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Life Insurance Relief

Claim for annual insurance premiums paid on life insurance policies.
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Qualifying for Life Insurance Relief

To claim this relief for the Year of Assessment (YA) 2020, you must satisfy all these conditions:

  1. Your total compulsory employee CPF contribution, self-employed Medisave/Voluntary CPF contribution and voluntary cash contribution to your Medisave account in 2019 was less than $5,000;
  2. You paid insurance premiums in 2019 on your own life insurance policy; and
  3. The insurance company must have an office or branch in Singapore if your policies are taken on or after 10 August 1973.

Life Insurance relief cannot be claimed on premiums paid on an accident or health policy that provides for the payment of policy monies on the death of a person.

Some examples of premiums that do not qualify for life insurance relief are premiums paid for ElderShield, CashShield Life or Integrated Shield Plans.

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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Amount of Relief

You are not eligible for Life Insurance Relief for YA 2020 if your total compulsory employee CPF contribution, self-employed Medisave/Voluntary CPF contribution  and voluntary cash contribution to your Medisave account in 2019 was $5,000 or more.

If your total compulsory employee CPF contribution, self-employed Medisave/Voluntary CPF contribution and voluntary cash contribution to your Medisave account was less than $5,000 in 2019, you may claim the lower of:

  1. the difference between $5,000 and your CPF contribution; or
  2. up to 7% of the insured value of your own/your wife's life, or the amount of insurance premiums paid.
Example: Total Compulsory CPF Contribution is Less than $5,000.

Mr Teo bought a life insurance policy for himself. The insured value of his life is $50,000. He paid annual premiums of $3,800 in 2019. His total compulsory employee CPF contribution was $1,600.

Life Insurance Value

$50,000

Annual Premium paid in 2019

$3,800

Compulsory Employee CPF Contribution

$1,600


Step 1: Calculate the difference between $5,000 and his CPF.

Maximum Ceiling on Employee CPF Contribution

 $5,000

Mr Teo's Compulsory Employee CPF Contribution

$1,600

Difference

$3,400 ($5,000 - $1,600)

Step 2: Compare 7% of the insured value against the premium paid.

Life Insurance Value

$50,000

7% of the Life Insurance Value

$3,500 (7% X $50,000)

Total Annual Premium paid in 2019

$3,800

The lower amount is

$3,500

Step 3: Compare amounts in Step 1 and Step 2. Pick the lower amount.

Step 1: Difference between $5,000 and Total Compulsory Employee CPF Contribution

$3,400

Step 2: Lower amount of Life Insurance Value and Total Annual Premium

$3,500

The lower amount is

$3,400

Mr Teo is eligible for $3,400 Life Insurance Relief for YA 2020.

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How to Claim (e-Filing)

Is this the first time you are claiming the relief?
YesNo
  1. Login with your SingPass or IRAS Unique Account (IUA) at myTax Portal.
  2. Go to Individuals > “File Income Tax Return”.
  3. Select “Edit My Tax Form”.
  4. Go to “4. Deductions, Reliefs and Parenthood Tax Rebate”.
  5. Go to “Life Insurance”.
  6. Click “Update” 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 "Life Insurance", click "Update" and revise your claim.

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How to Claim (Paper Filing)

Is this the first time you are claiming the relief?

Yes

No

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.

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  • I filed my tax return for the Year of Assessment (YA) 2020. What should I do if I have forgotten to claim or need to revise / withdraw my claim for Life Insurance Relief? 

    1. If you filed your tax return online

      Re-file within 14 days of your previous submission or by 18 Apr 2020 (Extended to 31 May 2020) New, whichever is the earlier. You can only re-file once.

      When you re-file, you must include all your income details and expenses, donations and relief claims, where applicable. Once you have re-filed successfully, your new submission will override the previous submission.

    2. If you filed a paper tax return or you could not re-file your tax return online

    3. Please email us stating:

      1. your request to claim or revise the relief for YA 2020;
      2. the amount of relief that you wish to claim or revise;
      3. the amount of insurance premium paid in 2019;
      4. the amount of insured value of the policy;
      5. the name of the insurance company;
      6. the name of the insured person; and
      7. that you have met the qualifying conditions.

  • I have received my tax bill for Year of Assessment (YA) 2020. The amount of Life Insurance Relief is incorrect/ I wish to withdraw my claim for Life Insurance Relief. What should I do?

    Please file an objection within 30 days from the date of your tax bill, using the “Objection to Assessment” e-Service in myTax Portal.

    If you are unable to use this e-Service, you may email us stating:

    1. your request to claim or revise the relief for YA 2020;
    2. the amount of relief that you wish to claim or revise;
    3. the amount of insurance premium paid in 2019;
    4. the amount of insured value of the policy;
    5. the name of the insurance company;
    6. the name of the insured person; and
    7. that you have met the qualifying conditions.

    You may also withdraw your claim by sending an email stating that you want to withdraw your claim.