How to pay for your life insurance

VISA / MasterCard

From 1 May 2020, only VISA / MasterCard issued outside Hong Kong can be accepted for payment. For paying premium with a registered Hong Kong issued VISA / MasterCard, only accept for paying renewal premium of policy issued on or before 30 Apr 2020.

• Credit cards can only be used for paying the renewal premium and levy for your life insurance policy. It cannot be used for paying the "Change / Regular Top-up Premium", "Lump Sum Top Up Premium", "Premium Payment with Premium Deposit Account" and "Loan Repayment".

• Only HKD payments are accepted. If the policy currency is in USD or if the currency of the credit card account is not in HKD, then foreign currency exchange will be involved.

• Cardholder must be the policyowner.

• A 2.8% "Administration Fee on Overseas Premium Payment" will be charged upon each successful online payment transaction by VISA / MasterCard issued outside Hong Kong. This fee may not be refunded upon premium refund. In addition, individual banks may have certain limits on each single transaction and daily cumulative transactions. Please contact your designated bank for more details.

Union Pay

• China issued UnionPay Cards can only be used to make renewal payment of life insurance policy without a savings or investment element. It cannot be used for paying "Lump Sum Top Up Premium", "Premium Payment with Premium Deposit Account" and "Loan Repayment".

• We accept payment in HKD only. If the policy currency is in USD or if the currency of the UnionPay account is not in HKD, then foreign currency exchange will be involved.

• You must submit "Registration Form for Pay Premium Online with UnionPay Debit Card / Credit Card via myPrudential" or register online via myPrudential to pay your renewal payment with a UnionPay Credit Card / Union Pay Debit Card. Registration results will be sent to you via email.

• The Debit Card Account / Credit Card Holder must be the policyowner. Joint accounts or company accounts will not be accepted.

• All payment using individual credit / debit card will be subject to an administration fee. The administration fee for the UnionPay card is 1.2% of the payment amount and it may not be refunded upon premium refund. In addition, individual banks may have certain limits on each single transaction and daily cumulative transactions. Please contact your designated bank for details.

Note:

• Third party payment is not accepted.

Bank Account Autopay

Here’s how to setup bank account autopay authorization:

• Apply on myPrudential (Demo), or
• Contact your financial consultant, or
• Download, complete and submit the direct debit authorization form
  • Bank Account Direct Debit Authorization Form (Only applicable to HKD Account set up in Hong Kong)
  • RMB Direct Debit Authorization Form (Only applicable to RMB policy and RMB Account set up in Hong Kong)

Please ensure your bank account supports Electronic Direct Debit Authorization (eDDA). Some bank account types (e.g. ICBC (Asia)’s integrated account) or ID types of account holder (e.g. PRC ID or travel permit) may not support this service. Your Direct Debit Authorization set up request might be directly cancelled by the bank or your premium might not be collected successfully. It is recommended to check with your bank in advance to ensure your account supports this service.

The signature on the "Direct Debit Authorization Form" should match with your specimen signature in our records. You can set up autopay immediately via myPrudential.  In addition, please pay 1 payment installment in advance, as it takes 21 days to set up the direct debit authorization. Please allow at least 3 working days for payment processing.

Credit Card Autopay

Effective from 1 May 2020, new credit card autopay authorization by using VISA / MasterCard (including change of credit card number for existing autopay authorization) is not accepted. For details, please contact your financial consultant.

The autopay direct debit day will be on the 6^th of each month for all life insurance policies. For unsuccessful or rejected transactions, the 2^nd attempt of direct debit will be executed on the 20^th of the current month and 3^rd attempt will be executed on the 6^th of the next month. If the direct debit day falls on a Saturday, Sunday or a public holiday, the debit date will be postponed to the next business day. In general, most banks will follow our stipulated direct debit dates but some may be unable to adopt our scheduled dates due to operational reasons. If the premium is paid by HKD account through autopay for non-HKD policies, the transaction amount will be calculated in HKD equivalent at the prevailing exchange rate on 3 business days (including Saturday) prior to the direct debit date. To ensure the autopay can be carried out successfully, please reserve sufficient funds for paying premium and insurance levy prior to the aforementioned dates. After 3 unsuccessful or rejected transactions, our collection attempts via autopay will be put on hold until the current premium is settled by other payment methods. To avoid autopay collection failure in the future, please contact your bank for the reason for rejection or refer to the above methods to reset the bank account autopay authorization (if necessary). 

Please note that the above autopay arrangement is not applicable for policies that were applied through our direct marketing channel (i.e. policy numbers that begin with the prefix FP, MA, SB, SC, SM, LB or LC).

You may make your payment by depositing crossed cheques in HKD / USD / RMB issued by banks in Hong Kong into the BOCHK cheque deposit machine (currency for payment is subject to the terms and conditions of individual insurance products).

Note:

• Only crossed cheques made payable to "Prudential Hong Kong Limited" can be accepted. Please state clearly the policyholder name, policy number/billing number, bill type and the contact telephone number at the back of the cheque. 

• You can only pay for one item per policy with each cheque.

• If the cheque payment cannot meet the requirements set by the company, you may suffer losses due to overdue payments.

• Third party payment is not accepted.

   

For more information, download the BOCHK cheque deposit machine user guide

You may choose to pay by PPS through the internet or a touch-tone phone.

Note:

• It is required to register your bill by using the Billing Number before payment.

• Third party payment is not accepted.

Note:

• Third party payment is not accepted.

Proposer / Policyowner / Life Assured may make payment by using cash, their personal EPS or crossed cheque / cashier’s order / bank draft issued by banks in Hong Kong by presenting the "Premium Notice", "Premium Reminder Notice", "Premium Overdue Notice", "Proposal Outstanding Premium Notice" or "e-Payment Notice” issued by Prudential at any Hong Kong post offices. You can download the latest e-Payment Notice via myPrudential for renewal premium payment.

Payment by EPS:

• Present the "Premium Notice", "Premium Reminder Notice", "Premium Overdue Notice", "Proposal Outstanding Premium Notice" or "e-Payment Notice" issued by Prudential.

• The cardholder must be the Proposer / Policyowner / Life Assured. Otherwise, the payment will not be accepted.

Payment by cheque (including cashier’s order / bank draft):

• Present the "Premium Notice", "Premium Reminder Notice", "Premium Overdue Notice", "Proposal Outstanding Premium Notice" or "e-Payment Notice" issued by Prudential.

• Only HKD cheques issued by the Proposer / Policyowner / Life Assured drawn from banks in Hong Kong can be accepted.

• Only HKD crossed cheques made payable to "Prudential Hong Kong Limited" will be accepted.

• For cashier’s order / bank draft, a bank receipt or bank endorsement, which shows that the purchaser of the cashier’s order / bank draft is the Proposer / Policyowner / Life Assured, has to be presented. Otherwise, the payment will not be accepted.

Payment by cash:

• Only HKD payment will be accepted.

• Maximum transaction limit for cash payment is below HKD 120,000 per premium instalment per policy.

• Present the "Premium Notice", "Premium Reminder Notice", "Premium Overdue Notice", "Proposal Outstanding Premium Notice" or "e-Payment Notice" issued by Prudential.

• The Payer must be the Proposer / Policyowner / Life Assured. Otherwise, the payment will not be accepted.

Note:

• Third party payment is not accepted.

You can make payments via Internet Banking.  Please allow at least three working days for processing the premium payment through Online Bill Payment.

Please login to the Internet Banking and use Online Bill Payment service:

1. Select "Prudential Hong Kong Limited" under Merchant Name

2. Enter your 10-digit Billing Number (without "BN"), correct bill type, payment amount, and other payment information

For details, please contact your bank or financial consultant.

Bill Type:

Individual bank may allow clients to make payments through their foreign currency bank accounts but at the bank’s discretion. Respective bill type(s) is available for customers to select, some bank may not allow loan repayment. For details of acceptable payment currency for your policy and available bill type(s) through internet banking, please contact your financial consultant.

You can use internet banking offered by the following banks:

* Policyowners can make payment for initial premium, renewal premium, deposit for policy changes / revival and loan repayment through a HSBC bank account. This payment method is eligible for Hong Kong dollar and US dollar policies. The bank account for payment must be in HKD and held by the policyowner. Under normal circumstances, the maximum daily transaction limit for the bill payment category is HKD 100,000 (note: this limit applies to all bill payment made by the bank account holder on the same day and not only payments to Prudential Hong Kong Limited ("Prudential")). The maximum daily transaction limit may vary depending on individual account setting. To enquire about or change your daily limit for internet banking transactions, please contact HSBC directly.

** Policyowners can make payment for initial premium, renewal premium, deposit for policy changes / revival and loan repayment through a Bank of China (Hong Kong) bank account.

The daily transaction limit may vary depending on the type of accounts at different banks. Please contact your bank or financial consultant for assistance. The internet banking bill payment service offered by banks and whether the bank accepts payment via Bank Account or Credit Card Account may be subject to change without prior notice.

Note:

• Third party payment is not accepted.

You can make payments via the Faster Payment System (FPS) provided by your bank or nominated service provider. If you are using FPS, please scan the QR code shown on the front page of Proposal Outstanding Premium Notice, Premium Notice, Premium Reminder Notice or Premium Overdue Notice, or the QR code shown on myPrudential FPS payment screen for payment. You can also contact your FPS provider for more information.

By making payments via FPS, your payment details will be transferred from the relevant service provider to Prudential. The details received will be stored and used by Prudential for various purposes, including but without limitation to, making future refunds and payments to you. If you do not agree to the aforesaid transfer, use, disclosure and processing of this necessary information, we will not be able to process a payment and recommend you to use other payment methods. Please visit our corporate website at www.prudential.com.hk for our Privacy Policy.

Note:

• The FPS transaction amount of each Internet Banking Account is subject to a daily limit. The daily transaction limit may be different according to your bank and individual account settings.

• Third party payment is not accepted.

• If the policy has been applied through financial consultant / broker / independent financial advisor, please contact your financial consultant / broker / independent financial advisor to make payment in designated banks and branches with appointment in advance.
• Counter service for payment at Standard Chartered Bank Hong Kong branches by bank account transfer (cash payment not accepted) is only applicable for policies applied through Standard Chartered Bank (Hong Kong) Limited. 

You may make payment by telegraphic transfer ("TT") or local bank transfer in policy currency to the bank account in the corresponding currency. Please allow at least seven working days for processing the premium payment. Please note that the following account numbers are only applicable to payments for policies issued in Hong Kong:

1. Please remit the premium to the following bank account:

2. After remittance, please submit the “Notification for Telegraphic Transfer and Local for Telegraphic Transfer payment” (“TT form”), original/ copy of TT or local bank transfer remittance advices and other supporting documents (if applicable) via your financial consultant or submit the relevant form and documents to us directly. For details, please contact your financial consultant.

Please note：

• Please check all remittance related information (such as account currency, account number, amount and etc.) to ensure the correctness of the information before remittance.
• You should bear any bank charges incurred by TT and local bank transfer. The remittance amount should cover one installment of renewal premium / the balance of the initial premium and its bank charge. You should be aware that your own country’s exchange control policy may impose a ceiling amount on remittance.
• HKD policies only accept HKD payment. For non-HKD policies, payments can be made in either the policy currency or HKD. You should ensure your premium payment are sent to the correct bank account above in the respective currency acceptable to the policy. If the TT remittance is not in the correct currency, our bank may still accept your TT remittance and perform the foreign exchange translation automatically according to the prevailing exchange rates as determined by our bank. PHKL will not bear these exchange rate risk and the bank charges involved.
• Please avoid submitting duplicate TT Form, including submitting more than one TT form for same payment at the same time. If you made multiple remittances of premium for the same policy, please submit form for each remittance separately.
• You must submit the TT form within 3 months after the remittance of premium payment. If no relevant documents are submitted before that, the remittance will be refunded automatically. All bank charges will be deducted from the refund amount.

You can bring along the Premium Notice and make payment at our cashier using one of the following methods. An administration fee may apply for credit card or debit card payments. Please refer to the following payment methods for details.

Find a cashier near you

The company would issue premium related notification according to the payment status of the policy, type of notification and issue date are as follows.  Policyholder should check eStatements regularly. If you do not receive the payment notice as scheduled, please contact your financial consultant or call our customer service hotline for enquiries.

Regardless of which method you use to hand in the cheque, these restrictions apply.

• Financial consultants cannot issue the cheques. Unless he / she is the customer himself / herself, or the financial consultant is a direct relative to the policyholder and can provide associated proof of document (e.g. copies of birth certificate / marriage certificate) or a letter of authorization.

• A cheque issued by a third-party is not acceptable. Unless the payee is a direct relative of the policyholder and can provide associated proof of document (e.g. copies of birth certificate / marriage certificate), with a “third party authorization letter” signed by the payee and the policyholder. If the cheque is over HK$200,000, the payee must also submit his / her copies of HKID, passport and visa support. If the third party payment is over HKD500,000 or the HKD equivalent, a copy of the relationship proof, such as marriage certificate / birth certificate / household register must be submitted to verify the relationship between the Third Party Payor and Proposer / Policyowner / Life Proposed / Life Assured.

• Companies cannot issue cheques unless the company is the policyholder.

• Dated cheques / one cheque to settle different policies under different policyholders’ names are also not acceptable.

• If the amount of the cashier order or bank draft is above HKD 100,000 or the HKD equivalent, relevant supporting documents for the source of funds must be provided (e.g. Bank receipt or bank endorsement on the back of the cashier order / bank draft showing the name of the purchaser of the cashier order / bank draft to confirm that the cashier order / bank draft was issued via the bank account of the Proposer / Policyowner / Life Assured). For any queries regarding supporting documents, please contact your financial consultant for assistance.

• Any payment should not be placed into the Drop In Box. If you've accidentally placed your payment into such a box, you're fully responsible to alert the staff within the branch.

   

In addition, if under one policy with 2 separate payment items, i.e. renewal premium and Loan repayment, customer is required to pay the related premium via 2 individual cheques. If for instance, a customer pay more than one item using only one cheque, system will not be able to split the payment by item. In this case, customers may suffer from subsequent loss due to delay in payment.

• Make sure you put the correct payee name on the cheque. For life insurance plans, please make the cheque payable to "Prudential Hong Kong Limited". For general insurance plans, please make the cheque payable to "Prudential General Insurance Hong Kong Limited".

• Deposited cheques must be verified and approved to be valid.

• When depositing cheques, please do not attach the cheque with other paper, paper clips, elastic bands etc.

• Insert the unfolded cheque into the cheque insertion slot.

• Place the front of cheque facing the top when inserting the cheque and place the section with signature to the right hand side of the cheque insertion slot.

If you've completed your cheque deposit before the payment cut off time, the transaction will be reflected in your policy account on the following working day. Cheques deposited from Monday to Friday (after 5 p.m.) including Saturdays or Sundays, and public holidays will be handled on the next working day.

RMB policies accept payment in RMB and HKD. For HKD payment, please refer the above payment methods which supported HKD payment. For payment in RMB, you may refer to the following payment methods.

¹ If the policy has been applied through financial consultant/ broker/ independent financial advisor, please contact your financial consultant/ broker/ independent financial advisor to make payment in designated banks and branches with appointment in advance. Counter service for payment at Standard Chartered Bank Hong Kong branches by bank account transfer (cash payment not accepted) is only applicable for policies applied through Standard Chartered Bank (Hong Kong) Limited.

² Individual bank may allow clients to make payments through their foreign currency bank accounts but at the bank’s discretion. Respective bill type(s) is available for customers to select, some banks may not allow loan repayment.

The currency that we accept for RMB policy depends on the terms and conditions of specific product.

You may pay premium by telegraphic transfer or local bank transfer in policy currency to the bank account in the corresponding currency, cashier’s order or bank drafts for AUD / CAD / GBP policies. AUD / CAD / GBP policies can only accept cashier’s order and bank drafts in policy currency; personal or company cheque will not be accepted. You may also pay premium by other payment methods which accept HKD.

Yes. Yearly, Half-Yearly, Quarterly and Monthly payment mode are available for your convenience. Please contact your financial consultant or customer service representative for premium details and application procedures.

Notes: Monthly mode must be paid by Autopay.

The company accepts policyowner to pay advance premium up to the next anniversary plus 1 mode premium (subject to the policy payment mode). If the advance premium is sufficient to settle the premium to the next anniversary, the payment will be used to update the policy paid-to-date automatically.

In case the remaining payment term of the policy is shorter than the period to next anniversary plus 1 mode, the company would only accept policyowner to pay the total premium payable of remaining payment term.

(Not applicable to specific promotion plan)

According to the Policy terms and conditions, grace period is one calendar month from premium due date. To ensure your protection, please settle the premium within grace period and allow 3 working days for payment processing.

Yes. Bank account owned by designated group of third parties (i.e. spouse/ parent/ child/ sibling/ grandparent/ legal guardian/ company solely owned by the Policyowner or Life Assured (please provide a copy of Business Registration Certificate or Certificate of Incorporation and Annual Return) ) of the Policyowner/ Life Assured are acceptable.

Our Company will issue payment receipt to the policyowner upon receipt of the premium, and receipt for premium payment paid via autopay can be viewed and downloaded on myPrudential. If payment was made at cashier in person, an official receipt will be issued to Proposer / Policyowner / Life Assured and a payment acknowledgement receipt will be issued to third party payor after payment. If customer used other payment methods or payment was made by third party, an official receipt will be issued once the payment is verified. Customer can view and download the receipt on myPrudential.

Log in to your myPrudential account, select and click “Payment”, choose “View Payment Record” and then click on the receipt icon of related transaction record to view and download the relevant receipt.

For more details, please refer to the User Guide.

With the cancellation of the Temporary Receipt, the temporary insurance – Death by Accident Cover will commence from the issue date of the Official Receipt, subject to related terms and conditions. Please read the details of accidental death cover in pruhk.co/accidental-death-cover.

Please visit Premium Exchange Rates to view the latest foreign exchange rates and calculate the HKD equivalent for your premium payment.

You can stop receiving the paper-copy of Payment Receipt and view e-Receipt for the latest 3 years at anytime on myPrudential by following the below steps:

• Login to your myPrudential account
• Select “Enquiries” in “Policy Services”
• Select “eStatement, eAdvice & Letter - Change my setting” in “eStatement, eAdvice & Letter”
• Enter email address and click “Receive eStatement ” under “Payment Receipt”
• Click “Next” and complete the rest of steps

For more details, please refer to the User Guide.