Yes, in certain circumstances when the benefits are paid for 'temporary incapacity'.

Taxation Determination 2007/3 (TD 2007/3) states that income protection insurance premiums are tax deductible when the following conditions exist:

1.    The premiums are paid by the Superannuation Fund;

2.    The benefits of the policy will be paid for longer that two years;

3.    The benefits payable comply with the requirements of the Superannuation Industry    (Supervision) Act 1993 (SISA 1993);

4.    The payment standards  outlined in Part 6 of Superannuation Industry Supervision Regulations (SISR 1994); and

5.    A condition of release is met per Schedule 1 of the SISR 1994.