A tax payer is allowed to deduct up to $5,000 of life insurance premium (less CPF contribution) from taxable income in a year.
For foreigners and self employed who do not contribute to CPF, they can enjoy this tax relief. I understand that 150,000 people take advantage of it each year.
If you are in this category, you should invest in a plan to enjoy the relief, before 31 December.
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