Term insurance Plans for smokers

Term insurance plans are amongst the most simplified insurance products available in the insurance sector of India. A term insurance plan gives the family members and the loved the desired financial security and life coverage at the time of any unforeseen situation. Term insurance in case of any uncertain situation gives the beneficiaries of the policy holder the desired sum assured amount as per the plan details.

The insurance holders in case of the term insurance plans have the flexibility to choose regular or one time premium payment option. Additionally, a term insurance plan also gives rider benefits to the insurance holders. The conventional term insurance plans give the extra benefit of lower premium and higher coverage. A term insurance plan can be compared to a ULIP policy or any endowment plan.

The insurance individuals who are addicted to cigarettes have uniquely designed term insurance plans for them which give them specialized coverage. The insurance holder has to inform the insurance service provider about their medical conditions and their smoking habits. Further, the insurance company provides specialized coverage.

Various types of smokers:

Generally, the insurance service providers have uniquely defined insurance plans for the different type of a smoker segregating them in 3 segments:

• Table rated smoker
• Typical smoker
• Preferred smoker

Out of the above mentioned categories of a smoker, the classic smokers are the individuals who have minor health ailments wherein the preferred ones are the ones totally healthy. Although, the table rated ones are with prominent health issues. The premiums that are a pain to the smokers are comparatively higher that than the usual since, health factors are major as compared to the normal.

Features provided by the Term Insurance plans for smokers

The term insurance plans are uniquely structured for the smokers that vary from the company to company. Below are some of the basic features provided by the term insurance plans for smokers:

• Minimum entry age: 18 years
• Maximum policy coverage: up to 75 years of age.
• Minimum policy terms 5 to 10 years
• Maximum policy terms 30 to 40 years.
• Minimum sum assured amount 3lakhs with no maximum limit.
• Annual premium payment mode.
• An individual has to be the resident of India who is currently staying in the country to gain the benefits of the plan.
• In a case of the death of the insurance service provider, where the policy has not matured yet the assured sum amount shall be paid to the beneficiaries of the insurance holder.
• No such maturity benefits are payable to the insurance holders in case the plan matures.

Top 5 Term insurance plans for smokers:

Below are the best 5 Term Insurance for the individuals who smoke:

AegonReligareiTerm: This term insurance plan is amongst the affordable insurance plans for the smokers looking for a life coverage plan. This insurance plan provides 3 additional rider benefits to the insurance holders upto their age of 74 or last birthday, whichever comes first.

HFDC Life Click 2 Protect Plus Plan:The HDFC Click2Protect is online term insurance plan which is uniquely structured for the individuals who smoke that provides the single premium payments to the beneficiaries in the event of the insurance holder's death before the plan maturity.

Aviva iLife: This online term insurance plan is a pure protection plan that provides the beneficiaries of the insurance holders and no maturity benefits. Additionally, women insurance holders get a discounted premium of 5% paid by male individuals.

Bharti AXA Life eProtect Plan –This Bharti AXA term insurance plan gives a minimum sum assured of 25 lacs with additional Family Care Benefit.

LIC Amulya Jeevan –The LIC Amulya Jeevan term insurance plan provides discounts over higher insurance coverage with longertenure of around 35 years.

Disadvantages of lack of knowledge about the product:

The insurance holders without the required knowledge of the insurance plans can be held under the following charges.Clients withholding information regarding their smoking habits as well as state of health can be accused as below:

An individual not disclosing the required information correctly or found hiding the facts is liable for insurance scamming.
The insurance contract is subject to cancellations from the insurance company's side or declared as void if the individual is found withholding the required information.
Any benefits under the insurance policy can be denied by the insurance provider if the individual is found misleading his required details.

Hence, it is advisable to buy life insurance plans after providing transparency to insurance providers. The best term insurance plan is the one that proves to be specially structured for you based on your lifestyle, income pattern, health conditions etc. Choose the best term insurance plan online in the light of your requirements.