If it is your company policy to buy insurance policies for the employees and the beneficiaries of the policy are the employees, the life insurance premiums paid are tax-deductible expenses as it constitutes as staff cost. (Please note that the life insurance premiums are taxable as employment benefits of the employees and these benefits must be declared in their Form IR8A)

If your company is the beneficiary, the insurance premiums are not deductible unless they satisfy the conditions of a "keyman" insurance. For details on deductibility of "keyman" insurance, please refer to "Keyman" insurance: Deductibility of premiums - addendum to practice note 1993/IT/5 dated 25 Feb 1993 (100KB).