How it works.

A Relevant Life Plan is a Term Assurance plan available to employers who wish to provide a benefit to their employees. Because it meets certain legislative requirements, it passes as a tax efficient benefit for employees.

  Relevant life plan - how it works diagram  

What makes it cost effective?Relevant Life Plan are similar to moth other types of life cover except they aim to offer a tax efficient way for an employer to arrange life cover benefits fro an employee.

As such, Relevant Life Plans are usually viewed as an allowable business expense by HRMC so all premiums and paid benefits qualify for full Income Tax Relief, National Insurance relief and Corporation Tax relief.

This means premiums could be reduced by up to 49% compared to a typical life policy if you are a higher rate tax payer. For a basic rate tax payer this figure could be up to 40%. 

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