INCOME TAX3 Sept 2026
Term insurance for students: why insurers are selling life cover before careers begin | Mint
Term insurance has traditionally been for earners with dependants. Now insurers like Axis Max Life, ICICI Prudential, HDFC Life and Tata AIA are selling it to students as young as 18, even without an education loan. The logic: higher education is a heavy financial burden for families. If a student dies, the payout protects parents. Before buying, compare claim settlement ratio and premium.
Key Statutory Highlights
- Insurers including Axis Max Life, ICICI Prudential, HDFC Life and Tata AIA now offer term insurance plans to students aged 18-25.
- An education loan is not required to buy these student term plans.
- Around 1,000 students have bought term insurance through Policybazaar in the last three to four months.
Actionable Advice for Taxpayers / Founders:If you are a parent or student considering this cover, compare insurers on claim settlement ratio, complaint ratio, solvency ratio and premium before deciding.
Statutory Disclaimer: TaxQue Shorts are AI-assisted editorial briefs for compliance awareness. This brief has not passed every source check; confirm the original notification before acting. This does not constitute formal legal or CA counsel.
TaxQue News Desk
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