Policybazaar has introduced a dedicated Student Term Plan in association with leading insurers, giving young Indians an opportunity to secure life insurance early in their careers and education journey.
Designed for students between 18 and 25 years, the offering provides life cover starting from Rs 25 lakh. The initiative focuses on students who may have education loans, emerging financial commitments or family responsibilities and could benefit from financial protection at an early age.
For eligible customers, premiums can begin at Rs 388 per month for Rs 50 lakh of life cover for an 18-year-old opting for a 30-year policy, subject to applicable eligibility, health and underwriting conditions.
Students can select policy durations ranging from 30 to 40 years and choose payment frequencies including monthly, quarterly, half-yearly and annual options. The offering also provides additional protection through riders covering critical illness and accidental death.
Policybazaar said the product is aimed at reducing the potential financial burden on families in the event of a student’s death, particularly where education loans or other financial obligations are involved.
Vivek Jain, Chief Business Officer, Policybazaar, said the student segment remains relatively underserved even as more young people take education loans, contribute to household finances and begin taking on financial responsibilities. He added that the initiative is designed to make life insurance more accessible and affordable for this demographic.
The offering includes participation from insurers such as ICICI Prudential Life Insurance and Axis Max Life Insurance. ICICI Prudential Life’s ICICI Pru iProtect Smart Plus allows eligible students to access term insurance at an early stage by using their parents’ income as evidence of financial capacity.
The Student Term Plan is available through Policybazaar.com, where eligible students can compare options, customise their coverage and complete the purchase online.
By introducing life cover at a younger age, the offering also highlights the potential affordability advantage of early insurance adoption, as term insurance premiums are generally lower for younger policyholders and can remain fixed throughout the selected policy period.
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