Policybazaar is an online insurance marketplace that allows customers to compare and buy insurance policies from multiple insurers.
The plans offer policy terms of 30 to 40 years, with premium payment options including monthly, quarterly, half-yearly and annual modes. Optional riders for critical illness and accidental death are also available, subject to insurer-specific terms and eligibility.
Policybazaar said premiums for some plans start at ₹388 per month for ₹50 lakh of life cover for an 18-year-old non-smoking applicant without pre-existing diseases, buying a 30-year term. The actual premium would depend on factors such as age, health, policy term and sum assured.
The offering is aimed at students who may have education loans or other financial responsibilities before starting full-time employment. Under some plans, parents’ income can be used as proof of financial capacity, according to the company.
ICICI Prudential Life Insurance said its ICICI Pru iProtect Smart Plus product allows eligible students to access term insurance at an early stage by using their parents’ income as proof of financial capacity.
Axis Max Life Insurance also offers a student-focused term insurance product under the partnership. The company said the product is intended to address financial and eligibility barriers that can delay the purchase of term insurance.Term insurance premiums are generally lower when a policy is bought at a younger age, although the premium varies based on the applicant’s profile and policy features.
The plans are available on Policybazaar’s platform, where eligible customers can compare and purchase policies online.
