New life insurance policy for non-smokers approved

FSC officials said the term life insurance policy offered by Nan Shan Life — the Taiwan operation of insurance giant AIG — is the first of its kind on the island. Under the program, non smoking policy holders are entitled to lower premiums than those who smoke, even if they are of the same age and gender.

The commission’s approval was aimed at encouraging insurance companies to provide more life insurance policies that champion health awareness and encourage smokers to kick their habit, FSC officials said.

Similar policies offered by three other insurance companies, namely Prudential, Mass Mutual Mercuries Life and Shin Kong Life, are presently in the process of being screened, the officials added.

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