- Are you a college student?
- Why do you need life insurance?
- Best plans for a college student
Simran has over 3 years of experience in content marketing, insurance, and healthcare sectors. Her motto to make health and term insurance simple for our readers has proven to make insurance lingos simple and easy to understand by our readers.
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Reasons why you need Life Insurance for Students?
As a young college student, buying a life insurance policy could be the last thing on your mind. But amidst your study schedule, thinking about how to insure yourself from any uncertain circumstance is necessary. It is conceived as something that most of us do but times have changed today. Having a life coverage policy is not just about life cover but is also known for wealth creation. Policies like Unit Linked Insurance Plan (ULIP) and money-back help you create wealth for the future. There are so many reasons why you need to buy life insurance as a student.
Let us look at them.
- Debt Protection One of the most important reasons is debt protection. Many students take loans to finance their education. The policy helps to repay the loan if something happens to the student. Life insurance for students covers these debts and makes sure that the financial burden does not fall on the loved ones.
- Locking at lower premiums Purchasing life insurance at a young age leads to a lower premium. As you grow older or face any health issues, the cost of life insurance can increase significantly. By covering yourself with life insurance at an early age can lock in at a very affordable rate.
- Guarantee the insured future At the age of 18-21 years, we are very young to think about the future. All we want is at this age to be safe and secure. Life insurance is there to protect you from current situations as well as ensure your future. Also, it ensures access to coverage if any health conditions arise in the future.
- Building cash value with whole life insurance It is a type of permanent insurance that builds cash value over time. Comparatively, it has higher premiums than term insurance, and the cash value can be used for various financial needs in the future.
- Post-death expenses Funerals and burials can be expensive. These costs can add burden to the grieving family members. With life insurance, you can cover these final expenses and live a tension-free life.
- Peace of mind It is believed that a person lives longer when happy, and you can be happy if you are tension-free. Though life is unpredictable and unexpected tragedy can happen at any age. So securing yourself from these tragedies at an early age can lead to a relieved life.
Conclusion
Life insurance may not be a common topic of discussion among young and college-going students. But it is a valuable financial tool that will provide protection and security. Whether it's ensuring that the student loan is covered or protecting dependents, there are a number of reasons for a college student to invest in life insurance. by doing this, you can take a step responsibly towards the security of you and your loved ones' future.
Top Life Insurance Covers for Student
The table below lists some of the best investment plans that are offered by the insurance companies in India
| Plan | Policy Term | Entry Age | Maturity Age |
| HDFC Life Sanchay Plus | 15-25 years | 5 - 60 years | 18-80 years |
| ICICI Gift Plan | 8-17 years | 18-60 years | 18-75 years |
| PNB Metlife Guaranteed Savings Plan | 10-20 years | 3-60 years | 80 years |
| MAX Life Smart Wealth Plan | 6-20 years | 4 -65 years | 18-85 years |
| Edelweiss Tokio Life- Income Builder | 6-12 years | 6-55 years | 18-67 years |
Life Insurance for Students: FAQs
1. Can a student get life insurance?
A student can buy life insurance on behalf of their guardian or institution.
2. Can a 20-year-old have a life insurance?
It is a good idea to be insured in your 20s because, at a younger age, you can qualify for lower premiums.
3. What is the importance of life insurance to you as a student?
life insurance plan will offer a life cover to the students that they can utilize to take care of their family and can also help in paying loans.
4. What is the right age to buy life insurance?
The right age to take life insurance is 25 years. At an earlier age, you have to pay less premiums than at the age of 40.
5. What is life insurance used for?
Buying life insurance protects you and your loved ones from the potentially devastating financial losses that could result if something happens to the policyholder.
Life Insurance Companies
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Written By: Simran Saxena
Simran has over 3 years of experience in content marketing, insurance, and healthcare sectors. Her motto to make health and term insurance simple for our readers has proven to make insurance lingos simple and easy to understand by our readers.
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