Before I write anything pertaining to the subject, let me tell you why this is a must read article for you? If you are looking to apply for studying in abroad or any of your family members/relatives would want to continue their studies in abroad then it’s worth spending 5 minutes to read the entire article.
If you are thinking of studying abroad, you must have the checklist to ensure all in the right place to make the life easier that contains visa, passport, and other important things. But are you really prepared to make your life easy during any emergency abroad? Student insurance should be a part of your checklist while going abroad for studies. It not only helps in any emergency but also protects the wealth. Student insurance is a combination of travel and medical insurance which takes care of both medical emergency and loss of your baggage, important documents like passport etc during your stay abroad.
Why do you need such Insurance? (A Common Question)
Today cost of medicals/treatments in abroad is quite expensive. You should not be worried about the cost of emergencies during the education abroad. In some countries like US, Australia, Canada etc medical insurance is a mandate from their government itself. It actually ensures the financial security against any emergency like illness, accident or any other medical deformities. Some of the policies also enable the student’s education to continue despite the demise of an earning parent.
What does it cover?
- It Covers expenses of hospitalization.
- Loss of baggage, accident to sponsor, family visit and other incidental expenses.
- Covers you against bail bonds (Bail bond is a provision wherein if you are arrested or detained by police or judicial authorities for a bail able offence while abroad).
- The feature of the policy provides reimbursement for the remaining part of the current school semester fee if the studies are interrupted on account of a medical condition or compassionate reasons on the family front, due to which your studies are to get hampered.
- Covers you against loss of passport.
- Covers you for emergency dental pain relief.
Who is eligible for student insurance?
Any individual, enroll and attending a full-time registered educational institution of higher learning outside India.
Who provides this insurance?
This kind of insurance policies are very much available in India which has been offered by general insurance companies and the market players in this segment such as; Bajaj Allianz General Insurance, ICICI Lombard General Insurance, Tata AIG General Insurance etc, Star Health Insurance, Future Generali etc.
What can be cost of Student Insurance?
The cost of the insurance depends & varies from country to country and amount of insurance required along with the duration of stay in abroad as well as on the premium structures of the insurance companies.
For e.g. If you (age 25 year) are travelling to USA for 365 days, you will be charged Rs. 24,441 per year inclusive of service tax with USD 250,000 amount of cover from TATA AIG general insurance company which covers medical expenses, loss of baggage, relocation support etc.
In case of Star Health insurance, the premium for the same 25 year old student travelling to USA for 365 days, the premium would be Rs 14,055 per year inclusive of service tax for the cover of USD 250,000 for its standard plan.
Please note, there are different types of student insurance policies available with each of the insurer and you can very well customize it according to your needs subject to additional premium to be paid if any.
How to buy this insurance?
These insurances can be bought either online or offline, both options are available. Most of the private players are offering online options now days which is more convenient. Even these insurances can be bought while studying abroad as well.
How and where to claim?
The sole objective of any insurance is that it should protect its insured from any financial losses by compensating to the extent of actual losses. The questions arise here are (a) How to Claim? (b) Where to Claim? And of course (c) what’s the procedure to initiate the claim?
There are few formalities which you have to do while claiming, for example in case of medical emergency there should be
- Proper actual bills,
- Treatment summary,
- Discharge summary etc.
Remember! you can claim in the residing country only, just you need to contact the local representative of your respective insurance company there along with relevant documents related to your policy and damages.
Let me also tell you what the insurance doesn’t cover;
- Attempted suicide
- Injuries due to dangerous sports
- Expenses arising due to loss of valuables, money or securities.
- Travelling against the advice of the physician.
Hope this article would help you in making the decision of taking a student insurance (if not taken yet) to ensure your study abroad with peace of mind. You just need to focus on your studies rather worrying about unexpected hurdles that may come in your way.
Enjoy Studying Abroad 🙂