Tax Saver Calculator
Basic tax assessment information and other tax deduction items
Total Income for Taxable Year2
HK$200,000
Basic Allowance
HK$ 132,000
No. of Dependent Parents / Grandparents3
No. of Children4
Aged 60 or above
Aged 55 to 59
No. of Children4
 
Annual Mandatory Contributions to MPF Schemes
HK$0
Other tax deduction items (if applicable)5
HK$
Calculate the tax deducted with Qualifying Deferred Annuity Policy (QDAP)
LionHarvest Pro Deferred Annuity
Assists you in retirement planning with a stream of monthly annuity income and various protection coverage.
  • Tax Deductible
  • Savings
  • Returns
Annual Premium6
HK$19,450
Tax Deductible Amount via QDAP7
HK$ 19,450
(Tax Deductible Amount up to HK$60,000)
Estimated Tax Payable
Original Tax Payable
After purchasing LionHarvest Pro Deferred Annuity
HK$2,080
HK$971
Original Tax Payable
HK$2,080
After purchasing LionHarvest Pro Deferred Annuity
HK$971
Estimated Tax Saving
HK$1,109
Estimated Tax Saving HK$1,109
Purchase LionHarvest Pro Deferred Annuity before 30 September 2022 to enjoy 8% first year premium discount!
Enjoy more protection with the tax you saved!
Critical Illness Protection
Purchase LionHarvest Pro Deferred Annuity and LionGuardian PlusOne together to enjoy 60% premium refund on first-year premium for LionGuardian PlusOne!
LionGuardian PlusOne

✓Enjoy exclusive Unlimited Major Critical Illness Claims at affordable premiums
✓Major Critical Illness Benefit for unknown illness resulting in loss of functionality of each major organ
✓Future premiums will be waived once the claimable amount reaches 100% of Sum Assured so you can enjoy free protection until age 100
Life Protection
50% premium refund on first-year premium
Generali Supreme Gold Plan

✓Take a 40-year-old non-smoker as an example, you can enjoy HK$1,000,000 life insurance coverage with just HK$5 premium per day
 
 
 
Product videos
LionHarvest Pro Deferred Annuity Product video
LionHarvest Pro Deferred Annuity promotion video
What to know about Tax Deductions
LionHarvest Pro Deferred Annuity (the “Plan”) is a Qualifying Deferred Annuity Policy certified by the Insurance Authority8 (“IA”). With 5 or 10 years of premium payment, the Plan assists you in retirement planning with a stream of Monthly Annuity Income9 and various protection coverage. Extra financial flexibility can be attained through the options of Monthly Annuity Income9 payout, premium holiday10 and change of Annuity Income Period Start Age11.
  • Qualifying Deferred Annuity Policy as a Retirement Planning Tool
  • Tax Deductions with a Qualifying Deferred Annuity Policy
How to plan your retirement with Qualifying Deferred Annuity?
“Accumulate first, receive later” - Before retirement, the purchaser pays premiums regularly over a period of time. After retirement, the annuitant receives regular payments during the annuity income period. To learn more about the features of annuity income, please visit “The Chin Family”, an educational platform jointly developed by the IA and the Investor and Financial Education Council (IFEC).
2. How to be eligible for tax deduction?
  • The policyholder must be yourself and/or your spouse
  • The taxpayer must meet all the eligibility requirements set out under the Inland Revenue Ordinance and any guidance issued by the IRD (Inland Revenue Department) before claiming tax deductions.
  • If the spouse of the taxpayer does not have any income chargeable to salaries tax, they are not eligible to elect for joint assessment or elect for personal assessment jointly. Please visit the IRD website for details.
3. What is the maximum amount of deduction allowable for an individual taxpayer and a couple?
  • Individual taxpayer
    • The maximum amount of tax deduction per taxpayer each year is HK$60,000
  • Couple
    • The maximum amount of tax deduction for couples is a total of HK$120,000
    • If one of the persons’ qualifying annuity premiums exceed the limit of HK$60,000, he or she can reallocate the remaining balance for his or her spouse for tax deduction
4. What should I do if I want to claim a tax deduction for qualifying deferred annuity premiums?
For details of the tax deduction arrangements and the procedure for filling in your tax return, please contact the Inland Revenue Department through their hotline at 187 8088 or visit their website.
Remarks:
  1. Referred as you and your spouse both have tax chargeable income during the year of assessment and this tax savings calculator adopts Joint Assessment in making estimations.
  2. Total Income for Taxable Year includes all income arising in or derived from an employment in Hong Kong, and the rental value of the place of residence provided by your employer or associated corporation.
  3. The Number of Dependent Parents / Grandparents does not include additional allowance for dependent parents/grandparents who are not residing with you continuously throughout the year.
  4. The Number of Children does not include the additional child allowance in each year of assessment.
  5. E.g., Self-education expenses, elderly residential care expenses, approved charitable donations or home loan interest, etc.
  6. The payment amount stated here is for reference only and is calculated based on the USD currency exchange rate 7.78. The actual premium is calculated in USD; please refer to the proposal illustration for the exact premiums.
  7. The aggregate maximum tax deductible limit for QDAP is up to HKD 60,000 per taxpayer during the year of assessment for “Individual Taxpayer” option; the aggregate maximum tax deductible limit is up to HKD 120,000 per year for “Both my spouse and I are taxpayers” option.
  8. The Insurance Authority certification is not a recommendation or endorsement of the policy, nor does it guarantee the commercial merit of the policy or its performance. It does not mean that the policy is suitable for all Policyholders, nor is it an endorsement of its suitability for any particular Policyholder or class of Policyholders. The policy has been certified by the Insurance Authority but this certification does not imply official recommendation. The Insurance Authority does not take any responsibility for the content of the product brochure of the policy, makes no representation as to its accuracy or completeness, expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the content of the product brochure of the policy.
  9. Monthly Annuity Income comprises of Guaranteed Monthly Annuity Income and Non-guaranteed Monthly Annuity Income (if any) which will be paid on monthly basis during the Annuity Income Period. The Non-guaranteed Monthly Annuity Income can be adjusted on each Policy Monthiversary and the actual amount during the Annuity Income Period may vary. The amount of Non-guaranteed Monthly Annuity Income will be determined based on the Company’s (Generali Life (Hong Kong) Limited) dividend philosophy. You may choose to cash out the Monthly Annuity Income and/or keep the Monthly Annuity Income in the Policy for interest accumulation at an interest rate which is not guaranteed and shall be determined by the Company from time to time at its absolute discretion. If no option is elected, cash out option will be applied to the payment of Monthly Annuity Income.
  10. Premium Holiday Option can be exercised from the 2nd Policy Anniversary and before the Insured has attained age 70. Policyholder is required to submit written request to the Company in the Company’s prescribed form at least 1 month before start date of the premium holiday, i.e. 1st day of the next Policy Year. Any Indebtedness must be repaid before the Premium Holiday is effective. Upon the start of the Premium Holiday, all supplementary benefit(s) (if any) attached to the Policy will be terminated. The total Premium Holiday taken in aggregate cannot exceed 2 years. Please note, this option is not applicable to any policies that select premium prepayment.
  11. The Policyholder may change the Annuity Income Period Start Age with a written request at least 1 month before the original Annuity Income Period Start Date or the new Annuity Income Period Start Date (whichever is earlier). The Annuity Income Period Start Age must be after the premium term and between age 50 and 80. This option is only available for policies with 10-year Premium Term. In case of change in Annuity Income Period Start Age, Policy Values (including but not limited to Guaranteed Cash Value, Monthly Annuity Income and Maturity Bonus) will be adjusted accordingly.
Disclaimer:
  • The calculations of this tax savings calculator are based on the information provided by the Inland Revenue Department (“IRD”) for the year of assessment 2021/22. Generali Life (Hong Kong) Limited (“Generali”) makes no guarantees as to the accuracy of the calculation results.
  • The calculations of this tax savings calculator regarding your i) original tax payable and ii) tax savings are preliminary calculated based on the information you entered and general presumptions. All calculations provided shall be regarded as general reference only. They do not constitute any tax or financial advice and shall not be treated as the final and actual tax payable figure. The final and actual tax deductions and actual tax payable shall be determined by the IRD.
  • The calculations of this tax savings calculator do not consider any factors other than the parameters of based on your individual circumstances. The actual tax payable will be different from the estimated result.
  • This tax savings calculator does not collect or store any of the data entered.
  • Under all circumstances, Generali accepts no liability whatsoever for any loss or damage arising from your use or reliance on such information or content.
  • Any general tax information provided is for your reference only, and you should not make any tax-related decisions based on such information alone. You should always consult with a professional tax advisor if you have any doubts.
  • The above information does not contain complete information on tax affairs. If you have any doubts on the above notes and the eligibility for tax deduction or you need to learn more, please refer to the IRD website https://www.ird.gov.hk/eng.
  • This Plan (LionHarvest Pro Deferred Annuity) may serve as standalone plan(s) without bundling with other type(s) of insurance product. Please note that the Qualifying Deferred Annuity Policy (“QDAP”) status of this product does not necessarily mean you are eligible for tax deduction available for QDAP premiums paid.
  • The above premium is for reference only and shall be subject to underwriting. Please refer to the proposal illustration for the exact premiums.
  • The above information is for reference only. It is not construed as any contract or any part thereof between Generali and any other parties. For more details, promotion offers and the terms and conditions about LionHarvest Pro Deferred Annuity, please refer to relevant product promotion flyers. For Policy Provisions and product details, please contact your Insurance Advisers or Generali’s Representatives.
  • The above calculations and information are for distribution in Hong Kong only and shall not be construed as an offer to sell or solicitation to buy or provision of any insurance product of our company outside Hong Kong.
Copyright © 2022 GENERALI LIFE (HONG KONG) LIMITED. All rights reserved.