(3 September 2020 – Hong Kong) Prudential Hong Kong Limited (“Prudential”) today announced the launch of a new certified Voluntary Health Insurance Scheme (“VHIS”) plan, the PRUHealth VHIS VIP Plan, offering bespoke and comprehensive benefits such as allowing customers to choose their annual deductibles, no itemised benefit limits for key hospitalisation and medical expenses, and superior guaranteed lifetime cover, all of which are applicable in Hong Kong, the rest of Asia, Australia and New Zealand.

PRUHealth VHIS VIP Plan taps into the growing popularity of the VHIS in Hong Kong, particularly among the increasingly health-conscious professionals and those who are lacking medical coverage. Interestingly, internal data of Prudential suggests that 63% of this group of customers have critical illness protection but less than half (48%) of them have medical insurance coverage, reflecting potential protection gaps among this group. The plan is designed to incentivise the prevention of diseases and postponing them through early detection as well as providing more flexible medical cover for high-quality medical care and protection to individual and their families against the financial burden of unexpected medical expenses.

“In Hong Kong, besides heightened health consciousness among the public – exacerbated by the COVID-19 pandemic – there is also growing awareness of the financial pressures and stress a health situation can create for patients and their families. While many customers may understand the importance of critical illness coverage, they may not be fully aware of their overall medical protection needs,” said Priscilla Ng, Chief Customer and Marketing Officer of Prudential. “Based on our research and feedback from customers, it is clear there’s significant demand for purchasing innovative and flexible products through digital sales channels. That’s what this PRUHealth VHIS VIP Plan offers, including a scale of lifetime cover which is one of the best in Hong Kong.”

PRUHealth VHIS VIP Plan offers guaranteed lifetime protection with annual cover runs to HK$8,000,000 for all eligible medical costs, and with the maximum lifetime cover at HK$32,000,000. The plan, which is renewable for life, provides protection against cancer, kidney failure and other critical illnesses including heart disease and stroke, plus accidents and unknown pre-existing and congenital conditions. Tax relief is available on qualifying premiums of HK$8,000 a year for each life assured.

The plan provides cover before and after a patient’s hospital stay. Customers can tailor their plan with HK$0, HK$20,000 and HK$50,000 annual deductibles according to what works best for their needs and budget. Knowing in advance how much they can claim for the treatment, customers can avoid unanticipated medical expenses by sending Prudential the hospital or doctor’s fee estimate before medical treatment and get budget projection. The hospital cover is for the eligible medical costs of semi-private room stays throughout Asia, as well as Australia and New Zealand.

The certified VHIS plan takes into account feedback from the public, where most people are more concerned about premiums, coverage and charge transparency than the limits of itemised benefits. The plan covers eligible medical costs from initial consultation to recovery, including hospital stays, surgery and rehabilitation for Hong Kong residents aged between 15 days and eighty.

“According to our internal data, over 50% of surgical claims are for common procedures such as colonoscopy, nasoendoscopy and excision of skin lesions,” said Dr. Kathy Chow, Medical Director of Health Assessment Department of Prudential. “This reflects the heightened health consciousness of customers, and the increased use of surgical procedures in early intervention. However, it is easy to overlook the costs associated with these common conditions or surgical procedures when reviewing one’s overall protection needs.”

As a bonus, customers have the opportunity to benefit from the “Pulse Double Offers” campaign. Through the Pulse by Prudential (“Pulse”) health and wellness app, customers can enjoy exclusive benefits by signing up the offer from now till 30 September. These benefits include a VHIS 50% premium discount on the first year annualised premium and 1-year complimentary access to the new Doctor Hotline, which offers live phone conversation with veteran doctor who answers general health questions from customers. Customers will also stand a chance to win a box of top-quality surgical masks via a lucky draw. As Hong Kong faces a third wave of COVID-19, its citizens are ever more conscious of the need for both financial and physical protection. This double offer provides timely and real practical value.

For more information about the product, please refer to the terms and conditions on the official website of Prudential Hong Kong Limited https://pruhk.co/vhis50-en

For information about the mask lucky draw campaign, please refer to the terms and conditions on the official website of Prudential Hong Kong Limited https://pruhk.co/pulse-mask-tnc-en

Prudential today announced the launch of the PRUHealth VHIS VIP Plan, offering guaranteed lifetime protection with an annual cover running to HK$8,000,000 for all eligible medical costs, and maximum lifetime cover at HK$32,000,000. Furthermore, we offer customers the opportunity to enjoy “Pulse Double Offers”, benefits include access to the Doctor Hotline for one year, a VHIS 50% premium discount of the first year annualised premium, as well as the chance to enter the lucky draw for top-quality surgical masks. (From Left) Priscilla Ng, Chief Customer & Marketing Officer of Prudential, Derek Yung, CEO of Prudential, and Dr. Kathy Chow, Medical Director of Health Assessment Centre of Prudential attended the launch press conference

APPENDIX: PRUHealth VHIS VIP Plan Highlights

• Guaranteed lifetime protection with immediate cover
  PRUHealth VHIS VIP Plan offers guaranteed lifetime protection with annual cover of HKD 8,000,000 each policy year and lifetime cover of HKD 32,000,000. There is no itemised benefit limit on key medical expenses. Protection is effective immediately once a new plan takes effect, although there is a waiting period for cover for unknown pre-existing and congenital conditions, and pregnancy complications has a waiting period. Even if your medical history changes or you make claims, you can renew your plan every year throughout your lifetime - guaranteed.
• Who is covered
  The plan covers people aged between 15 days and 80 years old who are Hong Kong residents. It takes care of medical bills and the eligible cost of semi-private room hospital treatment in Hong Kong, the rest of Asia, New Zealand and Australia. It also covers your required medical treatment if you have an accident anywhere in the world.
• Tailor your plan with or without deductibles
  3 annual deductible amounts are available in the plan – HKD 0, HKD 20,000 and HKD 50,000 to fit your budget and needs. Because the assured’s protection needs can change over time, the plan allows one reduction in your annual deductible in your lifetime; this can be done on the policy renewal date upon reaching the age of 50, 55, 60, 65, 70, 75, 80 or 85, with no need for a medical examination.
• Claim amount projection before treatment
  To avoid unanticipated medical expenses, Prudential can provide a projection for how much the customers can claim under the plan based on the hospital or doctor’s fee estimate before the life assured receives any treatment.
• Hospitalisaton and surgical benefits
  For hospital treatment, the plan will cover basic hospital expenses such as daily room and board, doctor’s visits, specialist’s fees, surgical expenses, intensive care, private nursing, and other hospital expenses, for examples, laboratory fees, medicines and injections. It also covers surgery at a clinic. The plan covers diagnostic imaging tests, provided a registered doctor prescribes them to identify medical conditions or diseases. These include CT, MRI, PET, PET-CT combined and PET-MRI combined scans.
• Enhanced benefits
  Enhanced benefits include a companion bed in hospital, rehabilitation with physiotherapy, occupational therapy, speech therapy, chiropractic treatment, post-surgery home nursing, reconstructive surgery for specified cancer and hospice care. As well, Traditional Chinese medicine treatments are available during and after hospital stay. Other additional benefits include daily hospital cash payment if you stay in a room below semi-private room level in a Hong Kong private hospital, and compassionate death benefit and accidental death benefit. The plan also covers pre-admission and follow-up outpatient consultations, along with psychiatric treatment if prescribed.
• Protection against cancer andkidney failure
  The plan covers non-surgical cancer treatment to offer a complete treatment package, including chemotherapy, radiotherapy, targeted therapy, immunotherapy and hormonal therapy. In the event of kidney failure, the plan will provide protection against the costs of dialysis in hospital or a clinic.
• Cover for unknown pre-existing and congenital conditions
  The plan covers eligible claims for unknown pre-existing conditions and congenital conditions of which you have shown symptoms or been diagnosed on or after the age of 8. This starts from the 31st day of your 1st policy year, a much shorter waiting period than the minimum requirement under VHIS.
• Outpatient and dental treatment after an accident | 24-hour Worldwide Emergency Assistance Services
  In the event of an accident, the plan will cover medical expenses if you are injured and need emergency hospital outpatient treatment (within 24 hours of an accident) and emergency dental treatment (within 2 weeks of an accident). In the event of the assured person passing away, the plan will pay a compassionate death benefit which is doubled if the death is due to an accident.
  
  For emergency overseas, we can arrange emergency evacuation and repatriation cover through our designated third party service provider.
• Value-added services to enhance protection
  The plan offers the Treatment Sure service from our designated third-party service provider - a one-stop professional medical personal advisory service from over 50,000 global medical experts in 450+ specialties to help get you back on the road to health. Global Expert Medical Opinion and Medical Concierge can also be arranged when necessary.
• Tax relief on premiums
  The plan is the certified VHIS plan by the government. Hong Kong tax payers are eligible to apply for tax relief on qualifying premiums of up to HKD 8,000 per life assured per year, with no limit on the number of specified family members you can claim.

Disclaimer
PRUHealth VHIS VIP Plan is underwritten by Prudential Hong Kong Limited. This document is for reference only. It does not represent a contract between Prudential and anyone else. For full terms and conditions, and risk disclosures and key exclusions (if any) of this plan, please refer to relevant product brochure and policy document and read carefully. 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.

Please visit www.prudential.com.hk for more information.