Policybazaar, an online insurance platform, has announced the launch of a dedicated Student Term Plan in partnership with its insurer partners. Student Term Plan is a purpose-built insurance product tailored for students, young individuals who want to start their financial protection journey early, even before stepping into full-time employment.
The new offering marks a significant milestone in Policybazaar’s mission to democratize life insurance and fulfil its vision statement of ‘Har Family Hogi Insured.’
The Student Term Plan directly addresses this gap with:
- Ultra-affordable premiums starting at ₹388 per month for ₹ 50 lakh life cover for an 18-year-old buying a term plan for 30 years (non-smoker with no pre-existing diseases).
- Long-term financial security with coverage options for 30–40 years.
- Premium payment flexibility (annual, semi-annual, quarterly, monthly).
- Optional riders for critical illness and accidental death.
- Available to students aged 18-25.
Why Students Need Term Insurance
Education loans have become a financial reality for millions of Indian students. In the absence of term protection, families face the dual burden of loan repayment and income loss if something unfortunate happens. The Student Term Plan ensures that families are not left financially vulnerable during these years.
Commenting on the development, Vivek Jain, Chief Business Officer, Policybazaar, said: “Students represent the most underserved segment in Indian insurance. They’re taking on education loans, often supporting families, and building careers—yet they remain uninsured. The Student Term Plan removes cost barriers and simplifies access to financial protection. We’re confident this will accelerate adoption and help millions of young Indians protect their families’ financial future.”
Srinivas Balasubramanian, Chief of Marketing, Digital & Bancassurance, ICICI Prudential Life Insurance, said: “As students transition into careers, their financial responsibilities can grow through loans, family commitments and long-term goals. Our product, ‘ICICI Pru iProtect Smart Plus’ addresses this gap enabling eligible students to access term insurance at an early stage by leveraging their parents’ income as proof of financial capacity. By making protection more accessible to this underserved segment, we are helping build a culture of insurance among young Indians and expanding insurance participation.”
Vaibhav Kumar, Head – Products, Ecommerce and Enterprise COE, Axis Max Life Insurance, added, “Student Protection was designed to help young individuals start their insurance journey early, securing life cover at lower premiums while addressing the financial and eligibility barriers that often delay the adoption of term insurance. Through our partnership with Policybazaar, we are making Student Protection more accessible enabling students to be financially secured.”
A Shift in Financial Awareness
One of the biggest advantages 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. This pricing advantage makes the Student Term Plan a compelling option for young professionals just beginning their earning journey.
The product is live on Policybazaar.com.
