正文
Stunts of exemption from estate tax
Accordance with the Article 40 to Article 42 of the Insurance Law of the People's Republic of China, after the insured has died, if the beneficiary is not clearly designated, the insurance premium shall be the inheritance of the insured in accordance with the Inheritance Law. If there is a clear designation of the beneficiary, the insurance premium is not distributed as an inheritance and the estate tax can be circumvented.
According to Article 5 of Estate Tax Law of the People's Republic of China (Draft), the insurance premiums obtained by the heirs insured by life insurance are not included in the total amount of taxable estates. Only insurers registered in China can be exempt from inheritance tax.
Repatriation of Claims and bonus withdrawal
In Hong Kong, the insured person is more strict in the examination when insured, and must declare his or her physical condition truthfully. In the case of claims, only the insurance liability is required, and the audit is loose. The Hong Kong policy is a global medical inpatient insurance policy that can be settled both domestically and internationally, and you can get international claims checks without going back to Hong Kong, whether you are in the domestic or in Hong Kong or abroad.
Withdrawing the payment of Hong Kong insurance claims and dividends mainly through the following three ways:
1. Wire transfer: The insurance company directly transfers the UnionPay card account of the mainland insured person through UnionPay. The handling fee for cross-border remittance is borne by the mainland insured and the wire transfer is paid. It is US dollars or Hong Kong dollars. To be converted into RMB, it is also necessary for the holder/beneficiary to personally go to the bank to make a settlement.
2. The insurance company will send a cash check of the customer's name directly to the customer and confirm it by letter. The cheque can be deposited in any local bank in Hong Kong;
3. Bank of China Beijing Bank draft: Customers can directly hold money orders to exchange at any Chinese bank outlet. However, in the context of the official launch of CRS in Hong Kong and the Mainland, as well as the strict investigation of capital outflows and stricter foreign exchange controls in the Mainland, the difficulty of paying premiums, taking dividends, and raising claims has greatly increased.
Jurisdiction Principle of Risks and Insurance Law
