Investment policy with death benefits

Question ID: 28196

assalamualaikum mufti saheb (d.b)

i)if a person has an investment policy with death benefits can he
a)surrender the policy and go for haj with the proceeds as this is the only source
of funds currently together with a small pension scheme started by his company his woking for about 6 – 8 years ago , the person in question is elderly and has not gone before.

b)if not can he only use his contributions from it when surrendering it
c)can he give the proceeds to his son/daughter /relative as a loan/gift and is it
permissible for any of them to use

d)how is zakaat calculated. the values of the policy are about as follows
: life cover 17482, death value 63734
, surrender value 52999
, advance available 47698, contributions 15000 it is primarily invested in the stock market. your most valued and speedy response is most appreciated

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Asked on October 4, 2008 12:00 am
Private answer

a) Yes

b) -

c) Yes

d) On surrender value

Marked as spam
Answered on October 4, 2008 12:00 am