Term Insurance Plans for Smokers
There have been cases wherein customers hide the fact that they smoke from insurance companies. However, a health check-up, which is a pre-requisite for a term insurance plan, is sure to reveal the truth. It will also further complicate your policy claim if the insurer finds this out, once you’ve passed away.
All smokers do not have the same smoking habits and insurance companies understand this. That is why they have categorized smokers into three types:
Preferred SmokerA preferred smoker is someone who apart from smoking is overall fit. The premium for this type of smoker is the least.
Typical smokerThis is the kind of smoker with a minor lingering health issue. The premiums charged in this case will be slightly higher as compared to a preferred smoker.
Table rated smokerThis is a smoker who has an obvious health condition owing to smoking. The premium this kind of a smoker pays on his term insurance plan is generally the highest among all three types. This is because the person already has a health issue and the insurance company looks to minimize its risks.
A term insurance for a non-smoker and a smoker are significantly different from each other. Here are a few things you should know before you buy term insurance for a smoker:
Minimum ageThe minimum age to buy a term insurance for a smoker is 18 years.
Maximum ageThe maximum age until which a smoker may get coverage is 75 years.
Minimum termA smoker’s term insurance policy is a minimum of 5 – 10 years.
Maximum termThe maximum term of the insurance policy may span anywhere between 30 – 40 years
Sum assuredThe minimum sum assured on a smoker’s plan is INR 3 lakh. The maximum may span up to the amount the insured requests.
Premium paymentsThe premiums in a smoker’s term insurance policy need to be paid annually.
EligibilitySuch term plans are only valid for Indian citizens who reside within the country.
Maturity of the planIn case the insured outlives the maturity of the policy, the person does not receive any benefits for the same
If you are looking to buy term insurance policy for a smoker, then the HDFC Life Click 2 Protect Life is a great option to consider. It secures your family in case death, disease, or disability strikes you. This plan is a highly cost-effective and comprehensive one, which makes sure that your family is well taken care of when you are gone.
Subscribe to get the latest articles directly in your inbox
Life & Term Articles
New Union Budget Highlights 2022-2023
February 05, 2022
Term Insurance Tax Benefits Under Section 80C & 80D
May 23, 2023
Term Insurance Guide
August 16, 2022
Here are a few more articles about Term Insurance.
We help you to make informed insurance decisions for a lifetime.
Comparing term insurance plans with traditional life insurance cover
"A term insurance plan offers death benefit only whereas a life insurance plan offers both death and maturity benefit. To know more about term and life insurance plans, Click here!"
- term insurance plan
- savings plan
- ulip plan
- retirement plans
- health plans
- child insurance plans
- group insurance plans
- long term savings plan
- fixed maturity plan
- monthly income advantage plan
- income tax calculator
- pension calculator
- bmi calculator
- compound interest calculator
- term insurance calculator
- income tax
- tax saving investment options
- best investment plans
- benefits of term insurance calculator
- what is term insurance
- why to invest in life insurance
- tax planning for salaried employees
- how to choose best child insurance plan
- tips for buying retirement plan
- 1 crore term insurance
- importance of saving
- short term saving plans
- types of investment in india
- investment declaration
- Life Insurance
- Union Budget 2023
- New Income Tax Slab 2023-24
- HRA Calculator