One of the ways you can reduce your tax payable amount is claiming relief for life insurance. You can claim relief for premiums you pay annually.
If your Year of Assessment is 2018 and you want to claim relief on life insurance premiums, you need to meet certain conditions. They are:
You cannot claim life insurance relief if you pay for premiums on a health or accident policy which pays out in the event of death. As a man, if you pay insurance premiums on your wife’s policy, you can claim relief on the premiums paid by you.
Suppose your mandatory contributions towards your employee CPF contributions, Voluntary CPF contributions/self-employed Medisave, or voluntary cash contributions towards Medisave are below S$5,000, you could claim the lower amount of:
If you are requesting Life Insurance Relief for the first time, you need to follow certain steps to make your claim. You will need to:
Were you permitted to make a claim for the previous year? If yes, your information will already be filled in and you can make a claim for the current year. If there are any changes you need to make to your claim, log in to myTax Portal, choose “Life Insurance” and click on “Update” to make the necessary changes.
If this is your first time making a claim, get Form B. You need to fill in item 6(g) on page 3 and add details for the premiums you paid under Appendix 3 of the form.
Have you claimed Life Insurance Relief before? In this case, all you have to do is fill out item 6(g), which for this form, is on page 3.
If you haven’t made a claim before, you need to obtain Form B1 and fill in details for item 6(g), which can be found on page 2. Add information about your premiums paid under Appendix 2.
If you have claimed Life Insurance Relief before, you just have to add your details under item 6(g) found on page 2 of the form.
Want to save that extra little bit on your tax bill? Claiming Life Insurance Relief can help you save up to S$5,000 in taxes. So, collect your forms and send them in or fill your application online soon.
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