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Q:
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What is the qualification for Life Insurance Relief?
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A:
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To claim this relief for the Year of Assessment (YA) 2021, you must satisfy all these conditions:
Your total compulsory employee CPF contribution, self-employed Medisave/Voluntary CPF contribution and voluntary cash contribution to your Medisave account in 2020 was less than $5,000;
You paid insurance premiums in 2020 on your own life insurance policy; and
The insurance company must have an office or branch in Singapore if your policies are taken on or after 10 August 1973. If a married man paid for the life insurance policy for his wife, he may also claim the insurance premiums on his wife’s life insurance policy.
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Q:
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What is the example for not qualifying life insurance relief?
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A:
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Some examples of premiums that do not qualify for life insurance relief are premiums paid for ElderShield, CashShield Life or Integrated Shield Plans.
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Q:
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What is the amount of relief?
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A:
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The amount of life insurance relief is the lower of:
The difference between $5,000 and your CPF contribution; or
Up to 7% of the insured value of your own/your wife's life, or the amount of insurance premiums paid.
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Q:
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How to claim life insurance relief?
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A:
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E-Filing: Login myTax Portal > File Income Tax Return > Edit My Tax Form > 4. Deductions, Reliefs and Parenthood Tax Rebate > Life Insurance.
Paper Filing: Complete item 6(g) and Appendix 2 in Form B1 or Appendix 3 in Form B.
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FAQ
