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

What is the Insurance Authority (“IA”)? What is Premium levy and why do I need to pay a levy?

You can update the card used for payment by:

2. Select your policy card under the “Your Policies” section

3. You may edit the card info by clicking the ✏ icon under the “Payment” section

How do I update my credit or debit card details?

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.

Can I use a family member or friend's credit card to pay for the premium? 

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.

What payment methods do you accept?

No. When your policy expires or is terminated, we will remove all your payment details from our system. You may refer to our FAQ: 'How do I update my credit or debit card details?' for more details. 

Can I delete my credit card information from my OneDegree account?

No. When your policy expires or is terminated, we will remove all your payment details from our system.

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?’

I received two transaction notifications. Was my card charged twice?

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.

I received two transaction notifications.

No, we don't charge any payment transaction fees. The amount debited should be exactly the same as the amount shown at checkout. If that is not the case, please contact us at care@onedegree.hk.

Are there any payment fees?

Your credit card may have been declined for payment or authorization for the following reasons:  
 
- Card information was not entered correctly. You may log in and check your payment details in the payment section. 
- Insufficient funds to cover the payment. Please ensure that you have sufficient funds in your account, or you can use another credit card by adding it to the payment section. 
- The transaction is blocked by your bank. Please contact your bank to allow the transaction.

If none of the above applies to you, please contact us via our live chat or email us at care@onedegree.hk, we’ll see how we can help. 

Why was my payment declined?

Your credit card may have been declined for payment or authorization for the following reasons:   - Card information was not entered correctly. You may log in and check your payment details in the payment section. - Insufficient funds to cover the payment. Please ensure that you have sufficient funds in your account, or you can use another credit card by adding it to the payment section. - The transaction is blocked by your bank. Please contact your bank to allow the transaction.If none of the above applies to you, please contact us via our live chat or email us at care@onedegree.hk, we’ll see how we can help. 

You can change your billing cycle only when you renew your policy. The new premium billing option will be effective in the next policy year.

Can I change my premium billing options?

No, unfortunately the payment debit date can't be changed. 

My plan is currently on a monthly premium billing option. Can I change the payment date when I renew my policy?

No, unfortunately the payment debit date can't be changed.

Billing & Payment

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