Its second proposal is the government increase personal tax relief for life insurance premiums from RM3,000 to RM5,000. 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. LIAM said it wanted to promote financial inclusion and increasing awareness on the importance of financial protection among the rakyat. “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. As for the second proposal, Loh said personal tax relief for life insurance premiums should be increased from RM3,000 to RM5,000.
