Most students in India don’t think about life insurance while studying. It is often seen as something only working professionals or parents should worry about because their focus is on classes, exams, internships, or planning for higher studies. But buying term insurance for students can actually be a very smart move due to various reasons, such as covering education loans, providing financial security for the family, and getting affordable premiums at an early age. Plus, with 0% GST on term plans, it becomes even easier to get life coverage during student life.
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Yes, students and fresh graduates can buy a 1 crore term insurance plan. At first, this amount may sound very large, but insurers make it possible for young applicants to opt for such high coverage because the premiums for term plans are quite low. In fact, you become eligible to apply for term insurance as soon as you turn 18 years old, which means you don’t have to wait until you start working full-time
If you have taken a student loan, the payout ensures your parents don’t have to repay it. This way, your education never becomes a financial burden on your family.
The policy provides nominees with financial support in case of an unfortunate event.
Once you buy the plan, the premium stays low, even as you grow older and take on more responsibilities.
Knowing that your studies and future plans will not burden your family financially brings confidence and stability.
So, if you are asking, “Can Students Buy Term Insurance in India?” the answer is yes. Students can buy term insurance once they turn 18 years old.
Buying term insurance for students may not be common, but it comes with clear advantages if you understand how term insurance works. Here are some of the biggest benefits:
When you are young and healthy, the premiums for term plans are much lower because age is one of the main factors that decides the cost of insurance. Even a large cover like 1 crore term insurance can be more affordable than you think. This means that when you buy a plan early, you not only pay low premiums but also end up saving more money over the years.
Even if you are still studying, your family may depend on you for emotional and financial support. Term insurance ensures they have money to manage expenses if something unexpected happens. It gives them stability at a difficult time.
As a student, you can begin with a smaller coverage amount and increase it later when you start earning. This flexibility makes it easier to match the plan with your changing financial situation.
Buying insurance early helps you create a financial record. This history can support future applications for loans, credit cards, or even higher-value insurance plans. It shows you are financially responsible.
Getting a policy while still in college is often a student’s first real step into financial planning. It encourages responsible money habits and helps you understand how long-term commitments work.
If you have borrowed money for your studies, the payout from a term plan can be used to clear the loan. This means your parents or guardians will not have to carry that debt. It acts like a safety cover for education financing.
At a younger age, you are likely to be in better health. Insurers use this to give you lower premiums and easier approvals. If you wait until later in life, health issues can raise costs. Buying early helps you secure coverage while you’re at your healthiest.
Even though you are still a student, it is important to understand that one of the benefits of term insurance is its tax advantages. A term plan offers deductions under Section 80C of the Income Tax Act. So when you start earning in the future, you’ll already understand how to use your policy to save on taxes while keeping your coverage active.
When deciding on the right coverage, here are a few questions you should ask yourself:
Many people assume buying a term plan is complicated or only meant for working adults. But is it really that difficult? The answer is No. So, if you’re wondering how students can buy term insurance, the process is very simple. Here are the steps you can easily follow to buy a term plan online:
Start by checking what different insurers are offering. Look at the types of plans available for students, the coverage amounts, premium costs, and any features that make the plan student-friendly. Reading reviews or FAQs can also help clear doubts.
Don’t stop at the first plan you see. Compare at least two or three options. Check the premiums, claim settlement ratio, coverage benefits, and riders like accidental cover or critical illness. This helps you see which plan gives you the best value for your money.
Most insurers allow students to apply once they turn 18 years old. Some plans may ask for your student ID, income proof (if you have part-time work or a scholarship), or education loan details. Knowing this in advance saves time during the application.
Buying insurance may feel confusing at first, so it’s smart to talk to your parents or a financial advisor. They can help you decide the right coverage and explain which plan is best suited for your current stage in life.
Once you’ve chosen a plan, you can usually apply online. Fill in the form with your details, upload the required documents, and select the coverage amount you’re comfortable with.
Before making the payment, double-check all details, such as coverage, riders, and terms of the policy. Once you are satisfied, complete the purchase. Always keep a copy of the policy safely for future reference.
If you’re a student planning to buy term insurance, the paperwork is not as complicated as it sounds. Insurers usually ask for a few basic documents to confirm your details.
Documents Required for Students to Buy Term Insurance:
| Document Type | Examples You Can Use |
| Identity Proof | Aadhaar Card, Passport, Voter ID, Driving License |
| Age Proof | PAN Card, Birth Certificate, School/College Leaving Certificate |
| Address Proof | Aadhaar Card, Recent Utility Bill, Rental Agreement |
| Student or Income Proof | Student ID Card, Scholarship Details, Part-Time Job Proof, Education Loan Documents |
| Photograph | A recent Passport-Size Photo |
Buying term insurance for students in India is a smart financial step you can take early in life. It helps cover education loans, provides financial support for family, and gives you access to affordable premiums at a young age. Plus, with 0% GST on term plans, it becomes even more cost-effective. Starting as early as 18 years old, students can explore different types of plans. So, whether you’re in college or just starting your career, investing in life insurance for students ensures peace of mind and builds a strong financial foundation for the future.
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Reviewed by Vaibhav Kumar Kaushik 
Acko Technology & Services Private Limited
#36/5, Hustlehub One East, Somasandrapalya, 27th Main Rd, Sector 2, HSR Layout, Bengaluru, Karnataka 560102
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