Plan is denominated.
26. In case of any changes made by clients in the second policy year, which results in the requirement for the Second Year Premium Discount not being fulfilled, Hong Kong Life reserves the right to disqualify such client's entitlement to the Second Year Premium Discount and such client agrees to reimburse Hong Kong Life for the amount of the Second Year Premium Discount already granted to such client upon request.
27. The Second Year Premium Discount is non-transferable and cannot be redeemed for cash and is not applicable to the premium on renewal of existing policy.

Credit Risk of Issuer

The Eligible Life Insurance Plan is issued and underwritten by Hong Kong Life. The premium to be paid by you would become part of the assets of Hong Kong Life and that you and your Policy are subject to the credit risk of Hong Kong Life. In the worst case, you may lose all the premium paid and benefit amount.

Inflation Risk

When reviewing the values shown in the Insurance Proposal, please note that future medical costs/ cost of living in the future is likely to be higher than it is today due to inflation.

Premium Adjustment 

Hong Kong Life has the right to review and adjust this Eligible Life Insurance Plan's premium rates for particular risk classes upon renewal, but not for any individual customer. Hong Kong Life may adjust premium rates because of several factors, such as Hong Kong Life's claims and persistency experience, expenses directly related to and indirect expenses allocated to this Eligible Life Insurance Plan, medical price inflation, projected future medical costs and any applicable changes in benefit.

Tax deduction under the VHIS

The issuance of this plan does not necessarily mean you are eligible for any tax deduction for the premiums you have paid for this plan. Please refer to the website of the Inland Revenue Department ("IRD") or contact the IRD directly for any tax related enquiries. You may also seek independent and professional advice from your tax and accounting advisors.

Dispute on Selling Process and Product

Chong Hing Bank Limited, CMB Wing Lung Bank Limited, OCBC Bank (Hong Kong) Limited and Shanghai Commercial Bank Limited (collectively "Appointed Licensed Insurance Agencies" and each individually "Appointed Licensed Insurance Agency") are the Appointed Licensed Insurance Agency of Hong Kong Life, and the life insurance product is a product of Hong Kong Life but not the Appointed Licensed Insurance Agency. In respect of an eligible dispute (as defined in the Terms of Reference for the Financial Dispute Resolution Centre in relation to the Financial Dispute Resolution Scheme) arising between the Appointed Licensed Insurance Agency and the customer out of the selling process or processing of the related transaction, Appointed Licensed Insurance Agency is required to enter into a Financial Dispute Resolution Scheme process with the customer; however any dispute over the contractual terms of the life insurance product should be resolved between Hong Kong Life and the customer directly.

Should you have any enquiry on the Life Insurance Plan, please call Hong Kong Life Customer Services Hotline at 2290 2882.