Is a life insurance policy, which becomes payable after a specific period with profit, or upon death with the profits of that period, permissible or forbidden?

Commercial life insurance contracts are prohibited. Whoever participated in one out of ignorance must revoke it if possible; otherwise, they may benefit only from what they contributed. As for the surplus, it must be disposed of by spending it on the welfare of Muslims or on the poor. Cooperative takaful insurance, however, is permissible.