Prayers & Duties >> Zakat & Charity

Question ID: 41077Country: India

Title: Zakat on Policy

Question: I am a private company worker, I have taken policy and have to pay premium of rupee one lakh per year. I have paid total 3 premiums i.e. 3 lakhs and total premium is 5. Do I have to pay zakah? If yes, then how much? Also I cannot pay immediately so let me know the way.

Answer ID: 41077Posted on: Aug 31, 2020

Bismillah hir-Rahman nir-Rahim !

(Fatwa: 1403/891/L=1433) In the case mentioned above, when the zakah of your other wealth shall be wajib on you on the same day the zakah of these savings shall also be wajib. Zakah is 2.5% i.e. 2.5 rupees in 100 rupees. Pay your zakah accordingly. Also it is not necessary to pay the zakah immediately at a time; you can pay your zakah gradually.

Allah (Subhana Wa Ta'ala) knows Best

Darul Ifta,

Darul Uloom Deoband, India

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Title: Zakat on Policy

Question: I am a private company worker, I have taken policy and have to pay premium of rupee one lakh per year. I have paid total 3 premiums i.e. 3 lakhs and total premium is 5. Do I have to pay zakah? If yes, then how much? Also I cannot pay immediately so let me know the way.

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