Key Points
As a smoker, am I eligible for a term insurance plan and what will be the quantum of increase in the premiums every year?..
It is important to note that the premium for a smoker will be higher than that for a non-smoker due to the increased health risks associated with smoking..
At that time, my bank relationship manager convinced me to buy a term plan for a sum assured of 1 crore..
However, given the size of your home loan and the responsibility of supporting your family, it may be worth considering an additional term plan..
When deciding on the sum assured for the new term plan, consider factors such as your familys current and future financial needs, any outstanding debts, and the impact of inflation on their expenses..
