Term Life Insurance For Students

Term Life Insurance for Students is designed for young individuals who want to start their financial journey early, even before stepping into full-time employment. College life is usually associated with studies, internships, and short-term goals, while insurance feels like a distant concern. Yet, beginning early can offer long-term advantages. Opting for term insurance at a young age can help secure lower premium rates, longer policy durations, and added tax benefits. It also provides early financial protection and builds a strong base for the future. Term life insurance provides students with immediate financial security and helps them build a stable foundation for their future.

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Why Should Students Consider Term Life Insurance Plans?

A college-going student needs a life insurance plan for the following reasons:

Pay off Remaining Student Loans
Many students opt for student or education loans to pursue higher education. However, if something happens to them, the burden of paying off the remaining loan may fall on your parents' shoulders. Student life insurance can help your family pay off the remaining loan in your absence and any other such debts that you may leave behind.
Provide Death Benefits to Nominees
If you are a student who is also the sole earning member of the family, your financial dependents may be left with no income in your absence. The death benefits provided by life insurance for students can help your family recover from the financial implications of losing a loved one and maintain their current lifestyle.
Lock in Lower Premiums Early
One of the biggest advantages of buying a term plan early is affordability. Students who buy coverage at a younger age may be able to lock in lower premiums for the policy term, making long-term protection more cost-effective.
Offers Peace of Mind
A life or term insurance for students can offer you the peace of mind of knowing your family will be financially secure in your absence and won’t have to worry about paying monthly expenses in case you are the main breadwinner of the family.

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 13/day⁺

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day⁺

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day⁺

Best Term Insurance Plan for Students in India in 2026

The table below illustrates the term insurance for students offered by the life insurance companies for young individuals in 2026:

Private Insurer	Term Insurance Plan	Sum Assured
HDFC Life Insurance	HDFC Life Click 2 Supreme	10,000 - No Limit ( > 65 years: Rs 50,000)
ICICI Prudential Life Insurance	ICICI Pru iProtect Smart Plus Term Plan	50 Lacs – 20 Crores
Tata AIA Life Insurance	Tata AIA Sampoorna Raksha Promise	25 Lacs – No limit
SBI Life Insurance	SBI Life eShield Next	50 Lacs – No limit
Bajaj Life Insurance	Bajaj Life eTouch II	50 Lacs – No limit
Axis Max Life Insurance	Axis Max Smart Term Plan Plus	25 Lacs – 20 Crores
Digit Life Insurance	Digit Glow Plus	25 Lacs - 20 Crores
Aditya Birla Sun Life Insurance	ABSLI DigiShield	30 Lacs – No limit
India First Life Insurance	India first Life Plan	1 Lac - 50 Crores
Kotak Mahindra Life Insurance	Kotak e-Term Insurance	51 Lacs - No limit
Canara HSBC Life Insurance	Canara HSBC Young Term Plan - Life Secure	25 Lacs – No limit
Shriram Life Insurance	Shriram Life Online Term Plan	25 Lacs -- 10 Crores
PNB Metlife India Insurance	PNB Mera Term Plan Plus	25 Lacs - No limit
Star Union Dai-ichi Life Insurance	SUD Life e-Lifeline	25 Lacs - 1 Crore
DHFL Pramerica Life Insurance	Pramerica Life Saral Jeevan Bima	5 Lacs - 25 Lacs
Aviva Life Insurance	Signature 3D Term Plan - Platinum	30 Lacs - 5 Crores
Future Generali Life Insurance	Future Generali Care Plus Plan	10 Lacs - No limit
Reliance Nippon Life Insurance	Reliance Nippon Life Super Suraksha Plus	2 Crore -- No limit
Ageas Federal Life Insurance	Termsurance Life Protection Insurance Plan	5 Lacs - No limit
Bandhan Life Insurance	Bandhan Life iTerm Prime	-
Bharti Axa Life Insurance	Bharti AXA Flexi Term Pro	25 Lacs -- No limit
Edelweiss Tokio Life Insurance	Zindagi Protect Plus	50 Lacs – No limit
Public Insurer
Life Insurance Corporation of India	LIC Jeevan Amar	25 Lacs - No Limit

Secure Your Family Future Today

₹1 CRORE

Term Plan Starting @

Get an online discount of upto 15%^#

Compare 40+ plans from 15 Insurers

⁺Standard T&C Applied

What are the Benefits of Buying Term Insurance for Students?

The mid-20s are often about enjoying life, and long-term financial planning may not be a priority. However, starting early with term insurance can offer practical advantages that pay off later.

Low Premium Rates
One of the biggest benefits of buying term insurance early is affordability. Premiums are much lower when you're young and healthy, and once locked in, they remain fixed for the entire policy term. Buying early locks in a low rate, saving money over a 30–40 year policy term.
High Coverage at Affordable Cost
Term insurance allows students to secure a large life cover at a minimal premium. This ensures strong financial protection for future responsibilities without straining your current budget.
Long-Term Financial Security
Buying term insurance early means you can stay covered for 30–40 years. It helps you prepare for future liabilities, such as loans or family responsibilities, well in advance.
Protection Against Liabilities
If you have an education loan or financial obligations, term insurance ensures that your family is not burdened with repayment in case of an unfortunate event.
Tax Benefit
You can claim tax benefits on term insurance for students to save on taxes. The premium amount paid for a plan can be claimed u/s 80C of the ITA. This reduces your tax liability, helping you save even more money.

When Should Students Buy Term Insurance?

Term insurance for students is not always necessary, but in certain situations it can be a smart, timely decision. Knowing when to buy is just as important as knowing why.

When You Have an Education Loan
If your higher education is funded through a loan, term insurance ensures that the repayment burden does not fall on your family in case of an unfortunate event.
When You Have Financial Dependents
Some students contribute to household income. In such cases, term insurance helps protect your family’s financial stability if your income stops unexpectedly.
When You Want to Lock Low Premiums Early
Buying term insurance at a younger age allows you to secure significantly lower premiums for the long term, which remain fixed throughout the policy duration.
When You Have Health Concerns in the Family
If there is a family history of medical conditions, starting early can help you get coverage before potential health risks impact premiums or eligibility.
When You're Starting to Earn
Once you have a steady income even from internships or freelance work, you can consider a basic term plan to begin building long-term financial protection.

Factors to consider when buying insurance for students

While choosing the right life insurance plan, the students need to consider a few important factors carefully.

Coverage needs: Figure out how much coverage you need by looking at your current student loans, possible future costs, and family support.
Affordable premiums: Make sure the premiums are affordable for the student while still providing enough coverage.
Choose between term, whole life, or AD&D insurance based on what you need right now and what you want to do in the future.
Reputation of the insurer: When getting life insurance for students, make sure to choose a reputable company that is known for providing reliable service and being financially stable.

How Can College Students Buy Term Insurance Plans from Policybazaar?

You can buy term plan insurance online by following the below- mentioned steps:

Step 01: Visit Policybazaar and go to the 'Term Insurance' plan

Step 02: Enter your name, gender, contact number, and date of birth

Step 03: Fill in your smoking habits, educational qualifications, occupation type and annual income

Step 04: Select the most suitable term insurance and proceed to pay

Wrapping It Up!

Life insurance for students can help you secure your loved ones, offer wealth creation benefits, help save on yearly taxes and provide overall peace of mind. With a student life insurance, you can secure a large life cover at an early age in exchange of really affordable premiums.

Note: Check all the best term insurance plan in India.

Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.

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What is Term Life Insurance

FAQ's

Q. Why do students need life insurance?

Students need life insurance to lock in lower premiums early, cover education loans, and ensure their family is not financially burdened in case of an unexpected event.
Q. What is the best type of insurance for students?

Term insurance is considered the best option for students as it offers high coverage at low premiums and provides pure financial protection for a fixed period.
Q. Is life insurance mandatory for student loans?

No, life insurance is not mandatory for student loans, but it is recommended to protect co-borrowers or family members from repayment liability.
Q. Can students buy insurance themselves?

Yes, students aged 18 years and above can purchase life insurance policies on their own, subject to the eligibility criteria set by insurers.
Q. Does student insurance cover health expenses?

Term insurance does not cover health expenses. However, separate student health insurance plans, especially for studying abroad, may include medical coverage.

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Author's Bio

Varun Agarwal IRDAI Certified Term Insurance Expert with 10+ Years of Experience

Varun has spent years in the insurance space, but what drives him isn't policies or premiums — it's the conversations he's had with real people. A young father in Pune wondering if his salary is enough. A newly married couple in Jaipur putting off "the insurance talk" for later. A mother in Chennai who never knew her husband was underinsured until it was too late.
These stories stay with him. As Head of Term Insurance at Policybazaar, Varun knows the numbers well — 52.4% of Indians are aware of term insurance, yet only 9.6% own it. And 87% of families don't realise they're leaving their loved ones with far less protection than they actually need. But behind every statistic, he sees a family that just needed someone to sit with them, explain it simply, and help them take that one step. That's exactly what Policybazaar's term insurance is built to do. In his words, "Most people aren't avoiding protection — they're just waiting for someone to make it easy. That's what we're here for."

Write to Varun

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˜The insurers/plans mentioned are arranged in order of highest to lowest Sum Assured(SA) offered by Policybazaar’s insurer partners offering term insurance plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in

Rs. 400/month is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

Rs. 400/month (Rs.13/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 230 is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 8/day is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 12/day is starting price for a 75 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 497/month is starting price for a 1.5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 487/month is starting price for a 2 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 626/month is starting price for a 3 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 905/month is starting price for a 5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. ₹361/month is the starting price for a ₹1 crore loan cover with an 8% interest rate for an 18-year-old male, non-smoker, with no pre-existing diseases, loan tenure up to 20 years, rounded off to the nearest 10

+Rs. 1,267/month is starting price for a 7 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

*The full refund of premium is available on availing the one-time option of refund of premium. Total premium paid for policy (paid for add-ons) will be the special exit value, payable on availing the one-time option of refund of premium if you wish to completely exit the policy.

+Rs. 447/month is starting price for a 1 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs.679/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 910/month is starting price for a 3 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,374/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,924month is starting price for a 7 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

Women

+Rs. 400/month is Starting price for a 1 crore term life insurance for an 18 year-old Female, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

Rs. 461/month is the starting price for a 1 crore term life insurance for an 24 year-old female, non-smoker, with no pre-existing diseases, cover upto 54 years of age.

1,642/month is the starting price for a 1 crore term life insurance for an 44 year-old female, non-smoker, with no pre-existing diseases, cover upto 74 years of age.

Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited

We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881

For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale

Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.

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