Life insurance is an essential aspect in your long term financial planning. It helps to reduce financial strain on your family after you pass away. This is especially crucial if you are the sole breadwinner.Not only that, you can also use life insurance to provide for your retirement needs.
You can claim for tax relief of up to a maximum amount of RM6,000 per year for an ordinary life policy. This is inclusive of any contributions you have paid to an approved retirement benefit scheme such as the Employees Provident Fund or other pension scheme.
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