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Smoking results in higher mortality rates because of cancer and severe lung diseases. This means that smokers should opt for a term insurance plan to make sure that their family members are financially secured in case something unfortunate happens to them. However, due to this, the premium rates for smokers are comparatively high.
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If a policyholder has consumed tobacco in any form in the past 12 months, then he/she will be categorized as a smoker. In comparison to non-smokers, the premium rates of term insurance for smokers can be almost 30 to 40% higher. There have been various cases where the customers hide the details about their smoking habits from insurers just to save on the extra charge. However, if you are a smoker, then it is very important to inform the same to the insurer.
Note: Know what is term insurance first and then buy a term plan for your loved ones.
Here are some of the affordable and popular term insurance plans for smokers offered by different insurance companies:
| Name of the Insurer | Term Insurance Plans for Smokers | Claim Settled Amount (cr) | Entry Age | Maximum Maturity Age | |
| Aditya Birla Sun Life Insurance Company Limited | ABSLI Income Suraksha Plan | 458 | 21-55 years | 70 years | |
| Aviva Life Insurance Company India Limited | Aviva Signature 3D Term Plan | 98 | 18-65 years | 80 years | |
| Bandhan Life Insurance Limited | Bandhan Life iTerm Prime | 86 | 18-65 years | 70 years | |
| Bajaj Allianz Life Insurance Company Limited | Bajaj Allianz eTouch | 603 | 18-55 years | 99 years | |
| Bharti Axa Life Insurance Company Limited | Flexi Term Pro | 148 | 18-65 years | 99 years | |
| Canara HSBC Life Insurance Company Limited | Canara Young Term Plan | 186 | 18-45 years | 99 years | |
| Edelweiss Life Insurance Company Limited | Edelweiss Life Zindagi Plus | 59 | 18-65 years | 80 years | |
| Future Generali India Life Insurance Company Limited | Future Generali India Term Insurance Plan | 33 | 18-60 years | 65 years | |
| HDFC Life Insurance Company Limited | HDFC Click 2 Protect Super | 1,389 | 18-65 years | 85 years | |
| ICICI Prudential Life Insurance Company Limited | ICICI iProtect Smart | 1,950 | 18-65 years | 99 years | |
| IndiaFirst Life Insurance Company Limited | IndiaFirst Life Elite Term Plan | 160 | 18-60 years | 99 years | |
| Kotak Mahindra Life Insurance Company Limited | Kotak e Term | 321 | 18-65 years | 85 years | |
| Life Insurance Corporation of India | LIC New Tech Term Plan | 18,398 | 18-65 years | 80 years | |
| Axis Max Life Insurance Company Limited | Max Life Smart Total Elite Protection | 1,242 | 18-65 years | 85 years | |
| PNB MetLife India Insurance Company Limited | PNB MetLife Mera Term Plan Plus | 407 | 18-50 years | 80 years | |
| Pramerica Life Insurance Company Limited | Pramerica Life Rock Solid Plan | 30 | 18-65 years | 85 years | |
| SBI Life Insurance Company Limited | SBI eShield Next Plan | 1,676 | 18-65 years | 100 years | |
| Shriram Life Insurance Company Limited | Shriram Life Smart Protection Plan | 109 | 18-65 years | 75 years | |
| Star Union DAI-ICHI Life Insurance Company Limited | SUD Life Protect Shield Plus | 113 | 18-60 years | 80 years | |
| Tata AIA Life Insurance Company Limited | Tata AIA Sampoorna Raksha Promise | 776 | 18-65 years | 100 years |
*Disclaimer: The list of insurers mentioned are arranged according to the alphabetical order of the name of insurance company respectively. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. The list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
Note: Check out the term insurance plan in India and choose one that suits your requirements.
All smokers don’t have the same smoking practices. This is the reason they have classified smokers into three types:
Typical Smoker: Smoker with some minor health problems
Table-rated Smoker: Individuals having some obvious health conditions owing to smoking.
Preferred Smoker: Individual who is a smoker but overall he/she is fit and in good health.
Term insurance for a smoker is largely different from the non-smoker. Here are some of the things that you should know before buying term insurance for a smoker:
Minimum Age: 18 years
Maximum Age: 75 years
Minimum Policy Term: 5 to 10 years
Maximum Policy Term: 30 to 40 years
Sum Assured: Minimum: 3 Lakhs
Maximum: Can expand up to the amount the policyholder requests
Premium Payment Frequency: Annually
Eligibility: Valid for Indian Citizens who live within India
Plan Maturity: In case the policyholder outlives the policy, an individual doesn’t get any benefits for the same.
Note: It is suggested to calculate the term plan premium on the term insurance calculator online tool by Policybazaar before buying.
If in case the policy buyer provides false or incorrect information about his/her smoking habits because of the fear of paying high premiums, the insurer is liable to take the below actions against the applicant:
Charging them for performing an insurance fraud
The plan can be declared invalid or nullified
The benefits of the policy can be denied to the insurance company
Yes, smoking affects the term insurance premium rates. As we all know, Smoking is injurious to health, so, how do insurance companies look at this dangerous practice?
Generally, smokers are required to pay higher premium amounts than those individuals who do not smoke when they buy a term plan. The simple reason is that smokers have a greater mortality rate than non-smokers.
Let’s understand this with the help of an example:
If you are a healthy and non-smoking male of 30-year-old buy a term plan for a sum assured amount of Rs. 1 Crore. The premium amount paid for a 20 years term plan is above Rs. 700 for a month. Whereas for a smoker having the same age, the premium amount may go up to Rs. 900 pm.
Thus, Smoking habits do make a difference to premium payments.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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