Zaid bought a LIC policy for 20 years and pays Rs.1523/- per month as premium and till now he has deposited total Rs.106266/- as premium. Zaid wants to know is there any zakah wajib on him for the same?
Answer
(Fatwa: 1689/1326/B=1433)
Yes, Zaid will have to pay the zakah on his deposited capital amount.
Allah (Subhana Wa Ta’ala) knows Best
Darul Ifta,
Darul Uloom Deoband