Question

Assalamualaikum,

I am Maroof Ali from Ajmer, Rajasthan, I have taken this policy of SBI to reduce income tax (Sbi Life - Smart Money Back Gold Option1 111N096V03, Policy Number - 1N579217602), My CA told me that I will be getting benefits on profit basis and not on interest basis with range from 6% to 22%, I had embraced this policy but can you please enlighten me whether this policy is valid or not, I will cancel the policy if prohibited,
I've already paid 1 lakh and have to pay 1 lakh per year, waiting for your reply

JazakAllah khair,
Syed Maroof Ali
+91 9468751786

Answer 1

Ref. No. 2579/45-3947

In the name of Allah the most Gracious the most Merciful

The answer to your question is follows:

Your question is not clear and we are not able to know how this policy will reduce your income tax.  And if you do not take profit from this policy, will it give some concession or deduction in income tax or not? Write the detail about the policy and resend your query.

Darul Ifta

Darul Uloom Waqf Deoband