The Life lnsurance Association of Malaysia hopes that the Government will increase the tax relief for medical and education insurance to RM6,000 and separate the tax relief for life insurance and Employees Provident Fund (EPF) in the Budget 2017.

The tax relief of RM3,000 is insufficient as it caters to both healthcare and education, especially when the taxpayer takes out insurance policies for his or her dependants. The president also called for the combined life insurance and EPF relief of RM6,000 to be separated to encourage Malaysians to buy insurance and takaful policies.

Source: The Borneo Post, 15 October 2016