FWD upgrades vPrime VHIS medical flexi-plan

SAR – Media OutReach – 9 February 2022 – FWD Insurance (“FWD”) first introduced vPrime Medical
Plan (“vPrime”, Certification Number: F00045), a flexi plan under the Voluntary
Health Insurance Scheme (“VHIS”), in 2020. The plan has become increasingly popular
in the local market with its innovative features, accounting
for almost 30% of VHIS product sales under FWD’s life insurance
business*. FWD announces today it upgraded vPrime with annual and lifetime benefit limits
increased to HK$10 million and HK$60 million, respectively. Additionally, two more
deductible options have been added to the existing four options (please refer
to Table 1 below).  Through the
enhancements, FWD realises its commitment to providing “better coverage, more
comprehensive protection”, allowing customers to enjoy higher levels of health
protection with more flexible premium options to suit their financial situation.

Realising its commitment to “better coverage, more comprehensive protection”, FWD Insurance has upgraded its vPrime medical plan. Through a short video series ‘FWD Troubleshooter’, actor Johnny Hui tells his stories of helping his clients, actress Florica Lin and actor Expert Dickson, to solve their hair and health problems as a hair master and health insurance expert.

recently conducted a survey1 to better understand consumer behaviour
in buying health insurance. Results showed that the key concerns were around the
comprehensiveness of coverage (39%), premium levels (27%), and benefit limits
(14%). In addition, customers found it challenging and confusing to choose among
a wide range of medical insurance plans in the market.

Yu, Chief Product Officer of FWD Hong Kong & Macau, explained,
“Since the launch of
our first VHIS product, we’ve been aiming to provide sustainable, flexible, and
comprehensive health protection for customers with different needs. In light of
technological advancements, an aging population, and imbalanced supply and
demand of public and private hospitals, we expect medical costs to keep rising.
By raising the annual and lifetime benefit limits of vPrime, we want to better equip
customers and their families for potential medical inflation. For customers who
already have individual or employer’s group medical insurance, the new
deductible options of vPrime can offer them even more flexible and affordable
means to enhance their medical protection and bridge the protection gap when people
change jobs or retire.”

Lifetime benefit limit
of vPrime increases up to HK$60 million

survey revealed around 70% of respondents who have at least one medical
insurance policy find that their policies have itemised medical expenses with
claimable sub-limits in place, while 20% of the respondents don’t know whether
their policies have such limitation. The finding suggests that a considerable
portion of the public aren’t familiar with their medical protection plans. This
could be due to losing track of insurance policy details over time, resulting in
mismatch between expected coverage and claimable amounts.

vPrime provides full coverage2
on medical expenses for hospitalisation and surgery without itemised sub-limits,
with annual and lifetime benefit limits raised to HK$10 million and HK$60 million


Additional deductible options with market-first3 crises
deductible waiver

addition to the four existing annual deductible options, vPrime has improved flexibility
with two new deductible options of HK$100,000 and HK$250,000 (please
refer to Table 1 below). These options are particularly suitable for customers
who have individual insurance plans and/or are covered by their employers’ (or
their family members’ employers’) group medical insurance to enhance their
existing protection with affordable associated premiums. The deductibles are
waived for treatments on 16 designated crises
, including the three major
diseases in Hong Kong – cancer, heart attack, and stroke – enabling customers
to focus on treatment and recovery.

Daily premium as low as HK$6.84
for HK$60 million lifetime benefit limit

Nearly 70% of the survey respondents
are willing to spend more than HK$300 every month on medical insurance, with an
average distribution ranging from HK$300 to more than HK$1,000. The range
indicates that customers have different medical priorities. With the additional
deductible options, vPrime customers can enjoy high levels of medical
protection of up to HK$60 million lifetime benefit limit and a suite of
additional rehabilitation services5 at a daily premium as low as


* The sales performance
is in terms of both annualised premium equivalent (APE) and number of
policies sold. 

1 This survey was
conducted by FWD through a market research company, InSites Consulting. A total
of 762 respondents aged 25-60 were interviewed through an online questionnaire
in mid-January 2022 to investigate consumer behaviour in purchasing health

2 Full
cover mean no itemised benefit sublimit and is subject to the annual benefit limit
and the lifetime benefit limit. Full cover applies to selected benefit items

3 This is the first in
the VHIS market as of 24 January 2022, compared with other certified VHIS
products provided by major insurers in Hong Kong.

4 The standard premium
refers to the premium before discount, and it’s the calculation of the “vPrime
Medical Plan” premium for a  24-year-old
(attained age) with HK100,000 deductible in annual premium mode. The standard
premium is non-guaranteed. The above premium does not include the premium levy.

5 This benefit/service
is optional and does not form part of the Terms and Benefits of vPrime Medical
Plan. You have the right to opt-out from this benefit/service. Please inform
FWD in writing if you

do not want to
receive this free additional benefit/service.

6 Congenital condition  is only covered for a condition which has
manifested or been diagnosed after the age of 8 (attained age) of the Insured

7 FWD shall guarantee
the Renewal at each policy anniversary up to the Age of 100 (attained age) of
the Insured Person. As long as FWD maintains the registration as a VHIS
provider, FWD guarantees that the Terms and Benefits will not be less
favourable than the latest version of the Standard Plan Terms and Benefits
published by the Government at the time of Renewal. FWD reserves the right to
revise the Terms and Benefits, subject to the prior approval and
re-certification by the Government, upon Renewal by giving a 30-day advance

The vPrime Medical Plan (Certification
Number: F00045) is underwritten by FWD Life
Insurance Company (Bermuda) Limited (incorporated in Bermuda with limited
provider registration number 00036). The above information does not contain the
full terms. For detailed terms and conditions, benefits of the policy, major exclusions and key
product risks 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.

Appendix 1


Other vPrime Medical
Plan product features:

1.       Covers unknown Pre-existing Conditions6
starting from the 31st day of the first policy year

2.       Comes with a suite of extra benefits and
rehabilitation support5 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.

3.       If no claim is made for more than two
consecutive policy years, a no claim premium discount of up to 15% will
automatically be applied to the next renewal premium. For customers who also
have policies with their specific relatives as the insured persons, they may be
entitled to the market-first3 extra no claim premium discount of up
to 10% (see Tables 2.1 and 2.2) with their vPrime policies. Total individual
and extra no claim premium discount can be as much as 25%.

Table 1 – vPrime Medical Plan’s premium comparison among available
deductible options4 (based on an insured person of age 24 (attained
age) in annual premium mode)

Annual Deductibles (HK$)

Certification Numbers

Annual Premium (HK$)

$ 0


$ 8,349

$ 16,000


$ 4,363

$ 25,000


$ 3,778

$ 50,000


$ 2,884

$ 100,000


$ 2,480

$ 250,000


$ 1,961


Table 2.1 – vPrime Medical Plan’s individual no claim premium discount

If the customer has not made any claim for two
or more consecutive policy years, vPrime will offer him/her a discount of up to
15% on his/her next renewal6 premium as follows:

No claim period immediately prior to policy’s renewal7

No claim discount on renewal7 premium

2 consecutive policy years


3 consecutive policy years


4 consecutive policy years


5 consecutive policy years or above


Table 2.2 – vPrime Medical Plan’s extra no claim
premium discount

For policies held by a customer with
him/herself and his/her specified relatives as the insured persons, vPrime
offers extra no claim discounts on renewal7 premiums if the customer
and his/her specified relatives have not made any claim for two or more consecutive
policy years with details as follows:

Number of in-force
vPrime Medical Plan policies issued to the customer (which are also eligible
for the individual no claim discount in Table 2.1 on the policy renewal7

Extra no claim
discount for the eligible policies

(Discount rate on
renewal7 premium)

2 or 3




5 or above



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