Tax Deduction Principles for Keyman Insurance in Hong Kong

If a company in Hong Kong has funds available, can it purchase life insurance for its key personnel, with the premiums deductible from the company's taxable profits? If so, this would allow the company to enjoy quality insurance coverage while also saving on taxes.

If the life insurance qualifies as Keyman Insurance, meeting several conditions, then the related premiums are deductible. According to the guidelines from the Hong Kong Inland Revenue Department, the conditions are as follows: