KUALA LUMPUR: The government’s move to increase individual income tax relief on education insurance and medical and health insurance premiums to RM4,0...
The government’s move to increase individual income tax relief on education insurance and medical and health insurance premiums to RM4,000 is seen as a good financial planning incentive to encourage more Malaysians to purchase medical and health insurance plans as well as education policies for their children.
Life Insurance Association of Malaysia chief executive officer Mark O’Dell also commended the move to increase the individual income tax relief for medical expenses of up to RM10,000, which also covers medical and health insurance plans with co-payment features.
O’Dell said the government’s commitment to continuing the Perlindungan Tenang Voucher Programme in collaboration with Bank Negara Malaysia and the insurance and takaful industry will continue to empower the B40 group to take the first step to introduce financial planning in their families.
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