Section 470B of the Principal Act is amended by substituting the following for subsection (4):

"(4) Subject to subsections (5) and (6), where, for a relevant year of assessment, an individual or, if the individual is a married person assessed to tax in accordance with section 1017, the individual's spouse makes a payment to an authorised insurer under a relevant contract and -

(a) the payment is in respect of a premium due under the relevant contract and the relevant contract was renewed or entered into on or after 1 January 2009 but before 1 January 2012, and

(b) the payment or part of the payment, as the case may be, is attributable to an insured person, and only to an insured person, who is aged 50 years or over on the date the relevant contract is renewed or entered into, as the case may be,

then the individual shall, for the relevant year of assessment, in respect of so much of the relievable amount of the payment or part of the payment, as the case may be, as is attributable to an insured person referred to in paragraph (b), be entitled to a credit (referred to in this section as 'age-related tax credit') equal to the lower of -