Smoking can cost you rs 1 crore

1. Smoking can cost you Rs 1
crore
30-year-old who smokes five cigarettes a day would lose more than
that in 30 years
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2. Contd…
If the dreadful pictures on cigarette packs can't make you quit smoking, here's a more
alarming warning.
Smoking burns a bigger hole in your finances than you can possibly imagine. ET Wealth
estimates that a 30-year-old who smokes five cigarettes a day would lose over `1 crore due
to the habit by the time he is 60.
As the world gets ready to observe No-Tobacco Day on 31 May, we did some number
crunching to find out the real cost a smoker pays. The biggest drain on the wallet is the
price of cigarettes. Cigarettes are priced around `10-15, but we have assumed a price of `12
per stick. If a person smokes five cigarettes a day, he spends `60 daily--or `1,800 a month.
However, this is not a static cost. Cigarette prices have risen by an average 20% every year
in the past four years, and will keep rising every year as taxes on tobacco products go up.
We have assumed a more conservative rise of 8% in cigarette prices per year. Extrapolated
over a period of 30 years, the smoker will spend `24.47 lakh on cigarettes. Now comes the
interesting part. If the money spent on cigarettes was instead invested every month to
earn 9% returns a year, it would grow to `69.23 lakh in 30 years.
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3. Contd…
The next big cost is the higher medical expenses that smokers incur due to poor health.
You don't need a medical expert to tell you that smoking leads to health problems. In its
mildest form, smoking accentuates bronchial problems. But it can also lead to cancer and
enhances the risk of heart attacks. We have assumed that a smoker will spend an average
of `400 a month on medical expenses. Again, this cost will keep rising. Medical inflation is
very high compared to consumer inflation. Prices of drugs, doctor's consultation charges
and diagnostic charges are rising at nearly 15%. Assuming a 12% rise in these costs per
year, a smoker will spend `11.59 lakh over a 30-year period. If this money was invested to
earn 9% returns, it would grow to `26.70 lakh in 30 years.
Smoking also means higher life insurance costs. Insurance companies know that smokers
are a high-risk category . The extent of the loading depends on the person's age, overall
health and how many cigarettes he smokes in a day .We checked the HDFC Life online term
plan rates and found that a 30-year old smoker would have to pay `460 higher premium
every month for a cover of `1 crore for 30 years. Mercifully, unlike other costs, this will not
rise every year.But this additional amount would add up to `1.65 lakh, and if it was invested
instead, would compound to `7.52 lakh in 30 years.
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5. Contd…
It's impossible to hide the fact that you smoke when you buy life insurance. Even if you
stop smoking for an extended period before the medical check-up, traces of nicotine
remain in your bloodstream long enough and show up in the blood tests. Even if you
hoodwink the insurer and are charged a lower premium meant for non-smokers, you are
taking a big risk. If death occurs due to an illness caused by smoking, the claim filed by your
nominee will be rejected.
Curiously , though there is irrefutable evidence that smoking leads to health problems,
smokers are not charged a higher premium for health insurance. But some companies such
as Cigna TTK Health Insurance offer discounts if a policyholder joins a wellness programme
or resolves to curb smoking.
The biggest price that a smoker pays is the health of his family. Studies show that children
who live with a smoker or are exposed to tobacco smoke inside the home are more likely
to fall ill. Smokers also have shorter lives. One estimate says that every cigarette shortens a
smoker's life by about 12 minutes. Five cigarettes reduce your life by an hour.Smoke for 24
years, and you celebrate one birthday less. Poor health also curtails the quality of life,
preventing smokers from undertaking physical activities.
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6. Contd…
Most smokers have tried to kick the habit at least once. There is a range
of products to help smokers quit. Nicotine-based chewing gum releases
nicotine into the bloodstream, effectively stemming the urge to smoke.
It can cost `50 and can go up to `3,000. Nicotine patches, which can be
placed on the skin to release nicotine into the bloodstream, costs
around `600 a pack.
One can also opt for Ayurvedic formulas that cleanse the body of toxins
and improve blood circulation or take bupropion hydrochloride tablets,
which affect neurotransmitters in the brain and curb the urge to
smoke. Another alternative is e-cigarettes, which cost anywhere
between `500 and `800.
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the vision that nobody should suffer the way he has suffered
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