The new tax deduction will appear in Russia on September 1. What you need to know

Starting from September 1, 2026, Russia will introduce a tax deduction for long-term savings under voluntary life insurance contracts concluded on January 1, 2025. Taxpayers who comply with the established requirements will be able to take advantage of the benefit: the minimum term of the contract should be 10 years, and the amount of contributions deductible is limited by the general limit on long-term savings instruments. For more information, see the Izvestia article.

Conditions for receiving a deduction

You can receive a deduction under contracts drawn up in favor of the taxpayer himself, his spouse, parents, children and other close relatives provided for by law. The minimum term of the contract is 10 years from the date of conclusion to the date of the first payment.

At the same time, a taxpayer may simultaneously act as a beneficiary under no more than three such agreements.

The deduction is calculated only from the part of the contribution that relates directly to life insurance. Additional services and risks included in the policy may not be included in the amount of expenses accepted by the tax service.

Total contribution limit

As Alexander Safonov, a professor at the Financial University under the Government of the Russian Federation, explained in a conversation with Izvestia, the tax deduction for voluntary life insurance will be included in the category of deductions for long-term savings, under which there is a single contribution limit. This is not the amount that the state will transfer to a person, but the maximum base for calculating the deduction.

"Since 2020, the Tax Code has a single mechanism (Article 219.2): it combines the tax deduction for four products — investment accounts of the third type, a long-term savings program, a non-state pension insurance contract and long-term voluntary life insurance contracts. From September 1, 2026, these products operate collectively: the amount of personal contributions is taken per year, but not more than 400 thousand rubles for all products together," Alexander Safonov, professor at the Financial University under the Government of the Russian Federation, told Izvestia.

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There is an increased limit for parents — up to 500 thousand rubles per year if contributions are directed to long-term savings in favor of children (including adopted children) under 18 years of age, and for full-time education — up to 24 years. If both parents have signed such agreements, everyone can declare their own limit — the total family limit can reach up to 1 million rubles per year.

Payout amount

The amount of the tax deduction depends on the personal income tax rate: at the rate of 13% — up to 52 thousand rubles per year, at the rate of 15% — up to 60 thousand rubles, at the rate of 18% — up to 72 thousand rubles, at the rate of 20% — up to 80 thousand rubles, at the rate of 22% — up to 88 thousand rubles.

"For a middle-income family, a deduction can be a tangible benefit."… But the question is whether such families will be able to regularly channel part of their income into savings: it is difficult for many to give 5-10% of their salary to savings. The product is of interest primarily to people with significantly higher incomes, for example, when the income of one employee exceeds 300 thousand rubles per month," explained Alexander Safonov.

You can get a deduction through the Federal Tax Service or your employer. In the first case, the application is submitted after the end of the year in which the insurance premiums were paid. For registration through the taxpayer's personal account, you can use the 3‑personal income tax declaration.

Detailed information about the conditions for granting a deduction and its amount can be obtained from the bodies of the Federal Tax Service of the Russian Federation.

The differences between the new deduction and the deduction for medical treatment, housing or education

The deduction for life insurance contracts will "move" from the category of social deductions to the category of deductions for long-term savings. According to Alexander Safonov, there used to be a social deduction for life insurance contracts for a period of five years or more (with a limit of 150 thousand rubles per year). Starting from September 1, 2026, this norm will be excluded from the category of social deductions.

"There is a single limit for a whole group of tools. The limit of 400 thousand rubles per year is common to all long—term products <...>. That is, if you deposit money into several such instruments per year, the amount for calculating the deduction will not add up — only 400 thousand rubles in total will be calculated for all. For social deductions (treatment, education), each area has its own separate limit. The main difference is that there is a single limit for a whole group of tools," the expert said.

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Additional conditions have also been introduced that were not included in the social deduction, such as a requirement for a minimum contract term of 10 years and a limit on the number of simultaneously valid contracts.

"The term of the contract will be gradually increased to 10 years. If a person closes the account earlier, they will lose the right to deduction, and they will have to return the money they have already received. This is what it is designed for: a person should think seriously before participating in the program," Alexander Safonov emphasized.