A new tax deduction for long-term savings will be introduced in Russia.

      On September 1, 2026, a new tax deduction for long-term savings under voluntary life insurance contracts will come into effect in Russia. As reported by RBC, it will allow taxpayers to reclaim part of the personal income tax (PIT) paid on the amount of insurance premiums (within the limits of long-term savings). The benefit will be available for contracts concluded after January 1, 2025. The maximum deduction amount is up to 30 million rubles per contract.

      In addition, the deduction limit for contributions within the framework of long-term savings is increased from 400,000 to 500,000 rubles for each parent. The increased limit applies if the funds are invested for the benefit of children: until they reach adulthood or until they turn 24 years old, provided they are studying full-time.