Term Insurance for Smokers

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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How Does Term Insurance Plan Work for Smokers?

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.

Best Term Insurance Plans for Smokers

Here are some of the affordable and popular term insurance plans for smokers offered by different insurance companies:

Term Insurance Plans for Smokers Entry Age Maturity Age Policy Term Sum Assured (in Rs.)
Aegon iTerm Plan 18 to 65 years 23 to 70 years 5 to 70 less entry age Minimum: 25 Lakhs
Maximum: 1.25 Crore
HDFC Life Click 2 Protect Plus 18 to 65 years 85 years 5 to 40 years/85 years – Entry age Minimum: 25 Lakhs
Maximum: No Limit
Bharti AXA eProtect Plan 18 to 65 years 75 years 10 to 30 years Minimum: 25 Lakhs
LIC Amulya Jeevan 18 to 60 years 70 years 5 to 35 years Minimum: 25 Lacs
Maximum: No Limit

Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

What Are the Types of Smokers As Per the Insurance Company?

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.

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What are the Eligibility Criteria for Term Insurance Plan for Smokers?

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.

What If You Do Not Inform the Insurance Company About Your Smoking Habits?

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

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Does Smoking Affect My Term Insurance Premium Rates?

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.

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