Life Insurance For Students

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. Lower premium rates, extended policy durations, and tax-saving benefits are easier to secure at a younger age. Life insurance gives students immediate financial security and helps them build a stable base for their future. You need to know how these plans work, who should think about them, and when they become a good option in order to decide if they really make sense.

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Why Should Students Consider 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. A 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.
Build Wealth for Your Future Goals
As a student, you may have future goals for your life, like pursuing higher education, getting married, or moving abroad. Life insurance for students can help you build wealth by investing in different investment funds through life insurance plans while offering the security of insuring your life.
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 Life Insurance 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

What are the Types of Life Insurance Plans for Students?

Term Insurance: This offers coverage for a fixed period. It offers high life cover for a comparatively low premiums and is considered as a pure form of insurance, offering no maturity benefits in case the life assured survives the policy term (unless the term return of premium option is chosen).
Whole life insurance/Permanent life insurance: These plans offer lifelong coverage and a component of cash value that grows with time. However, they have a comparatively high amount of premium, so financial advisors recommend keeping investment and insurance separate.

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 Life Insurance for Students?

The mid-20s is the age of enjoyment, and planning financially for your future may not be the foremost thing that comes to your mind. Though, saving and investing at a young age will help you in the future. The following are the benefits of purchasing the life insurance plan:

Low Premium Rates
One of the main reasons to buy a policy at a young age is just because of low premium amounts. The insurance premium price increases with age because younger individuals are less likely to be diagnosed with an illness. You can consider buying term insurance for students, as it is one of the most affordable types of life insurance.
Investment Security
Life insurance for students is one of the safest investment options. They protect your investments and ensure that your loved ones receive the life cover if you die during the plan tenure.
Compounding Growth Benefit
The interest earned on the principal amount is reinvested in the plan to get more interest, called compounding. Simply put, it is the interest that is gained on the interest. The more time you remain invested in your plan, the more time you permit your money to increase exponentially.
Helps fulfil wealth creation goals
Apart from providing coverage, life insurance for students is also used for long-term wealth creation. You can fulfil this by availing yourself of plans such as endowment, ULIP, money-back, etc. In these plans, you receive a maturity benefit after the expiration of plan tenure. These plans enable you to accrue money and pay off debts such as pending student loans.
Tax Benefit
You can claim tax benefits on term insurance for students to get tax savings benefits. The premium amount paid for a plan can be claimed u/s 80C of the ITA. This decreases your tax liability, helping you further save money.

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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˜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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