This World No Tobacco Day, Plan Not Just to Quit—but to Protect Your Finances Too

India has over 250 million tobacco users and according to public health reports, tobacco is responsible for over 1.3 million fatalities annually, and accounts for over one-third of cancer cases in the country. Treatments for illnesses such as cancer, heart disease, or lung conditions many of which are linked to tobacco use, can run into several lakhs of rupees. The financial impact of these chronic ailments on the family is often overlooked.

To win the battle against cancer, typically an individual would require about 8-10 cycles of chemotherapy which can cost up to Rs. 10 lakh. This cost can vary depending on the type and stage of the cancer. This kind of financial shock can deplete the accumulated savings of the family. It can also result in loss of income in case the afflicted individual is the bread winner of the family.

Bridging the gap between risk and readiness

While the health risks of tobacco are widely acknowledged, very few conversations focus on the importance of being financially prepared to treat this chronic ailment.

This is where life insurance plays a crucial role and add-on benefits or riders such as the Critical Illnessbenefit and Waiver of Premium can come to the rescue.Individuals can purchase these add-on benefits along with the base life insurance product. These add-on benefits, available at a nominal additional premium, are designed to support individuals and provide them financial support.

How does the critical illness benefit work?

Critical Illness Rider offers a lump sum payout upon diagnosis of specified illnesses such as cancer, stroke, or heart disease conditions frequently linked to tobacco use. The payout allows individuals to access quality treatment without financial compromise and without needing to tap into their long-term savings.

What’s noteworthy is the cost of this protection. Premiums may vary based on age, health profile, and lifestyle habits such as tobacco use. For instance, a 30-year-old smoking individual can opt for a ₹50 lakh critical illness cover for 20 years covering 20 major critical illnesses for an additional premium of approximately ₹2,000 per month.

In simple terms, this form of critical protection can cost less than five cigarette packets in a month, a powerful reminder of how small financial choices today can secure larger outcomes for tomorrow.

Why should you consider the Waiver of Premium benefit?

The Waiver of Premium Rider adds a layer of resilience to a life insurance policy. If a policyholder is unable to continue paying premiums due to a serious health condition, this add-on ensures that the policy remains active. The insurer takes over the premium payments, safeguarding long-term financial goals such as children’s education, retirement planning, or wealth creation. For a ₹10,000 monthly premium 10 year plan, this Rider would cost around ₹93per month, a small addition that ensures continuity even during periods of income disruption.

Not just coverage, but continuity

To conclude, the value of Riders lies not just in the benefits they offer, but in the continuity they preserve. During recovery, when the focus must be on health and healing, Riders act as built-in financial buffers helping reduce stress, avoid debt and ensure that life’s long-term goals don’t get compromised, safeguarding the family from the downturn.

Raising awareness about the health risks of tobacco is essential but it’s only one part of the conversation. As the cost of treatment continues to rise, smart financial planningalso includes preparing for the unexpected.

This World No Tobacco Day, take a moment to evaluate your protection strategy. With the right Riders added to your life insurance policy, you can build a financial plan that is not only future-focused but also built to withstand life’s toughest moments.

Because true preparation is not just about prevention it is also about protection.

The author is Chief Product Officer, ICICI Prudential Life Insurance Company Limited