Zakat On State Life Insurance
Asalam u alaikum!
I have got life insurance with State life Pakistan for which I am paying annual premiums. This is a 20 year policy for which I will get a lump sum once it expires or God forbidden if I was to expire before then my family will get a lump sum.
Do I need to pay zakat on my premiums? As they are being saved with the insurance company. As after 20 years I will get a lump sum.
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