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Prudential launches “non face-to-face distribution” channel for Qualifying Deferred Annuity Policy and Voluntary Health Insurance Scheme plans

With the assistance of financial consultants, customers can complete their insurance applications comfortably at home

(3 March 2020 — Hong Kong) Prudential Hong Kong Limited (“Prudential”) today launches a “non face-to-face submission” channel for its Qualifying Deferred Annuity Policy (“QDAP”) and Voluntary Health Insurance Scheme (“VHIS”) plans. This allows financial consultants to support customers in applying for designated products flexibly through telephone, myPrudential online platform or by mail easily and securely. Following the special measures announced by the Insurance Authority (IA) today in response to the novel coronavirus outbreak, this initiative will further strengthen the comprehensive support provided by financial consultants to customers.

Offering a safe, smooth and more personalised customer experience

Starting from today, all new and existing Prudential customers can apply for QDAP and VHIS plans via the “non face-to-face distribution” channel. Customers will be supported by their financial consultants remotely throughout the entire application process. In addition to detailed walkthroughs on the product type and nature, level of premium payable, payment period and other terms to ensure customers understand the features and coverage before making their decisions, financial consultants will also assist customers in completing their application forms, making it simple and easy for customers to apply for insurance plans through telephone, myPrudential online platform or by mail comfortably at home.

Derek Yung, Chief Executive Officer of Prudential said, “Prudential has market-leading digital technology and financial consultants, which allow us to be agile in pre-empting the ever-changing market, fully support the latest IA measures against the novel coronavirus outbreak and offer more caring services for our customers. In today’s world, human connection is even more invaluable with the increasing need for personalised services . Our team of professional financial consultants and digital technology complement each other to provide customers with the latest information and truly personalised services. Prudential will also continue to monitor the development of the novel coronavirus outbreak, maintain close communications with IA and industry peers, and battle the epidemic together with everybody with the ‘We Do’ spirit”.

Prudential strives to help customers live healthier and safer lives. The PRURetirement Deferred Annuity Plan has received a positive response from the market and is particularly popular among people aged between 45 to 54. The average annual premium is approximately HK$81,000, and about 32% of Prudential’s QDAP business has come from new customers. Since its launch, the average monthly sales of the deferred annuity plan was 10 times the average monthly sales of all annuity products in 2018. Eligible persons can claim tax deductions for their qualifying deferred annuity premiums per assessment year, which will help working professionals to plan their incomes better and earlier for retirement.

On the VHIS front, the sales performance of PRUHealth CoreChoice Medical Plan and PRUHealth FlexiChoice Medical Plan has met expectations since its launch, with the average annual premium reaching approximately HK$6,000. Most customers applying for these plans are aged between 21 to 40 years of age. About one-third of them are existing customers who have migrated from other plans, while the rest are new customers. Because the insured can purchase VHIS policies for both themselves and their family members, and the qualifying premiums are eligible for tax deductions, the launch of VHIS has substantially boosted Hong Kongers’ awareness and motivation for obtaining medical and hospital protection.


[1]. PRURetirement Deferred Annuity Plan, PRUHealth CoreChoice Medical Plan and PRUHealth FlexiChoice Medical Plan are underwritten by Prudential Hong Kong Limited (Prudential). For further details and the terms and conditions of QDAP and VHIS plans, please ask Prudential for a sample of the policy document.

[2]. Policyholders must meet all the eligibility requirements set out under the Inland Revenue Ordinance and any guidance issued by the Inland Revenue Department of the Hong Kong Special Administrative Region before they can claim the relevant tax deduction. All of the above general tax information provided is for reference only. You should always consult with a professional tax advisor if you have any doubts. Further information on tax concessions applicable to QDAP or VHIS plans, please refer to or

[3]. This document is for distribution in Hong Kong only. It is not an offer to sell or solicitation to buy or provide any insurance product outside Hong Kong. Prudential does not offer or sell any insurance product in any jurisdictions outside Hong Kong where such offering or sale of the insurance product is illegal under the laws of such jurisdictions.


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About Prudential

Prudential has been serving the people of Hong Kong since 1964. Through Prudential Hong Kong Limited and Prudential General Insurance Hong Kong Limited, we provide a range of financial planning services and products including individual life insurance, investment-linked insurance, retirement solutions, health and medical protection, general insurance and employee benefits.

Prudential plc is an Asia-led portfolio of businesses focused on structural growth markets. The business helps individuals to de-risk their lives and deal with their biggest financial concerns through life and health insurance, and retirement and asset management solutions. Prudential plc has 20 million customers and is listed on stock exchanges in London, Hong Kong, Singapore and New York.

Prudential plc is not affiliated in any manner with Prudential Financial, Inc., a company whose principal place of business is in the United States of America or with the Prudential Assurance Company, a subsidiary of M&G plc, a company incorporated in the United Kingdom.

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