Every season 2.5 -3 lac students go abroad for higher studies. Apart from other preparations, it is important for these students to have to have an Insurance cover. Student insurance cover is a customised insurance policy for students travelling abroad. It is mandatory for students to have insurance for countries like US, Australia and Schengen countries. Even though the university may not insist on the insurance, it is advisable to have one because of the high medical costs abroad.
What is Covered
There are certain important covers other than medical benefits that a student should look for while choosing the insurance:
1. Tuition Fees: Reimbursement of fees paid in advance in case the student is unable to attend college due to certain specified reasons.
2. Accident to Sponsor: Takes care of the fees in case of a mishap to the person sponsoring the studies as per policy coverages.
3. Family Visit: In case of serious illness, the company pays for the visit of a family member.
4. Personal Liability: One may not be aware of laws in the foreign land and may inadvertently break the law. In this case, the company pays for the same as per policy covers (Refer to the policy wordings for details).
Things to Consider
Deductibles: A student must check on the deductibles on the policy (what needs to be paid by the student).
Assistance Services: Another thing to consider is the assistance services that an Insurance company can provide in the foreign land. Claims settlement process and network of hospitals are also very important in case of emergencies.
University Requirements: Some of the universities have specific insurance requirements for overseas students. These requirements are mentioned on the websites of the universities. The universities accept insurance cover from the home country of the students if they meet the criterion. One has to apply for a waiver of buying it from the college by filling the waiver forms available on the University web-sites.
Why Should You Buy Student Travel Insurance Cover in India
One of the biggest advantages of buying the Insurance cover from India is the cost factor. The premiums charged in India are as low as one third the cost of what is offered abroad. Also, the covers bought from India have better coverages as they are a combination of medical insurance and travel insurance whereas the ones from the university are just medical covers that in most cases cover them within the university premises
It is always advisable to have an adequate cover so that travel or health emergencies don’t dent your finances. Most of the universities mention the minimum requirement but it is always advisable to have a minimum of 200,000 $ cover for US & Canada and 50,000$ to 200,000$ cover for UK, Schengen and other countries.
Want to know more about student insurance cover? A quick visit to our travel insurance page can help you find out more about it.
This article has been authored by Mr Vikramjeet Singh, Head, Travel Insurance, Bajaj Allianz General Insurance Co. Ltd.