Is there any way to sell off an endowment plan, as I have recently converted to Islam and have been advised that Endowment plan that I have is not permissible?

Hi there

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Yes endowment plans have some prohibited elements that contravene Shariah Rulings.

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Here's a guide on Insurance for Muslims in Singapore: https://islamicfinancesg.com/takaful-for-sg/

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You may also want to consider the answers on Insurance the Muslim community has been asking here: https://islamicfinancesg.com/faq-category/insur....

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Questions include:

1. what to do with non-halal Investment linked Policies: https://islamicfinancesg.com/docs/insurance/what-to-do-with-a-non-halal-investment-linked-policy/
2. What to do with insurance proceeds as a Muslim: https://islamicfinancesg.com/docs/insurance/due-to-a-heart-attack-my-insurance-policy-was-terminated-and-given-a-large-amount-of-money-is-this-halal-do-i-need-to-do-zakat-if-the-money-is-kept-till-haul-the-haul-is-reached/

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For more questions and discussions, you may join Islamic Finance Singapore here: https://t.me/+jXMGdrlPYc0xNTVl

Hi Anonymous,

Normally for endowment plans, we only consider those where at least 1/3 of the premiums have been paid. Hence the chances of us being able to buy-over yours is slim.

You may continue seeking advice from your financial advisor on what to do with your endowment plan.

Disclaimer: PolicyWoke is a 2nd-hand endowment policies broker