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Manulife unveils comprehensive tax-deductible health and retirement solutions to support the government’s new tax policy

  • Customers to benefit from tax incentives alongside enhanced medical protection and prudent financial planning options suiting their diverse needs
April 1, 2019

Hong Kong – Leading financial services provider Manulife Hong Kong today unveiled a full suite of tax-deductible solutions tailored to enhance the health wellbeing and retirement preparedness of Hong Kong people. These comprise the certified Standard Plan and Flexi Plan under the HKSAR government’s Voluntary Health Insurance Scheme (VHIS), and the MPF Tax Deductible Voluntary Contributions (TVC) account. Manulife also announced the plan to introduce a certified Qualifying Deferred Annuity Policy (QDAP).

Together the new offerings will provide customers with enhanced protection, greater financial security and new tax benefits.

“Manulife is proud to be a top insurance brand and we value the importance of providing our customers with more insurance options for healthcare services and retirement planning. With the growth of aging population and the hike of medical cost in Hong Kong, we are pleased to offer our customers better coverage through the latest array of health and retirement solutions, which we are announcing today,” said Guy Mills, Chief Executive Officer of Manulife Hong Kong.


Stronger health protection with VHIS Plans

Manulife is at the vanguard of launching the VHIS Standard Plan and Flexi Plan, both certified by the Food and Health Bureau. The company’s Standard Plan, Manulife Shelter VHIS Standard Plan, and Flexi Plan, Manulife First VHIS Flexi Plan, deliver the VHIS scheme’s core benefits: coverage of unknown pre-existing conditions[1]; guaranteed renewal; and no lifetime benefit limit, among many others.

The Manulife First VHIS Flexi Plan offers customers greater health protection through nine options, including different ward class choices and additional reimbursement amounts for excess medical expenses. Customers can enjoy extra protection with the plan’s unique benefit of up to 100% medical expenses reimbursement[2]. They are also free to choose their preferred doctor or hospital for treatment.

“Our recent survey found that those without insurance protection expect to use their personal savings to pay over 80% of their medical bills in case of serious illness. That is a huge burden for most people and a significant stress to live with. We believe many Hong Kong people can fill this gap by buying the new VHIS plans while enjoying tax concessions,” said Mr. Mills.

Under the VHIS plans, eligible premiums can be tax-deductible for up to HK$8,000 per insured person per tax year. This benefit is also applicable to certified plans purchased for an unlimited number of eligible dependents.

Customers of Manulife’s VHIS plans can save even more through Manulife’s unique offerings. By becoming a member of ManulifeMOVE and staying active to achieve specified activity goals, customers will be rewarded with a premium discount of up to 10% upon annual renewal.


Boosting retirement savings with TVC and QDAP

The largest MPF scheme sponsor[3], Manulife managed 23% of Hong Kong’s total MPF assets as of the end of 2018. Leveraging its pension expertise, Manulife’s TVC account will help the city’s working population boost their retirement savings while unlocking the new tax concessions. The maximum tax-deductible limit for TVC and QDAP premiums is set at HK$60,000 per taxpayer per tax year.

TVC account members will be provided with flexible options to make extra contributions, including the contribution amount, and payment on a monthly or lump sum basis[4]. Manulife’s TVC account members will have a broad choice of MPF funds to pick from for their additional contributions. These new members will be automatically enrolled in Manulife’s MPF member rewards programme that offers privileged management fee rates for applicable constituent funds. The longer members stay and the more assets they maintain with Manulife, the better privileged rates they may enjoy[5].

Manulife’s planned QDAP product is another choice for the city’s workforce to secure stable income in retirement. This tax-deductible annuity is expected to be launched shortly, subject to regulatory approval. delivers new solutions to fingertips

The new offerings will be distributed through Manulife’s 8,800-strong agency force, whose advice and support are highly valued by the company’s 2.2 million customers in Hong Kong. Digital-savvy customers will enjoy the convenience and ease of buying VHIS plans or applying for MPF TVC directly online. These products will roll out on a one-stop shop in phases, starting from today. Customers who buy online will be assigned a dedicated financial advisor to help with claims and other after-sales services.

Through, customers can access a purpose-built tax savings calculator. By answering a few simple questions about their tax profile and providing the sum they intend to pay for the tax-deductible solutions, taxpayers receive an instant estimate on applicable tax breaks.   

For more details about the above offerings and the tax savings calculator, please visit

(From left to right) Wilton Kee, Chief Product Officer, Individual Financial Products at Manulife Hong Kong; Guy Mills, CEO of Manulife Hong Kong; Raymond Ng, Head of Employee Benefits at Manulife Hong Kong; and Ellen Leung, CEO of Manulife Provident Funds Trust Co., today celebrate the launch of the company’s new tax-deductible health and retirement offerings.
In his opening remarks, Guy Mills, CEO of Manulife Hong Kong, highlights the company's strength and expertise in health protection and retirement planning, and how customers will benefit from the new offerings.
About Manulife Hong Kong

Manulife Hong Kong, comprising Manulife (International) Limited, Manulife Asset Management (Hong Kong) Limited and Manulife Provident Funds Trust Company Limited, offers a diverse range of protection and wealth products and services to individual and corporate customers in Hong Kong and Macau. These entities are members of the Manulife group of companies. 


About Manulife

Manulife Financial Corporation is a leading international financial services group that helps people make their decisions easier and lives better. We operate primarily as John Hancock in the United States and Manulife elsewhere. We provide financial advice, insurance, as well as wealth and asset management solutions for individuals, groups and institutions. At the end of 2018, we had more than 34,000 employees, over 82,000 agents, and thousands of distribution partners, serving almost 28 million customers. As of December 31, 2018, we had over C$1.1 trillion (HK$6.2 trillion) in assets under management and administration, and in the previous 12 months we made C$29.0 billion in payments to our customers. Our principal operations in Asia, Canada and the United States are where we have served customers for more than 100 years. With our global headquarters in Toronto, Canada, we trade as 'MFC' on the Toronto, New York, and the Philippine stock exchanges and under '945' in Hong Kong.


[1] Certified Plans provide partial coverage for the 2nd and 3rd policy year and full coverage from the 4th policy year onwards.

[2] This benefit is for Flexi Plan customers who have added supplementary medical benefit, and on the condition that the preliminary assessment is approved by Manulife.

[3] Manulife remained the largest MPF scheme sponsor with a market share of 23.0% based on assets under management as at December 31, 2018 and 35.6% in terms of estimated net cash flows for the period from October 1 to December 31, 2018. Source: “Mercer MPF Market Shares Report” as at December 31, 2018 by Mercer (Hong Kong) Limited.

[4] These features are subject to the governing rules of the MPF scheme. Please refer to the offering document of the MPF scheme for details.

[5] Subject to terms and conditions


Media Contact:

Jacqueline Kam / Steve Lee

Manulife (International) Limited

Tel: (852) 2202 1284 / 2510 5817 /



      i.        Manulife Hong Kong includes all our Hong Kong businesses including insurance, insurance-based wealth accumulation products, and our wealth and asset management businesses.

     ii.        All percentage changes are stated on a year-over-year basis, except for MPF market share.

    iii.        Core earnings for Manulife Hong Kong include insurance and insurance-based wealth accumulation products, and exclude our wealth and asset management businesses. Core earnings is a non-GAAP profitability measure. For full definition of core earnings, see “Performance and Non-GAAP Measures” in Manulife’s 2018 Management’s Discussion and Analysis.

     iv.        Annualized premium equivalent (“APE”) sales are presented to provide consistency of scope for NBV disclosures and industry practice. APE sales consist of insurance and insurance-based wealth accumulation products, and exclude our wealth and asset management businesses.  They comprise 100% of regular premiums/deposits sales and 10% of single premiums/deposits sales.

      v.        New business value (“NBV”) is the change in embedded value as a result of sales in the reporting period. NBV is calculated as the present value of shareholders’ interests in expected future distributable earnings, after the cost of capital, on actual new business sold in the period using assumptions that are consistent with the assumptions used in the calculation of embedded value. NBV excludes businesses with immaterial insurance risks, such as Hong Kong’s wealth and asset management businesses. NBV is a useful metric to evaluate the value created by Manulife Hong Kong’s new business franchise.

     vi.        Wealth and asset management gross flows is a new business measure comprised of all deposits into mutual funds and pension products. Gross flows is a common industry metric for WAM businesses as it provides a measure of how successful the businesses are at attracting assets.

    vii.        MPF market shares are measured by scheme sponsor share of asset under management and net cash flows. Source: Table on p. 5 of Mercer MPF Market Shares Report as at December 31, 2018