What is the ruling on participating in an optional insurance policy whose entire cost is borne by the bank, and from which heirs benefit until the age of sixty, or more if the employee completes the payment of installments?

Working in interest-based banks is forbidden due to its involvement in assisting in the forbidden (haram (definition)). All that was spent from this money in the past is forgiven. As for what remains, it must be disposed of by spending it on a charitable cause. It is forbidden to agree to an insurance contract that the bank pays on your behalf to an insurance company. If a person has agreed to it, he must withdraw his consent and inform the bank that he has no relation to the money it paid. If he dies and his heirs receive the money, they must dispose of the amount exceeding what the deceased paid by spending it on the general welfare of Muslims, or for the poor and needy. Poor or indebted heirs are permitted to benefit from it to the extent that their need is removed.