ICICI Prudential Life and Axis Max Life back offering.
Policybazaar has launched a dedicated term insurance plan for students, developed with its insurer partners, aimed at extending life cover to young Indians before they enter full-time employment.
ICICI Prudential Life Insurance and Axis Max Life Insurance are amongst the insurers backing the offering.
The Student Term Plan is available to individuals aged 18 to 25 and offers life cover starting at $26.1k (INR2.5m).
Premiums begin at $4.1 (INR388) a month for an 18-year-old non-smoker with no pre-existing conditions purchasing $52.3k (INR5.0m) of cover over a 30-year term.
Policy terms range from 30 to 40 years, with premiums payable annually, semi-annually, quarterly or monthly. Optional riders for critical illness and accidental death are also available.
The company said the plan is intended to address a protection gap facing students who take on education loans, noting that families can face both loan repayment and loss of income if a policyholder dies without cover in place.
Vivek Jain, chief business officer at Policybazaar, said students were amongst the most underserved segments in India’s insurance market, taking on education loans and family responsibilities whilst remaining largely uninsured.
He said the plan removed cost barriers to access. Policybazaar said premiums for term insurance are lower when purchased young and remain fixed for the policy term once locked in.
($1.00 = INR95.61)
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