Wealth insurance in halal stocks

Everyday Islamic Finance Personal and Family Finance
#1

Assalamualaikum akhi,

I am from India,

Tata aia insurance provides a wealth insurance plan, where they invest in halal stock ( non interest bearing instrument). Also this insurance plan can be used in tax savings, Wanted to know if it’s halal to invest in it.

I currently pay huge amounts in taxes, with growing family willing to know if there are anyways by which I can get exempted from taxes in halal ways.

Example - customer buys an insurance plan (5 lakh insured amount - 5 years), and pays a monthly premium. Tata aia invest in stock market with this in halal stocks. And God forbid something happens to the customer withing 5 years, then Tata aia pays to the customer family either the current value of the stocks or the 5 lakhs, which ever is higher. If the customer is alive, he can take out the current value of the invested amount.

My questions

  1. is this halal?
  2. if the customer conveys to his family members to give away the amount exceeding his current value of investment away, in case of his death. Will this become halal?
1 Like
#2

Wasalam

May Allah bless you.
From what you have to describe, I do not think the investment plan is halal.
However, I would advice you to seek further advice from your local scholar and also explain to him your situation.

And Allah knows best!