Billing & Payment
OneDegree will only charge according to the payment mode selected by the applicants during the insurance application. If you’ve chosen an annual payment mode, the premium will be charged upon the submission of the insurance application or on the policy anniversary date; If you’ve chosen a monthly payment mode, the premium will be charged on a consistent date every month. When you purchase a policy, we will request authorization from your credit card for the initial premium. There is a 30-day grace period for overdue premium for policies that have chosen to pay monthly. If you the premium due date for a policy is on the 1st day of the month, but the payment is settled on the 28th day, the premium will still be charged on the 1st day on the following month. You can check your billing records at any time, please refer to the FAQ: ‘Can I check my payment record?’
You can update or add the card used for payment by following the steps below: 1. Log in to our online portal ⠀⠀ ⠀⠀⠀⠀⠀⠀ ⠀⠀⠀ 2. Select your policy card under “Your Policies” section ⠀⠀ ⠀⠀⠀⠀⠀⠀ ⠀⠀⠀ 3. You may edit the card info or add a new card by clicking the ✏ icon under the “Payment” section
The Insurance Authority (“IA”) is an insurance regulator independent of the government and the industry. Its objectives are to provide better protection for policyholders and encourage development of the insurance industry, among others. Starting from 1 January 2018, Insurance Authority collects premium levy from policyholders through insurers under The Insurance (Levy) Regulation and the Insurance (Levy) Order the Insurance Ordinance (Cap.41). The levy rate started at 0.04% of insurance premiums and will be adjusted gradually until it reaches 0.1%, subject to a levy cap. As The Insurance Authority ("IA") is the independent regulator of Hong Kong's insurance industry, it has to cover its own operating costs. To maintain financial independence, the IA has been collecting levy on insurance premiums since the start of 2018. From April 1, 2020 to March 31, 2021, the levy rate is 0.085% based on the premium of each policy year, which means that only HKD 0.85 will be collected for every HKD 1,000 of premium. The rate will be increased to 0.1% from April 1, 2021, which means that only HKD 1.00 will be collected for every HKD 1,000 of premium. For further information, please visit https://www.ia.org.hk/en/aboutus/role/financial_arrangements.html
You can use the credit card of the policyholder or the insured to pay the premium. Please ask the cardholder to directly enter the credit card information on the checkout page for payment authorization during insurance enrollment.
OneDegree accepts payment with VISA, Master, UnionPay and American Express credit cards. Apart from that, we also accept payment with Visa debit cards and Debit Mastercards.
