Taxation on Global Life Insurance (BiK) in Malaysia

Is there a taxable benefit in kind?

Premium health insurance is taxable except for certain insurance premiums or contributions paid by the Customer. Some insurance premiums such as the following are not considered perquisites to the employee and, therefore, are not taxable: (a) Insurance premiums that are mandatory for foreign workers as a replacement to SOCSO contributions. (b) Insurance premiums for group coverage are used to protect workers in the event of an injury or accident. (c) Insurance premiums on insurance policies under the Aviation Travel Insurance for employees for coverage of employees for traveling on official duty. (d) Contributions by the Customer to the health care management organization for payment of the medical and treatment costs of employees. If the beneficiary of the insurance policy is the employer, it is not taxable.