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Guidelines to enjoy maximum tax relief on childrens's education policies.
How to enjoy maximum tax relief on children's education policies?
1. If the life assured of the life policy is the parent, to qualify for tax relief, the beneficiary must be the child.
2. If the life assured is the child, the following condition must be met:
a. A payor benefit must be attached into the policy and in the event that the payor passes away, are totally and permanently disabled or diagnosed with critical illnesses, all future premiums for the said policy will be waived. This payor benefit duration must be the same as the policy maturity duration.
3. A copy of the insurance policy schedule must be submitted when a tax deduction claim is made for the first year. Subsequently only the receipt of payment is required for submission.
4. For both Takaful and conventional education policies, the maturity benefits/cash values must be paid to the child when they attain the age of between 13 to 25 years of age.
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