Is Zakat obligatory on current and future insurance and investment installments withdrawn from the bank balance, and on the principal amount of the policy paid and due for withdrawal in the coming four years?

Zakat is obligatory on the principal of the money held in the bank and its profits, if the investment is permissible. However, if it is usurious, then Zakat is not obligatory on the profit, and the money must be withdrawn and repentance made to Allah. It is permissible to benefit from usurious interest for one who was ignorant of its prohibition. Commercial insurance is prohibited in all its forms. As for cooperative insurance, it is permissible if the surplus money is invested in a permissible manner; otherwise, it is not permissible to participate in it. Zakat is obligatory on the bank balance remaining after the insurance premium has been taken. As for the amount taken for insurance, knowledge of the transaction is needed to determine the ruling on its Zakat.