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Get up to 16% Tax Rebate by Purchasing Life Insurance - Nairaland / General - Nairaland

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Get up to 16% Tax Rebate by Purchasing Life Insurance by sCross: 5:20pm On Jul 23, 2015
If you work in a corporate environment or have any dealings with companies, chances are that you're being taxed and perhaps heavily.

In lay terms, a tax rebate is a policy that reduces the amount of tax you pay if you have purhcased an investment product e.g Insurance.

Illustration

If you purchase a life assurance product where you pay monthly e.g 20,000 over the space of 3 -5 years.

At the end of the first year, you would have paid a gross premium of 240,000
From the 2nd year, you can write to the tax authorities through your HR and as much as 16% of the 240,000 can be written off for you. This means you'd be about 38k better off.
And you can do this for the subsequent years while your insurance policy is still valid.

This means that your tax would be 200,000 less than what you would have initially paid.

Plus at the end of your investment period, you would get your full investment from the insurance company plus interest accrued.

Assumptions
- You work for a reputable company
- You purchase insurance from a reputable insurance company

PS* It's not strictly for those with blue collar jobs. Entrepreneurs can also benefit from it.

1 Like

Re: Get up to 16% Tax Rebate by Purchasing Life Insurance by dacornerstone: 12:05am On Jan 18, 2019
pls how does an entrepreneur benefit or process tax rebate too

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