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Life Insurance Relief is given on annual insurance premiums paid on life assurance policies bought on your life or the life of your wife.

Find out more on:

Who can claim

You can claim this relief in the Year of Assessment 2014 if you satisfy ALL the conditions below:

  1. Your total compulsory employee CPF contribution or self-employed Medisave/Voluntary CPF contribution or both in the year 2013 is less than $5,000.
  2. You paid insurance premiums in the year 2013 on your own life assurance policies or on insurance (of which you are the policy holder) bought on your wife's life.
  3. The insurance company must have an office or branch in Singapore if your policies are taken on or after 10 August 1973.

If you are a married female

You can claim this relief if you satisfy all the conditions above. However, no relief will be given for insurance premiums that you have paid on your husband's life assurance policies.

If you have children

No relief will be given for insurance premiums paid on your children's life assurance policies.

How much you can claim

You are not eligible for Life Insurance Relief for the Year of Assessment 2014 if your total compulsory employee CPF contribution in the year 2013 is $5,000 or more.

If your CPF contribution is less than $5,000, you can claim 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, whichever is lower.


How to claim

 

When are you making the claim?

Is this the first time you are claiming the relief?

Yes*

No

When filing your tax return online

 

1. Go to Main Tax Form

 2. Go to item 6-20 Total Deductions And Reliefs

3. Click on Change, remove or make new claims for Deductions, Reliefs and Rebates. (e.g. Donations, CPF, spouse, child reliefs and Parenthood Tax Rebate)

4. Go to item 14 Life Insurance and enter your claim.

If the relief has been allowed to you last year, this relief will be pre-filled and allowed to you automatically this year.

If you need to make any changes, go to item 14 Life Insurance and revise your claim.

 

When completing your paper tax return

(Form B1 or Form B)

Form B1

1. Complete item 6(g) on page 2 of Form B1.

2. Complete details of the premiums paid in Appendix 2 of Form B1.

Form B1

Complete item 6(g) on page 2 of Form B1.

Form B

1. Complete item 6(g) on page 3 of Form B.

2. Complete details of premiums paid in Appendix 3 of Form B.

 

 

Form B

Complete item 6(g) on page 3 of Form B.


FAQ

Q1.  I have filed my tax return for the Year of Assessment (YA) 2014.  What should I do if I have forgotten to claim or need to revise my claim for Life Insurance Relief (LIR)?  



 

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Last Updated on 28 February 2014


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