Smoker declaration for Term Plans after purchasing.?
- Thread starter minkuagg
- Start date
anuragmukherjee28
KF Mentor
If you smoke 2-3 sticks a day, you don't need to inform the term insurance company, but if you smoke more than 2-3 cigarettes, you must inform the company.
and I personally also feel that you should inform the company, or else they will play with the technicality of this and may even reject your term insurance policy claim.
Ideally when you took the policy, the insurance company calculated your yearly premium based your lifestyle 4-5 years back. As per the policy documents, you're supposed to inform the Insurance Company if there is a material change in your lifestyle. And as Anurag pointed out smoking 2-3 sticks cannot be qualified as a material change. Still, as a prudent measure you should inform the company - worst case scenario your annual premiums will increase by 10-15%
zacobite
KF Mentor
premium won't increase.. you are not mandated to declare.. if you do it is good.. any chg after policy issuance is new and not pre existing.. did they do a medical while issue of policy?
