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Buy Best Life Insurance for Smokers

Smokers are at a higher risk of developing many life-threatening diseases. They have a higher chance of developing cancer, chronic obstructive pulmonary disease (COPD), and heart disease. Smoking also increases the likelihood of stroke, heart attack, and death. So, it is necessary to buy a life insurance policy to provide security to your family.

Buy Best Life Insurance for Smokers

Life insurance is an important product that every person should have. Life insurance for smokers is a type of life insurance that is more expensive than life insurance for non-smokers. But one way to save money on life insurance is to apply for a policy at PolicyBachat that has lower premiums for smokers. This article will help you to find the right life insurance policy for smokers and how life insurance companies define smokers and how much extra premium is charged from a smoker.

Table of Contents:

About Life Insurance for Smokers

Life insurance is a contract between you and the company that insures your life. It pays a benefit to your beneficiaries in the event of your death. Life insurance for smokers is a type of life insurance that covers the insured person in case of death due to smoking-related illnesses. Smoking poses a serious health risk and many people would want to protect their families from the financial burden of paying for medical care in case they die.

There are two main types of life insurance available for smokers: term life insurance and whole life insurance. Term life insurance is cheaper than whole life insurance because it only lasts for a certain period, usually 10 or 20 years, but there is a chance that the smoker will die before the term ends. Whole life insurance, on the other hand, pays out even if the smoker dies early. The premiums are higher than those of term life insurance but they can be lower in some cases due to discounts offered by some companies.

Why do Smokers Need Life Insurance Policy?

Smokers are less likely to live a long life than non-smokers. They are also at an increased risk of developing chronic obstructive pulmonary disease, lung cancer, and heart disease. This is why smokers should get life insurance. It protects their family against the financial consequences of their death. Smokers can buy life insurance policies to protect their families if they die prematurely but life insurance companies charge premiums based on the health risks they face.

There are many reasons for smokers to buy life insurance. Here are a few reasons why people should buy smoker’s life insurance:

  • Smokers have a higher risk of developing heart disease and cancer.
  • To protect your family from medical expenses, pay off any debts, etc.
  • To get peace of mind for families who worry about how they will survive without their loved one's income.

Eligibility Criteria of Life Insurance for Smokers

Minimum Age 18 years
Maximum Age 75 years
Minimum Policy Term 5 to 10 years
Maximum Policy Term 30 to 40 years
Maturity Age Based on Policy
Premium Payment Term Regular Pay, Limited Pay, Single Pay
Premium Payment Frequency Single, Yearly, Half-Yearly, Quarterly, Monthly
Minimum Sum Assured Rs. 3 Lakh to Rs. 50 Lakhs
Maximum Sum Assured No limit

The eligibility criteria above are generic and may vary from Insurer to Insurer. Please check the exact eligibility criteria by comparing life insurance quotes.

How to Buy Life Insurance for Smokers

Smoking is the leading cause of preventable death in India. The average smoker will die 10 years earlier than a non-smoker. The best way to protect your family from this risk is to buy life insurance, which will provide income and financial protection in case you die. To buy the best life insurance for smokers go to the PolicyBachat website and follow the below steps:

  • Enter your Name, Date of Birth, and Mobile Number.
  • Click on the ‘View Plans’ button.
  • Just Answer 5 Simple Questions.
  • Select your ‘Gender’.
  • Select ‘YES’ or ‘No’ if you have Smoked or Chewed Tobacco in the last 12 months.
  • Select your ‘Annual Income’.
  • Select your ‘Education Qualification’.
  • Choose your ‘Occupation Type’.
  • Enter your ‘Email Address.
  • Then click on ‘Start Saving Money.
  • Premium Quotes of top life insurance plans will be displayed as per data entered by you and which suits your requirement.
  • Then select the critical illness add-on cover.
  • Enter the sum assured amount as per your budget.
  • Purchase the best life insurance policy using online payment.

Things to Know Before Purchasing Life Insurance for Smokers

Life insurance for smokers is a type of life insurance that is more expensive than life insurance for non-smokers. Smoking is a major risk factor for many diseases and can lead to a range of health problems. It is not surprising that life insurance companies are reluctant to offer coverage to smokers.  If you are a smoker, you should consider the following points before purchasing life insurance:

  • The cost of life insurance for smokers may be higher than the cost of life insurance for non-smokers.
  • You will have to pay higher premiums as long as you are a smoker.
  • If you quit smoking, your premiums will go down.
  • The higher your age, the more likely it will be that you are offered coverage.
  • You need to be in good health and have a good medical history.

Top 5 Best Life Insurance Plans for Smokers

Aegon Life iTerm Insurance Plan:

AEGON Life iTerm Insurance Plan is an inexpensive protection plan with an add-on to choose from 3 different plan options basis your protection needs. The best thing about this plan is that you can get an additional payout on the diagnosis of 36 Critical Illnesses including cancer, heart attack, and kidney failure. AEGON Life iTerm insurance plan also covers Covid-19 death claims.

Entry Age Minimum 18 years to Maximum 65 years
Maximum age at Maturity Maximum 100 years
Sum Assured 25 Lacs to No Limit
Premium Payment Term Single payment, Regular payment, or Limited payment
Premium Payment Frequency Monthly, Half-yearly, and Yearly, Single

Bajaj Allianz Smart Protect Plan:

Bajaj Allianz’s smart protect goal is an individual, life, non-linked, non-participating, single/limited/regular premium payment, savings (ROP), and pure risk term cover plan, providing protection and add-on covers. Let us understand the Features, Benefits, Terms, and conditions linked to the plan:

Entry Age Minimum 18 years to Maximum 65 years
Maximum age at Maturity 75 years
Sum Assured 50 Lacs
Premium Payment Term Single payment, Regular payment, or Limited payment
Premium Payment Frequency Monthly, Quarterly, Half-yearly, and Yearly

HDFC Life Click 2 Protect Plan:

An HDFC click 2 protect term plan is a non-linked, individual, pure risk premium/savings life insurance to give assurance of a 98.01% claim settlement ratio, additional sum assured on Accidental death, money-back all premiums paid on survival till maturity with the return of premium option, avail waiver of premium on the diagnosis of critical illness, and special premium rates for female lives and non-tobacco users.

Entry Age Minimum 18 years to Maximum 65 years
Maximum age at Maturity 85 years
Sum Assured 25 Lacs
Premium Payment Term Single payment, Regular payment, or Limited payment
Premium Payment Frequency Monthly, Quarterly, Half-yearly, and Yearly

TATA AIA Sampoorna Raksha Supreme Plan:

Tata AIA Life Insurance Sampoorna Raksha Supreme Plan provides financial protection to your family and offers you the flexibility to choose the plan that suits your need.


Entry Age
Minimum 18 years to Maximum 65 years
Maximum age at Maturity 65 years
Sum Assured 1 Lac to No limit
Premium Payment Term Single payment, Regular payment, or Limited payment
Premium Payment Frequency Monthly, Quarterly, Half-yearly, and Yearly

Max Life Smart Secure Plus Plan:

The Smart Secure plus plan is introduced to fulfill your financial security needs and provide support in case of any emergencies. Max Life Smart Secure plus plan offers two death benefits. You also get inbuilt benefits such as cover for terminal illness, joint life cover; premium breaks, and additional payout on accidental death these will fulfill your needs.

Entry Age Minimum 18 years to Maximum 65 years
Maximum age at Maturity 85 years
Sum Assured 25 Lacs to 50 Lacs
Premium Payment Term Single payment, Regular payment
Premium Payment Frequency Monthly, Quarterly, Half-yearly, and Yearly

How much is Life Insurance Premium Cost for Smokers?

In India, life insurance premiums for smokers are higher than for nonsmokers. This is because the life expectancy of smokers is lower and they are more likely to die at an early age. The most popular and cost-effective way to get life insurance in India is through online portals. These portals allow people to compare the different plans offered by different companies and find the best deal.

Life Insurance Rates Smokers vs Non-Smokers

Life insurance rates for smokers are higher than those for non-smokers. This is because smokers are more likely to die younger and have more health problems. Below is the table of Life Insurance premium costs for smokers and non-smokers based on a life insurance premium calculator online.

Plan Name Premium Cost for Smokers ( Per Year) Premium Cost for Non-Smokers ( Per Year)
Bajaj Allianz Smart Protect Goal Plan 7685/- 5897/-
Max Life Smart Secure Plus Plan 8594/- 5647/-
TATA AIA Sampoorna Raksha Supreme Plan 9487/- 6587/-
HDFC Life Click 2 Protect Plan 9587/- 6248/-
Aegon Life iTerm Insurance Plan 9587/- 6578/-

*The above-mentioned values are for reference purposes only * Refer to our website for exact values.

Conclusion

Life insurance is a plan that pays out when the person insured dies, in exchange for periodic payments or premiums. It is a type of financial product that helps provide stability and security to people who have dependents and those who have amassed wealth.

It is important to choose the best life insurance for smokers because they will be paying more than non-smokers. Life insurance companies charge smokers higher rates because they are more likely to die earlier than nonsmokers and so are more likely to make claims on their policies. So compare life insurance quotes at PolicyBachat and get the low-price best life insurance policy.

FAQs

Why Do Smokers Have Different Life Insurance Rates?

The reason that smokers have different life insurance rates is that they are more likely to die younger than non-smokers. The average smoker dies 10 years earlier than a non-smoker. This means that they will be collecting less in life insurance benefits and therefore the cost of their premiums will be higher.

How Do Life Insurers Define Smokers?

Smokers are individuals who light up cigarettes, tobacco, cigars, or pipes regularly. The definition of smokers can be quite subjective. Some insurance companies consider smokers even if they only smoke occasionally.

What Happens if You Hide your Smoking Habit?

The life insurance industry is one of the most competitive industries in the world. The industry is also much regulated and has strict guidelines for what it will and will not insure. One of these guidelines is that they will not insure anyone who smokes, even if they are trying to buy a policy for someone else.

When a person buys life insurance, they have to be honest about all of their personal information, including any health conditions that might affect their ability to pay the premiums. If you are hiding your smoking habit from your insurer, you may be able to buy a policy but it could be difficult to get a claim from your policy.

What If I Quit Smoking Later?

If the insured person quit smoking, they can request the insurance company to recalculate the premium of the insurance policy at the time of policy renewal. Depends on the insurer may cut the premium rates depending on the amount of time elapsed since the policyholder last smoked.

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