The Zakat for your savings, shares and insurance is calculated separately and not summed up together before performing calculation. This is because the calculation method for each is different:
- Zakat on Savings: Based on 2.5% of lowest balance in year if this balance does not fall below nisab value.
- Zakat on Shares: Based on 2.5% of total market value of shares owned at the end of year if this value does not fall below nisab value.
- Zakat on Insurance: Based on 2.5% of the surrender value when haul and nisab are due.