Russians will be able to receive a tax deduction for long-term life insurance.
Starting from September 1, 2026, a tax deduction for insurance contributions under long-term voluntary life insurance contracts came into effect in Russia. The changes are part of a tax deduction reform aimed at encouraging citizens to make long-term savings.
The deduction can be obtained for a voluntary life insurance contract concluded no earlier than January 1, 2025. The duration of contracts concluded in 2025 and 2026 must be at least five years. In subsequent years, the minimum duration will gradually increase and will reach 10 years starting from 2031.
The contract must be made in favor of the taxpayer themselves, their family members, or close relatives. At the same time, a person can be the beneficiary of no more than three life insurance contracts.
The maximum amount of the deduction for long-term savings is 400,000 rubles per tax period. If contributions were made under contracts in favor of children until they reach 18 years of age (or until 24 years for full-time students), the limit may increase to 500,000 rubles, provided the established conditions are met.
The deduction can be claimed starting from contributions made in 2025. This was reported by the All-Russian Union of Insurers.
Другие Новости Кирова (НЗК)
Russians will be able to receive a tax deduction for long-term life insurance.
The changes came into effect on September 1, 2026.
