Policybazaar Unveils Affordable Term Cover for Young Students in India

News Desk: Policybazaar has introduced a term life insurance plan specifically designed for students aged 18 to 25, aiming to bring life cover within reach of young Indians before they begin full-time careers. The product is supported by insurer partners that include ICICI Prudential Life Insurance and Axis Max Life Insurance.

The Student Term Plan provides life cover starting from the equivalent of about 26,100 US dollars, or 2.5 million Indian rupees. Premiums can begin as low as roughly 4.10 dollars, or 388 rupees, a month for an 18-year-old non-smoker with no pre-existing conditions who selects 5 million rupees of cover over a 30-year term. Policy terms stretch from 30 to 40 years, and premiums may be paid annually, semi-annually, quarterly or monthly. Optional riders covering critical illness and accidental death are also available.

Company officials said the plan addresses a clear protection gap among students who often take on education loans. Without life cover in place, a family can be left carrying both the remaining loan burden and the sudden loss of potential future income if the student dies. Vivek Jain, chief business officer at Policybazaar, noted that students remain one of the most underserved groups in India’s insurance market, shouldering education debt and family responsibilities while typically remaining uninsured.

He pointed out that the new offering removes cost barriers that have kept many young people away from term cover. Premiums for term insurance are generally lower when a policy is bought at a young age and stay fixed for the entire term once locked in, making early purchase particularly advantageous.