Philip Morris, the international tobacco giant, is financing an insurance company that encourages people to quit smoking. Reviti will offer cheaper monthly premiums to policy holders who start using its e-cigarettes, or quit entirely.

The company, launching today, says it will offer life insurance policies from £5 a month with an average reduction of 2.5 per cent for smokers who switch to vaping, 25 per cent for those who use Iqos, Philip Morris’s electronic smoking system, for three months or more, and 50 per cent for those who quit smoking for at least a year.

Dan Pender, the chief executive of Reviti, says: “Philip Morris International [PMI] is very much aligned to a smoke-free future. PMI wants people to give up smoking. Our goals are