Summary of this article
Axis Max Life allows students to buy term insurance without personal income proof.
Non-earning students can access life cover up to Rs 2 crore early.
Underwriting uses parental income and medical checks instead of student earnings.
Early entry helps lock lower term insurance premiums and long-term protection.
Axis Max Life Insurance has opened its term insurance offering to students enrolled in higher education, according to a press statement by Axis Max Life Insurance. The change allows non-earning young adults to take life cover of up to Rs 2 crore, a level of protection that has so far remained out of reach for most students due to the lack of income proof.
In India, life insurance typically enters the picture much later, often after marriage, home loans, or children. Students and early 20-somethings are usually excluded from the protection conversation, even though this is the phase when premiums are cheapest. Axis Max Life’s move attempts to bring that starting line forward, shifting the focus from reactive insurance buying to early planning.
Bringing Students Into The Protection Net
While insurers have experimented with early-age products in the past, these were often limited in scope and sum assured. What sets this offering apart is that it allows students to buy a pure term plan with a substantial cover, without submitting personal income documents.
1 January 2026
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The underwriting process has been adapted to suit this segment. Instead of relying on the student’s earnings, the insurer uses parental income tax returns and video medical examinations. The intent is to make life insurance accessible to students upon graduation or post-graduation who would otherwise have to wait several years before qualifying for meaningful protection.
The broader objective, according to the company, is not to claim a first-mover tag but to make term insurance relevant for young adults at scale.
What The Policy Includes
The offering is anchored in the Axis Max Life Smart Term Plan Plus (UIN: 104N127V04). Along with standard life cover, students can choose additional protection through riders such as the Accidental Death and Dismemberment Rider (UIN: 104B027V05) and the Critical Illness and Disability Rider (UIN: 104B033V02).
The plan also comes with wellness-linked features, including preventive health check-ups and access to mental health counselling. These elements reflect a shift toward positioning insurance as part of overall financial and personal well-being, rather than a product bought solely for tax or compliance reasons.
Why Buying At 18–20 Can Pay Off
Taking a long-term term policy early allows individuals to lock in lower premiums for life. Waiting until the early 30s or later often results in higher cumulative costs, especially if health conditions develop along the way.
Early cover also ensures continuity. By the time financial dependents emerge, protection is already in place rather than being arranged under pressure.
Vaibhav Kumar, senior vice president and head, product management and e-commerce channel, Axis Max Life, said the initiative supports the broader aim of “Insurance for All by 2047.” He added that innovative underwriting allows students, despite not having income proof, to secure protection early and begin their professional lives with a financial safety cushion.
