You Can Save Up To 1 Crore If You Quit Smoking. 1 Crore!

If you are in the habit of smoking a lot, then this one’s for you.

You should know that smoking does more than just ruin your lungs. It burns a big hole in your pocket and if you saved all that up, the total would turn up to be ₹1 crore. Not a joke!

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According to wealth estimates, a 30-year-old who smokes five cigarettes a day would lose up to ₹1 crore by the time he’s 60.

 

Assuming a cigarette is priced at ₹12 per stick, the average expenditure for a person who smoked 5 cigarettes would be ₹60/day.

However, cigarette prices have been on the rise for the past 4 years by 20%. Extrapolated over a period of 30 years, the average smoker would have spent at leat ₹24.47 lakhs on cigarettes.

 

And that is not all the expense that the average smoker would be shelling out. Continuous smoking is bound to cause health issues with an average expenditure of ₹400/month.

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Again, due to inflation in prices and assuming a 12% rise in these costs, the average smoker would have spent ₹11.59 lakhs on medical expenses. The same amount if invested to earn 9% returns, would become ₹26.70 lakhs in 30 years.

 

Now coming to the life insurance costs, banks know that smokers are in the high-risk category. According to a leading bank, online term plan rates would make a 30-year-old smoker pay ₹460 higher premium for a cover of ₹1 crore for 30 years.

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The combined amount of this would be ₹1.65 lakh and if invested would return ₹7.52 lakh in 30 years. It is close to impossible to hoodwink your insurer when a medical test happens because nicotine remains in the bloodstream for a long time and if you die due to illness then the claim filed by your nominee will be rejected.

Good enough reasons to kick the habit. About time you quit smoking, amirite?

News Source: Times Of India
Cover Image Sources 1 & 2

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