Are You A Smoker, Then This Is Something You Must Buy!

Although smoking is hazardous, there is a sizeable chunk of population that keeps indulging in tobacco, cigarettes, and a host of other harmful entities despite the consumables displaying statutory warnings. That said, smoking can also lead to a wide range of ailments, and a persistent or rather a frequent smoker is expected to have a shorter lifespan as compared to the non-smoker. Therefore, if you, as an individual have similar tendencies— it is in the best interest of everybody that you get hold of an online term plan, as soon as possible.

Why is a Term Insurance Plan Necessary?

If you are a regular or even an occasional smoker, there are chances that you might encounter respiratory and a host of other life-threatening diseases. In that case, it becomes extremely difficult for your family to maintain a specific standard of living while repaying outstanding repayments if any. Therefore, every person who smokes must purchase a term insurance scheme for safeguarding the future of the family, even in his or her absence.

Are the Online Term Plans for Smokers Different from The Normal Ones?

Before shedding some more light on this topic, it is advisable to understand the life threats associated with smoking. Be it high blood pressure, heart issues, ulcers, or even pulmonary problems— the list of issues relative to the smokers is quite an exhaustive one. Therefore, the concerned insurers believe that a smoker has a higher probability of passing away and they actually need to pay up. This is why online term plans for smokers attract higher premium rates, as compared to non-smokers.

What About Incomplete Disclosures and Smoker Variants?

In order to save premium slabs, there are times when individuals purchasing term policies furnish incomplete information about cigarette and tobacco consumption. However, a majority of these incomplete disclosures come to light after a detailed check-up, and this is when the premium slabs and payment rates are fixed. What needs to be understood that not every person who smokes require to pay the same amount of premium as there are certain segregations, depending on the extent of habit.

Firstly, there are preferred smokers who pay the least amount of premium in the smoking category courtesy extended levels of overall fitness. According to insurers, the preferred smokers are expected to outlive the policy tenure.

Typical smokers are those with minor health issues, and the premium slabs for them are slightly stretched as compared to the preferred category.

Lastly, we have the table-rated smokers who have lingering health conditions of substantial nature, and the premium rates are probably the highest for each one of them.

What Are the Other Policy Particulars?

For smokers though, getting hold of online term plans requires them to fulfil certain criteria. Firstly, the minimum age for purchasing a term plan is 18 whereas the upper age limit for a smoker is 75 years (85 years in some cases) — precisely in order to get coverage. The minimum plan tenure is somewhere between 5 to 10 years while the maximum period for someone to hold the policy stretches somewhere in the ballpark of 30 to 40 years. Moreover, the lowest value of sum assured happens to be Rs. 3-5 lakhs which can extend depending on the request and policy tenure.

What about Additional Clauses and Riders?

The best-case scenario for a smoker is to purchase a term insurance plan with some admirable and functional clauses, i.e. riders. One such option provided by insurers like Max Life Insurance is the accelerated critical illness rider where the insured can use a sizeable portion of the sum assured in case of something in lines of critical illness. The remaining amount is duly transferred to the family of the insured, upon his or her demise.

If you are a person who can’t give up on smoking, you shouldn’t give up on your family either. Instead, the best way forward is to purchase the best online term plan that is capable of taking care of the recurring and even inflated expenses of your family, in case something unfortunate happens.