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aws试用账号(www.2km.me)_Life insurers’ four proposals in Budget 2022 wish list

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LIAM president Loh Guat Lan said the life insurance industry has put forward four proposals under the Budget 2022 wish list.

KUALA LUMPUR: The Life Insurance Association of Malaysia (LIAM) has proposed the government include medical insurance premium in the tax relief of RM8,000 which is for medical expenses for self, spouse and children as one of its four items on the wish list in the Budget 2023.

LIAM president Loh Guat Lan said on Monday alternatively, the government could raise the tax relief for education, medical and health insurance from RM3,000 to RM6,000.

Its second proposal is the government increase personal tax relief for life insurance premiums from RM3,000 to RM5,000.

Thirdly, LIAM also proposed the 6% service tax on group employee insurance scheme be abolished.

As for the fourth plan, it proposed the government extend the RM50 Perlindungan Tenang Voucher Programme for B40 for another year i.e from 2022-2023.

Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz will table the 2022 Budget proposals on Oct 29.

LIAM said it wanted to promote financial inclusion and increasing awareness on the importance of financial protection among the rakyat. In the spirit of “Keluarga Malaysia”, for the Budget, LIAM put forward four proposals that would assist the rakyat in enhancing their well-being by encouraging Malaysians to plan for their protection needs and enhancing coverage among the B40 and the Malaysian Employees

As for its first proposal to include medical insurance premium in the tax relief of RM8,000 which is for medical expenses for self, spouse and children; or raise the tax relief for education, medical and health insurance from RM3,000 to RM6,000; Loh said:

“We would like to propose that tax relief for medical and health insurance premiums be increased by one of the following options:

“a. To allow the current tax relief of RM8,000 for medical expenses on self, spouse and children

for serious diseases be extended to include medical insurance premiums; or

“b. To increase the current combined tax relief of RM3,000 (for medical and health insurance premiums and premiums for education insurance) to RM6,000.”

Loh said the rationale behind this proposal is firstly, it will lift the burden of potentially large medical expenses from the taxpayer due to the pooling of risk.

Secondly, the cost of medical expenses typically increases with age and taxpayers are utilising their current income to fund for their future long term medical needs.

“The cost of medical insurance for an average family of two adults and three children is about RM2,500 per annum at the lower end. Hence, there is only RM500 savings for premium per annum for this family to support the education policy of the three children, which is not enough.

“Given the importance of having health insurance for Malaysians, the tax relief for this type of insurance plan should be increased,” she said.

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