Is Zakat on Insurance payable every year after nisab is reached although insurance is still not surrendered?

Question

Accepted Answer

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.

Is Zakat on Insurance payable every year after nisab is reached although insurance is still not surrendered?

Topics:

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?

Who is eligible to pay zakat?

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?

Which day of the month should I take to calculate my Zakat on Savings? Every end of the month? During payday? Every start of Islamic month?

Need more help?