Can you plz let me know that is it jayaz ( allowed /reasonable) in islam make the LIC policy or any other policy in which a policy provider says that you submit this much amount of installment and in case of your sudden demise , the nominee will get a very much hafty amout like of 15 laks or 25 lakhs ,Or your money will be doubled.
Answer
(Fatwa: 593/586=D)
LIC policy consists of interest and gambling and these two things have been categorically disallowed in Quran; therefore it is impermissible to take the policy and accept the additional amount.
Allah (Subhana Wa Ta’ala) knows Best
Darul Ifta,
Darul Uloom Deoband