Yes. A smoker may buy a term insurance plan in India. However, it affects you financially when buying a life insurance plan. The terms and conditions while buying the best term insurance for smokers are somewhat different from that of the insurance policy granted to non-smokers. This is because smokers usually have a low mortality ratio as they are more vulnerable to chronic diseases such as lung cancer or bronchitis.
This implies that a smoker has a shorter life span when compared to non-smokers, which makes their situation unpredictable for an insurance company and hence the higher premiums. In addition to this, the occasional smoker insurance plan provided by numerous insurance companies charges a higher premium amount than other plans because of the risk factor it possesses.
When comparing a female with excessive smoking habits and a female with no smoking habits, there is a 50 percent premium gap which insinuates that the term life insurance for a non-smoker female is cheaper than that of a smoking female.
When issuing a policy, the insurer asks about the frequency of tobacco consumption from a person, and based on this, it is decided whether the person is a non-frequent or a frequent smoker. After getting this information, the insurer decides about the increase in the premium amount as there is different term life insurance for smokers rates charged by the insurer.
You may buy iSelect Smart360 Term Plan by Canara HSBC Life Insurance. This plan does not only provide great coverage but also helps in protecting your family and backs strong financial support. Listed below are a few benefits of this online term life insurance plan:
1. A high amount of return on premiums.2. Flexible and easy to pay premium options.3. Different options to cover your spouse and family.4. Different tax benefits as stated under Section 80C of the IT act.5. More extensive coverage and a better return on the invested amount.