FWD launches vPrime advanced VHIS plan to provide full medical coverage and tailor made rehabilitation support

Coverage up to HK$8 million annually with deductible options and up to 25% no claim premium discounts

 

HONG KONG, CHINA – Media
OutReach – 11 May 2020 – FWD Hong
Kong (“FWD”) has launched vPrime
Medical Plan (“vPrime”), an advanced Voluntary Health Insurance Scheme (“VHIS”) flexi-plan certified by Hong Kong’s Food
and Health Bureau (see Table 1 for Certification Numbers). vPrime offers full coverage, i.e. no itemised
sub-limits, on medical expenses incurred for
hospitalisation and surgery, a suite
of rehabilitation support including extra care for stroke survivors¹,
as well as deductible options and no-claim premium discounts as high as 25% to
boost flexibility and value for money.

Kelvin Yu, Chief Product Officer of FWD Hong Kong & Macau,
said, “We want to
enhance our customer experience with comprehensive and easy-to-use solutions
that promote healthy lifestyles while meeting the market’s need for high
quality medical protection and benefits that also offer value for money. vPrime
is built with deductible options and no-claim premium discounts to incentivise
healthy living and encourage people to protect their families.”

Extra care for stroke survivors and crises deductible waiver to
help regain health

vPrime
also comes with a suite of extra benefits and rehabilitation support¹
to help insured customers regain health. It brings extra care to stroke survivors by covering a series of
stroke-related treatments and recovery services, including consultations,
medical treatments prescribed by specialists and Chinese medicine
practitioners, as well as reimbursement for home facility enhancements
prescribed by occupational therapists. Stroke survivors are also entitled to a
HK$10,000 disability subsidy per month for up to 24 months per incident.

The
deductible of vPrime will be waived for treatments on designated crises
including cancer, heart attack and stroke¹. Yu explained, “Cancer, heart diseases and stroke accounted for 89%
of our processed critical illness insurance claims in 2018, so we want to help
our customers more effectively by alleviating their financial and psychological
burden from the often costly and prolonged crises treatments and rehabilitation.”

No claim premium discounts to
reward healthy living individuals and family members

vPrime
rewards healthy living customers with as much as a 25% no-claim premium
discount: If no claim is made for
more than two consecutive policy years, a health discount of up to 15% will
automatically be applied to the next renewal premium. What’s more, for policyholders
who also have policies with their specific relatives as the insured persons,
they may be entitled to an additional no claim premium
discount of up to 10% (see Tables 2.1 and 2.2) with their vPrime policies. Hong
Kong taxpayers can save more money as the premiums paid for VHIS policies are
tax deductible, up to HK$8,000 per insured person annually with no upper limit
on the number of insured dependents².

Insured
customers of vPrime are entitled to reimbursements for their eligible medical
expenses up to a maximum of HK$8 million per policy year and up to HK$45
million per policy which is guaranteed renewable up
to age 100. The plan comes with deductible options to boost premium flexibility.
An insured customer can enjoy vPrime’s comprehensive coverage with a daily
premium as low as HK$9 (with deductibles of HK$50,000) or HK$29 without
deductibles (see also Table 1). vPrime also bestows customers a one-time right
to lower or remove the deductibles without providing further proof of their
health condition.

The vPrime
Medical Plan is underwritten by FWD Life Insurance Company (Bermuda) Limited
(incorporated in Bermuda with limited liability). The above information does
not contain the full terms and benefits of the policy, key product risks, and
major exclusions. For details, terms and conditions of vPrime Medical Plan
please refer to its product brochure and policy provisions downloadable at https://www.fwd.com.hk/en/protect/health-accident/vhis/vprime/. The premiums mentioned do not include
levy which is collected by the Insurance Authority.

Notes:

1.  These are additional
benefits/services which are not part of the terms and conditions of FWD’s
certified VHIS plans.

2.  For
official information on VHIS including tax deduction, please visit https://www.vhis.gov.hk/en/about_us/index.html, and the websites of Inland Revenue Department of Hong Kong (www.ird.gov.hk/eng/), and Hong Kong insurance authority (https://www.ia.org.hk/en).

Tables and
Appendix

Table 1 — vPrime Medical Plan’s premium
comparison among available deductible options (based on an insured person whose age becoming 30 at his/her next
birthday)

Deductibles	Certification Numbers	Annual Premium
HK$ 0	F00045-01-000-01	HK$ 10,547
HK$ 16,000	F00045-02-000-01	HK$ 4,972
HK$ 25,000	F00045-03-000-01	HK$ 4,283
HK$ 50,000	F00045-03-000-01	HK$ 3,162

Table 2.1 — vPrime Medical Plan‘s No Claim Premium Discount for Individual

If the policyholder has not made any claim for
2 or more consecutive policy years, vPrime will offer him/her a discount of up
to 15% on his/her next renewal premium as follows:

No claim period immediately prior to policy’s renewal	No claim discount on renewal premium
2 consecutive policy years	10%
3 consecutive policy years	10%
4 consecutive policy years	10%
5 or more consecutive policy years	15%

Table
2.2 — vPrime Medical Plan’s Extra No Claim Premium Discount for Families

For the policies
held by a policyholder with him/herself and his/her specified relatives as the
insured persons, vPrime offers extra no claim discounts on renewal
premiums if the policyholder and his/her specified relatives have not made any
claim for 2 or more consecutive policy years with details as follows:  

Number of in-force vPrime Medical Plan policies issued to the policyholder (which are also eligible for the individual no claim discount in Table 2.1 on the policy renewal date)	Extra no claim discount for the eligible policies (Discount rate on renewal premium)
2 or 3	2.5%
4	5%
5 or above	10%

Appendix — Complimentary
add-ons further boosting value for money:

• PREMIER THE ONEcierge One Team Health Management¹:
  Insured customers of vPrime are entitled to an
  exclusive, one-stop healthcare management service covering second medical
  opinion, admission to over 130 top-notch medical institutions across the pan-Asia
  region including Hong
  Kong, Mainland China, Taiwan, Singapore and Japan with cashless
  facilities. The service helps to alleviate
  the administrative burden on the insured customers so that they can focus on
  receiving treatment and recovering.
• Complementary Newborn Care¹: The newborns of the insured customers of vPrime will
  automatically be entitled to complimentary protection of a designated medical
  plan for two full years. 
• Multiple
  Extra Benefits: To name a few are ‘cash
  benefit for top-up subsidy’ of HK$800 per day for maximum 60 days in each
  policy year, ‘cash benefit for day case procedure’ of HK$1,600 per operation,
  and respective death and accidental death coverage of HK$40,000 each.

About FWD Hong Kong & Macau

FWD Hong Kong offers life and medical
insurance, general insurance, employee benefits, and financial planning. Its
life insurance and general insurance operating entities have been assigned
strong financial strength ratings by international rating agencies — FWD Life
Insurance Company (Bermuda) Limited (incorporated in Bermuda with limited
liability) is rated “A3” by Moody’s and “A” by Fitch; and FWD General Insurance
Company Limited is rated “A” by Fitch. FWD Macau provides a suite of life and
medical insurance.

FWD Hong Kong & Macau is a part of the FWD
Group, the insurance business of investment group, Pacific Century Group. FWD
Group spans Hong Kong & Macau, Thailand, Indonesia, the Philippines,
Singapore, Vietnam, Japan and Malaysia.

By creating fresh customer experiences with
easy-to-understand products supported by digital technology, FWD aims to become
a leading pan-Asian insurer that changes the way people feel about insurance.

For more information about FWD Hong Kong & Macau please visit WWW.FWD.COM.HK
and WWW.FWD.COM.MO.