BOC Life and Bupa announce business collaboration
Hong Kong，04 May 2020
BOC Group Life Assurance Company Limited (“BOC Life”) and Bupa (Asia) Limited (“Bupa”) are today announcing a business collaboration, whereby BOC Life’s customers will be offered the new Bupa Hero VHIS Plan – Bupa’s third certified Flexi Plan under the Government’s Voluntary Health Insurance Scheme (VHIS). BOC Life’s widely acclaimed Qualifying Deferred Annuity Policy (QDAP) products, together with the Bupa Hero VHIS Plan will bring competitive tax deductible solutions to the public for health and retirement protection.
Bupa will appoint selected insurance agents of BOC Life as general insurance agents of Bupa, extending the reach of Bupa’s market leading VHIS offering to wider customer segments. This collaboration will offer customers Bupa’s extensive healthcare support with the highest1 VHIS coverage for Asia2 that goes above and beyond other VHIS Plans in the market.
The new Bupa Hero VHIS Plan provides the highest1 coverage up to HK$30 million every year for Asia2 among all VHIS plans in the market and offers Hong Kong’s first Mental Health Service Hotline and mental health clinical network. Together with its full cover for prescribed non-surgical cancer treatments in Asia2, the Hero Plan provides people in Hong Kong greater support and coverage for both their physical health and mental wellbeing.
“We are delighted to collaborate with Bupa to distribute a highly competitive VHIS product in the market. With BOC Life’s strong propositions in the deferred annuity segment, the synergy between us will bring ultimate benefits to customers who are looking for compelling health and retirement protection from expert provider” said Wilson Tang, Chief Executive, BOC Life.
“Supporting people’s holistic health and mental wellbeing is a priority for us, and with the introduction of the Bupa Hero VHIS Plan, we have taken our VHIS offerings to the next level. We really value our collaboration with BOC Life, which enables our high-quality health insurance products to reach a more extensive customer network, especially at this challenging time when so many people are looking for excellent medical services to meet their physical and mental health needs” said Andrew Merrilees, General Manager, Bupa Hong Kong.
Eligible policyowner or his/her spouse may be entitled to tax deductions according to the guideline issued by the Hong Kong Inland Revenue Department on his/her BOC Life QDAP products and Bupa Hero VHIS Plan underwritten.
1VHIS Plan for Asia, Australia and New Zealand coverage. Source: VHIS website as of 29 April 2020
2Asia includes Australia and New Zealand
Application to the BOC Life QDAP products and the Bupa Hero VHIS Plan is subject to underwriting approval by BOC Life and Bupa respectively. Customers can choose to purchase QDAP or VHIS product separately as a standalone policy according to their needs.
The products and tax deductions are subject to terms and conditions. For more details, please refer to the relevant product website and promotional materials.
Bupa Hero VHIS Plan website: http://www.bupa.com.hk/hero
Bupa – A global healthcare specialist
Bupa began in the UK in 1947. We fund healthcare around the world and run clinics, hospitals, dental centres, care homes, and more. With no shareholders, we reinvest our profits to provide more and better healthcare for customers.
Bupa is UK’s largest health insurer.* In Hong Kong, we are known as the health insurance specialist. We have gained the trust of more than 400,000 individuals, and 3,200 companies including major corporations in public utility and telecom industry. We have provided quality health insurance for Hong Kong’s civil servants for more than 20 years.
Bupa also provides primary care services through Quality HealthCare Medical Services (QHMS), one of Hong Kong’s largest private clinic networks.
* Source: LaingBuisson Health Cover UK Market Report 15th Edition, published 16 October 2018, in terms of market share by premium income among private medical insurance providers
BOC Life was founded in Hong Kong and has served the local market for years. We have grown to be one of the top life insurance companies in Hong Kong, with a commitment to offering comprehensive services in life insurance, wealth management and retirement protection.
BOC Life’s shareholding is owned by BOC Hong Kong (Holdings) Limited and Bank of China Group Insurance Company Limited. In addition to the channels of tied agency, brokerage, telemarketing and eChannel, BOC Life distributes its acclaimed life insurance products in Hong Kong via the professional relationship managers at the branches of Bank of China (Hong Kong) Limited, Chiyu Banking Corporation Limited and Nanyang Commercial Bank. We strive to provide our customers with tailored insurance and financial planning services that meet their personal needs and targets.
BOC Life's solid financial strength has been affirmed by international rating agencies, including the financial strength ratings of “A” by Standard & Poor's and “A1” by Moody’s Investors Service.