A:
Zakaat is payable on the total amount of the premiums paid over the period of Insurance. In other words Zakaat is also payable on premiums paid in preceding years.
You should try and transfer this policy to a Sharia Compliant Takafol company or alternatively cancel the policy and work towards creating your own little fund that could assist you/your family in case of loss.
Mufti Shafiq Jakhura
Iftaa Department, Darul Ihsan Islamic Services Centre
I concur with the answer:
Mufti Zubair Bayat
Ameer, Darul Ihsan Islamic Services Centre