THE SOCIO-ECONOMIC SIGNIFICANCE OF TAX INCENTIVES FOR LONG-TERM LIFE INSURANCE IN RUSSIAN AND INTERNATIONAL PRACTICE

Abstract

This article examines the socio-economic significance of tax incentives for long-term life insurance based on a comparative analysis of international and Russian practices. This article examines theoretical approaches to justifying the need for tax incentives and systematizes taxation models used in developed countries. It also analyzes the evolution of the Russian tax incentive system, including the latest changes for 2024-2025 related to the cancellation and restoration of incentives, as well as the launch of a long-term savings program. Key barriers hindering the effective realization of the potential of long-term life insurance in Russia are identified. Recommendations for improving public policy are proposed, including enshrining the grandfather clause principle, differentiating deductions depending on the contract term, harmonizing the taxation of various forms of long-term savings, and developing investment infrastructure.