The policy donation scheme allows the policyholder to donate all or a specified percentage of the death benefit to a designated Government-recognized Charitable Institution(s)/ Charitable Trust(s) as a charitable donation.
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FAQs & Important NotesThe first beneficiary refers to the person designated by the policyholder to be the primary recipent of the insurance death benefits. In the event of the insured person's death, the insurance benefit payout will be paid to the first beneficiary. The second beneficiary refers to the person who is entitled to receive the insurance benefits payout only if the all first beneficiary is unable to do so (e.g. the first beneficiary passes away before the insured persons' death), then the insurance benefits payout will then be paid to the second beneficiary.
For the name of government recognized charitable organizations, please refer to the following website:
https://www.ird.gov.hk/eng/tax/ach_index.html
For the registration numbers of government recognized charitable organizations, please refer to the following website: https://www.icris.cr.gov.hk/csci
No
Login/Register OneService APP, click Policy Details and select Basic Information, you will be able to review your beneficiary information.
Submit Policy Donation and Change of Beneficiary Appointment Form and in part 2, fill in Charitable Institution/Organization name, Registration No. and Donation Percentage (the total sum of percentage(s) among the same class of Beneficiary(ies) (Primary or Secondary) in the table below should be 100%. )
There is no specific requirements for the relationships between the beneficiary and the policyholder or the insured. The beneficiary can be a family member, a non-family member, or an entity of the insured(must have a reasonable relationship with the insured)
(i) If the new beneficiary is an immediate family member of the insured person (e.g. spouse, parent, child or sibling), no identity documents is required, but the information for the immediate family member is needed.
(ii) If the new beneficiary is not an immediate family member of the insured person (e.g. a step-parent, step-child, step-sibling, grandparent, guardian, etc.), a copy of their identity card must be provided to out company for record purposes.
(iii) If you apply to change the beneficiary to a non-family member of the insured person, you must provide justifiable reasons in the 'Other Instructions' section of the application form, the new beneficiary's identity card number, and a copy of their identity card.
(iv) If you apply to change the beneficiary to an entity, the insured person must have a reasonable relationship with the new beneficiary (company/entity). You must provide justifiable reasons in the 'Other Instructions' section of the application form and provide the new beneficiary's (the entity's) registration document.