Impact of smoking on insurance premium: The smoking habit not only makes you sick slowly but also financially weak over a period of time. When it comes to managing personal finances, smokers face double whammy. First, they blow their hard-earned money, which could be invested, in the smoke. Second, they also have to pay a penalty in terms of higher premiums while buying insurance products like term cover.

Ankit Agrawal, Co-founder and CEO, InsuranceDekho, says it is a well-known fact that smoking is injurious to health and people who smoke have a higher mortality rate. [...]