Any sum payable by the employer for employee shall be treated as perk to employee if:
the amount is payable by the employer to effect an assurance on the life of the assessee; or
the amount is payable by the employer to effect a contract for an annuity for employee.
Note. (i) The sum so payable may be either directly or through a fund.
(ii) If the sum is payable through a recognised provident fund or an approved superannuation fund, it shall not be treated as taxable per for employee.