(gH)   any amount received or accrued in respect of a policy of insurance where-

(i)      the policy relates to death, disablement or illness of an employee or director, or former employee or director, of the person that is the policyholder; and

[Subparagraph (i) substituted by section 16 of Act 17 of 2017 effective on 18 December 2017]

(ii)     no amount of premiums payable in respect of that policy on or after 1 March 2012 is deductible from the income of that person for the purposes of determining the taxable income derived by the person from carrying on any trade;