What is the maximum gross tax relievable premium Michael can pay into a new term assurance policy?

In the context of term assurance policies, it's crucial to understand the tax relief implications associated with different types of life insurance products. Term assurance, typically designed to provide a death benefit to beneficiaries, does not allow for tax relief on premiums paid.

This is due to the fact that term assurance policies are not classified in the same way as certain investment-oriented policies, where premiums can attract some form of tax relief. Instead, the premiums for term assurance are considered personal expenses without any associated tax deductions or reliefs.

When evaluating the options, the statement that "premiums are not tax relievable" accurately reflects the nature of term assurance. Therefore, the maximum gross tax relievable premium that Michael can pay into a new term assurance policy is indeed none, as there are no tax reliefs applicable to these premiums.

In contrast, the other options suggest amounts that imply some level of tax relief is available, which is not the case for term assurance.