Is Zakat on Insurance payable every year after nisab is reached although insurance is still not surrendered?
Zakat on Insurance is payable once the surrender value reaches the nisab for the year in concern. This is because the surrender value is the amount that one is able to obtain and use in principle.
Related questions
I have a life insurance, health insurance and home protection insurance. Do I have to pay Zakat for all these insurance or only on the life insurance?
I have a combination of savings, shares and insurance. Do I sum them up all, check if it exceeds the nisab, and if yes, I take the net values then times 2.5%? Or do I do the calculation individually on each asset class?
Who is eligible to pay zakat?
How does one calculate the zakat for shares?
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