Note: Initial premium / payment is NOT mandatory. The principal will issue pending for reminding of premium settlement after underwriting decision.
| Initial / Top-up Payment | Renewal Payment | |
| Bank Draft/ Personal Cheque (Payee name:"YF Life Insurance International Ltd.") |
Y | Y (Annually/ Semi-Annually) |
| Credit/ Debit Card - HKD (VISA/MasterCard ONLY) |
Y* | Y* |
| UnionPay Card - HKD (Available at MM CS Centre ONLY) |
Y* | Y* |
| Telegraphic Transfer | Y | Y (Annually/ Semi-Annually) |
| Payment in Cash | Y | Y (Annually/ Semi-Annually) |
| DDA (Local HKD Account Only) | N | Y |
| HSBC/ Hang Seng Bank Bill Payment (Hong Kong ATM Only) |
N | Y (Annually/ Semi-Annually) |
*Credit Card/ UnionPay Administration Charge Acceptance Consent Form is required for initial premium >HKD 1,000,000 OR is required for Single Payment, Renewal premium, Prepayment or Lump-sum payment. (Updated: 21 Apr 2016)
Payment Frequency
Monthly, Quarterly, Semi-annual, Annual, Pre-payment
**Initial Premium: At Least 2 Months’ Premium for monthly payment mode
Payment Method
Payment channel summary [Eng] [Chi] (Updated: 4 Mar 2025)
Notes: For cash, cheque, Telegraphic Transfer and credit card/Union pay, Payment Slip (G04) ([P1]) must be submitted. (Updated: 23 Apr 2020)
1. Cheque: Please write down the policy number(s) and Insured's name(s) on the back of the cheque. Post-dated cheque will not be accepted.
2. Credit / UnionPay Card: For latest USD/HKD rate, please refer to MMA company website
- Credit Card UnionPay Administration Charge Acceptance Consent Form ([C10]) is required for initial premium >HKD 1,000,000 OR is required for Single Payment, Renewal premium, Prepayment or Lump-sum payment. (Updated: 21 Apr 2016)
- Credit Card Payment Authorization (G02) [ENG] / [CHI] ([C6])
Plans that accept UnionPay Card issued from China are as below: (Updated: 30 Nov 2016)
3. Telegraphic Transfer
4. Payment in Cash
The following bank accounts are available:
HSBC (HK) 004-002862647-001 (For HKD)
CitiBank (HK) 006-391-087-13898 (For USD)
BOCHK (HK) 012-875-11332288 (For HKD)
- Please submit the original bank slip for payment proof
- Premium Payment Declaration Form (G86) – If cash payments >= HKD 60,000 / USD 7,500 (including Cash Deposit, Cash payments at YF Cashier Counter, Bank Counter Services)
5. DDA: For Monthly and Quarterly Payment Mode, client must submit DDA for collection of renewal premiums (Local HKD Account only).
6. HSBC / Hang Seng Bank Bill Payment: Bill account number is the policy number. (No need submit bank in slip) (Updated: 19 Sep 2018)
Pre-pay Payment (for specific products only)
Premier Choice Flexi (Regular) (PCF)
Premier Choice Flexi Plus (Single Premium) (PCFP)
Target Annuity Saver (TAS)
Target Education Saver (TES)
Request for Making Advance Payment of Target Yearly Premium of Basic Plan (G58)
Please also note the requirements as below:-
1) Pre-payment period allowed: 2 – 5 years
2) Annual mode
3) Policy term at least 15 years
4) Annual premium at least USD 18,000 / HKD 144,000
5) On Payment Slip (G04) ([P1]), 首年及預繳的保費總額一併填寫於「New Business/新生意」一欄, Only first year premium can be paid by credit card free of charge ,with HKD 300,000 limit (not applicable to pre-payment for the 2nd to 5th policy years)
6) Proposals with pre-payment illustrated (no withdrawal/ premium holiday in the proposals)
7) No riders attached
Consultant Code:
- For PRC Policy – Consultant’s Individual TR Code
- For HK Policy – LY455 or Consultant’s Individual TR Code
Reminder:
- LY455 is a company code which cannot be used for PRC policy, please use the individual TR code of the servicing consultant instead.
- If you want to apply individual TR code, please contact service log for details.
Acceptable Payors (Updated: 03 Feb 2025)
Except for the above-mentioned acceptable 3rd Party payors/categories, YF Life will not accept any 3rd party paying premiums on behalf of policyowners.
Premium Payment Guidelines [Memo]
Premium Payment Declaration Form (G86) – refer to the p.2 & 3 of Premium Payment Guidelines
Autopay Collection Schedule
The autopay collection will be processed on every 2nd & 17th (the procedures will be processed by the bank at 00:00 a.m. on the date). YF Life will prepare the autopay information required by the bank about 3 to 4 working days before the autopay collection date. i.e. 29th/30th of previous month & 14th/15th (depends on the public holiday of each month).
Change of Payment Mehtod Important Notice:
1. Please refer to Policy Administration Manual section 3.11 for details. (Updated: 24 Apr 2013)
2. Only Direct Debit can be used for regular payment.
Checklist
1. Please use New Direct Debit Authorisation (G07) ([D1]) (For HK Only) see the Bank Code Table to check the bank code. Please don't pass this form to bank but send to YF Life directly. For more details, please refer to POS-2011-1B-HK. (updated: 18 Jan 2011)
2. Declaration of Individual Tax Residence (POS-G03CRS) Chi Version / Eng version ([D4]) (If applicable and subject to principal)
3. CS eform
4. Two months premium in cheque payable to "YF Life Insurance International Ltd." Once request for change of autopay account is approved, premium collection through existing autopay account will be stopped with immediate effect. Therefore, the client must submit the DDA form with 2 months premium payment by cheque. YF Life