No point for a student. You may save the money and invest directly if you want.
EFU is an insurance company, you don't need life insurance as you have no dependants. There's a term these people use "NIN" (No insurance need).
Whatever premium you'll give to them, first bank will deduct 50%-60% commission in first year premium. the remainder will be invested in a fund managed by the insurance company, which generates a return of 12-16%.
You can do that directly by investing in open mutual funds and save the deductions and hassles.
Hope this helps.
