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Life Insurance Policy for Indian Students Studying Abroad

An early start blooms better results! Life insurance is the best way for financially securing a person for unforeseen circumstances. Therefore, it is advised to start early so that you pay lower premiums, as compared to someone who is in his/her 40s, and is paying much higher. In fact, it becomes even more crucial for students who plan to study abroad to avail life insurance for multiple reasons. In this article, we will discuss the grounds and benefits of purchasing life insurance policies for Indian students studying abroad, so that they can gain knowledge in this area and then decide on purchasing one. 

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Top Plans for Indian Students Studying Abroad

Insurer Life Cover Cover Till Age  Claim Settled Pay Monthly
Aegon Life
iTerm Prime
25 Lakhs 35 Yrs 99.03% Rs. 347
Aegon Life
iTerm Comfort
25 Lakhs 35 Yrs 99.03% Rs. 394
Canara HSBC
iSelect Smart360
25 Lakhs 35 Yrs 98.44% Rs. 250

*Above calculation is done for a 22-year old boy who wishes to pursue MBA in the UK and is looking for Rs 25 Lakhs sum assured coverage, till 35 years of age [22 Year > Man > 2-3 Lakh Salary > Non-Smoker > 25 Lakhs > Salaried > College Graduate & Above]

one crore term plan
plus

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 16/day+

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day+

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day+

Why do Students need Life Insurance Policy?

Though many people will tell you that students are not required to purchase life insurance policies, there are many reasons why purchasing it as a student is beneficial. 

  • To pay existing student loans - Usually, students studying abroad avail student loans as it covers the fund for his/her higher or overseas education. But, in the unfortunate event of the student’s death, the parents will be overburdened with the loan payments. In that case, the life insurance will help them pay off the outstanding loan.

  • To support spouse and children - If the student is married, the life insurance will assist the spouse and children after the student's death to maintain a lifestyle and in the children’s education. 

  • To support parents - If the student's parents rely on him/her for a living, the life insurance will help the parents after his/her death.

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Benefits of Buying Life Insurance as an Indian Student Studying Abroad

As a student, you have special benefits when you consider buying life insurance. Below mentioned is a list of some of these benefits:

  • Lower Premiums - When you purchase life insurance as a student, your premiums are significantly lower as you're still young. That is because the odds of you being ill are low, and hence, the policy becomes more affordable.

  • Affordable Life Insurance Policies in India - As an Indian citizen studying abroad, getting used to the foreign culture is itself a task. Therefore, buying a life insurance policy from the new country can add to the difficulty as you’re not aware of their rules, laws and premium rates. As a result, you can purchase the policy from India and keep paying the premiums online to avoid geographical hassle.

  • Protection against unprecedented events - As a student, you may have already availed student loans for your overseas studies. In addition to the financial burdens laid upon your parents, your unforeseen death will add to the agony. In this case, the life insurance will at least help your parents deal with the financial stress.

  • Tax Benefits - Section 80C of the Income Tax Act provides tax benefits for life insurance policies. This will allow you to begin earning, and the premium you pay for the plan will assist to minimize your tax liability.

  • Wealth Creation - You can use life insurance as a long-term wealth creation tool by going for plans like ULIP, money-back policy, endowment plan etc. Here, you receive a maturity amount after the term of the policy expires.

Why Indian Students Studying Abroad Buy Life Insurance from India

Below are some of the reasons why an Indian student studying abroad must purchase life insurance from India:

  • Seamless Claim Settlement - It is an easier option for the beneficiaries to claim the death benefits of the student in their home country than go through the process in a foreign land, as the terms and conditions are different in different geographical locations.

  • Tele/Video Medical Check-up - Geographical boundaries are no longer consider an obstacle for NRI customers who wants to buy term plan or life insurance plans in India. They can now easily opt for life insurance plans in India that allow thenm to arrange a tele or video medical check-up from their residential country. 

Challenges Faced by Students While Buying Life Insurance

Below mentioned are some of the challenges faced by Indian overseas students buying Life insurance:

  • Financial Barrier - As students are not entitled to a static source of income, it becomes difficult for them to manage money for the premiums. 

  • Lack of Knowledge - As students are not entirely aware of the concepts and terminologies of Life Insurance, it becomes a problem for them to understand the importance and benefits.

Wrapping it up!

Although if it is your decision to get life insurance as a student, because your financial position is not as stable as that of an employed individual, it is highly suggested that you purchase it while studying abroad. Diagnostic/medical tests, medicines, and treatment are significantly more costly in other countries than in India. And consider your parents, who will be left with the responsibility of covering the remaining expenses as well as the added grief of losing you, which you may lessen financially if you have already purchased a life insurance. You can take the help of Policybazaar, which compares over 15 insurance companies, for you to choose your most desirable policy.

FAQs

  • Do Indian overseas students require life insurance?

    Ans: It is advisable for Indian overseas students to purchase life insurance to cover the loan co-signers, spouses, or other dependents.
  • Is Indian life insurance valid for Indian overseas students if they relocate to another country?

    Ans: Yes, moving to another nation has no impact on the life insurance policy purchased in India by the overseas students. It will last as long as the premiums are paid.
  • Can an Indian student get life insurance in India if he plans to study outside of the country?

    Ans: Yes, contrary to common belief, buying a life insurance policy as a student may be quite beneficial. There are a variety of situations in which a life insurance policy may be extremely helpful, even during your higher education years.
  • How to calculate the term insurance premium online?

    Ans: You can easily calculate the term insurance premium online by using the term plan calculator online tool
  • What are the benefits of term life insurance?

    Ans: Here are 4 common benefits of term insurance:
    • Low premium rates
    • Tax Benefits
    • Death Benefit
    • Long term coverage
  • What are the benefits of term life insurance?

    Ans: Below mentioned are the key features of a best term insurance policy in India:
    • Affordable premium rates
    • Long-tenure life protection
    • Easy to understand and buy
    • Riders availability
    • Whole life protection
    • Tax benefits
  • What are the key features of a best term insurance plan in India?

    Ans: Let's understand what is term life policy here. Term insurance offers financial protection for a certain period to the policyholder, thereby, offering a lump sum payout if the policyholder unfortunately passes away during the policy term.

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