167,000 tax-payers claimed relief on their life insurance premiums. If their CPF contribution is less than $5,000, they can claim life insurance premium for the difference up to $5,000.
The total amount of relief claimed is $313 million. The average is $1,900.
Groups who might be claiming this relief are:
1) Foreigners working in Singapore. They don't have CPF contributions so they can claim up to $5,000 in insurance premiums paid (subject to a cap of 7% of sum assured).
2) Self-employed persons.
3) Older (retired or semi-retired) persons who have low or no CPF contributions.
4) Permanent residents in their 1st and 2nd year, when they pay less than the normal rate of contribution.
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