Is it permissible to subscribe to a bank retirement plan that grants a sum to heirs upon death or to the subscriber upon reaching sixty years of age, and is this considered prohibited life insurance?

Life insurance contracts are Islamically forbidden due to their inclusion of gharar (excessive uncertainty), speculation, and riba (usury). Several fatwas prohibiting it have been issued by various Fiqh academies, and therefore, it is not permissible to enter into such contracts.