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Is buying a Insurance policy permissible in Islam?

Q:

“pradhan Mantri Jeevan jyoti bima yojana” is a Government of India Yojna. I pay 330/- Every year, after my death my family received 2Lakh. It’s Jaiz in Islam.

A:

Wa alaykum salaam

Thank you for your question.

According to Ayatullah Sistani buying insurance policy is allowed.

Question: Is life insurance permissible?
Answer: If the person who receives life insurance pays money and the insuring company is committed to insure him against illness or any incidents, there is no problem. As well, as part of this contract, the insured person can stipulate that at the end of the period of insurance, the company should give him or someone else the equivalent amount or more than what he himself had paid.

https://www.sistani.org/english/qa/01221/

Regards
Sukaina Taqawi.