I am a Govt. employee of J&K state. The Govt. annually collects taxes through our salary and for saving the taxes I have opted for life insurance investment. Now the question is that is this allowed in Shariah if not tell the right solution, further where we can spend the bonus of the policies given by company at maturity time.
Answer
(Fatwa: 523/416/B=1434)
(1) One can get life insurance in order to save one’s hard earned income from tax, but it shall be necessary to give the amount received more than capital amount in charity.
(2) What types of bonus it is, explain it.
Allah (Subhana Wa Ta’ala) knows Best
Darul Ifta,
Darul Uloom Deoband