DelhiDesk The article discusses the eligibility of smokers for a term insurance plan and the increase in premiums that they may have to pay. It emphasizes the importance of disclosing smoking habits truthfully at the time of application to ensure that the policy remains valid and any claims made in the future are not rejected. The article also suggests that individuals with significant financial responsibilities, such as a home loan and dependents, may want to consider an additional term plan for added security. The exact increase in premium for smokers will depend on various factors, such as age, health condition, smoking habits, and the sum assured of the policy. The article concludes with a disclaimer and a link to Live Mint for more business and market news.
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Here is the news bullets sorted by DelhiBreakings.com team.
👉 As a smoker, disclosing your smoking habit truthfully is essential for a valid policy and to prevent claim rejection.
👉 Premiums for smokers are higher than non-smokers due to increased health risks associated with smoking.
👉 The increase in premium can range from 40-50% or more, depending on various factors.
👉 It may be worth considering an additional term plan for additional security, based on personal financial goals and circumstances.
👉 Factors to consider when deciding on the sum assured for a new term plan include family’s financial needs, outstanding debts, and impact of inflation on expenses.
👉 Catch all the business news, market news, breaking news, events, and latest news updates on Live Mint.
👉 Download Mint News App to get daily market updates.
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