Tobacco giant Philip Morris has launched a life insurance business, Reviti, that will offer discounted plans to former smokers.

The company will initially sell its services to customers in the UK, with plans to roll out in other global markets in time.

People who have kicked their smoking habit in favour of e-cigarettes or a heated tobacco device will be rewarded with improved rates (clocking in at an average of 2.5% off premiums), as part of the Marlboro owner's ongoing efforts to become a "smoke-free" business.

People who switch to Philip Morris’ heated tobacco product Iqos for three months will receive a 25% discount, and those who quit smoking for at least a year will receive a 50% discount.

Last year the company invested £2m in a British anti-smoking campaign as part of an initiative to support "better alternatives" like its own e-cigarettes and nicotine-free heated tobacco products.

Earlier this year, the company’s head of innovation and science, Mirek Zielinski, told The Drum that Philip Morris was being realistic about brand perceptions when promoting its new image to consumers.

“We don't expect people to say thank you, we don't expect to be trusted, we expect to have a chance to talk to consumers and tell them what we know an as long as we do it in a way which separates truth from mistruth, relevance from irrelevance," he said.

"[We want to be] honest and transparent about what we do it in this we think we have the right to continue doing what we are doing.”

Ultimately Philip Morris aims to end the sale of tobacco altogether but has set no date to do so, with the majority of its sales still coming from traditional cigarettes.