What is Group Insurance with advantages and disadvantages and its Rulings in Islamic Sharia

What is Group Insurance with advantages and disadvantages and its Rulings in Islamic Sharia

D ear friend, we all know that there are many types of insurance, one of them is called group insurance. What is this insurance and what is the ruling of Islamic Sharia will be highlighted today, inshallah. What is Group Insurance?  The insurance which is provided against the possible future accidents of government or private employees as well as officers and employees is called group insurance. A certain amount of money is compulsorily deducted from the monthly salary of every employee and kept as insurance premium. If an employee is involved in an accident at any time during the year, he/she is provided with comprehensive compensation including medical treatment from the insurance fund. Which is much more than his savings. If there is no peril during the year, the amount deducted as premium is considered cancelled. New insurance starts next year. It is called group insurance. Group insurance is of two types:- Group temporary Insurance Group Term Insurance   Group temporary Insurance:…