(w)    expenditure incurred by a taxpayer in respect of any premiums payable under a policy of insurance (other than a policy of insurance that relates to the death, disablement or illness of an employee or director of the taxpayer arising solely out of and in the course of employment of such employee or director) of which the taxpayer is the policyholder, where-

[Words preceding subparagraph (i) substituted by section 22 of Act 22 of 2012 and section 19 of Act 17 of 2017 effective on 18 December 2017]

(i)

(aa)   the policy relates to the death, disablement or illness of an employee or director of the taxpayer; and

[Item (aa) substituted by section 19 of Act 17 of 2017 effective on 18 December 2017]

(bb)   the amount of expenditure incurred by the taxpayer in respect of the premiums payable under the policy is deemed to be a taxable benefit granted to an employee or director of the taxpayer in terms of paragraph 2(k) of the Seventh Schedule; or

(ii)

(aa)   the taxpayer is insured against any loss by reason of the death, disablement or illness of an employee or director of the taxpayer;

[Item (aa) substituted by section 19 of Act 17 of 2017 effective on 18 December 2017]

(bb)   the policy is a risk policy with no cash value or surrender value;

(cc)    the policy is not the property of any person other than the taxpayer at the time of the payment of the premium;

 [Paragraph (cc) substituted by section 17 of Act 43 of 2014 effective on 1 March 2015]

(dd)   in respect of any policy entered into-

(A)    on or after 1 March 2012, the policy agreement states that this paragraph applies in respect of premiums payable under that policy; or

(B)     before 1 March 2012, it is stated in an addendum to the policy agreement by no later than 31 August 2012 that this paragraph applies in respect of premiums payable under that policy;