When studying abroad, healthcare costs can be high, making health insurance a necessity. Many universities in areas such as the US, UK and Canada require incoming students to acquire coverage from local providers, usually in partnership with the institution. These policies tend to only provide coverage while on campus or within the host nation’s boundaries. That’s where an expansive travel insurance policy is beneficial.
A student travel insurance policy purchased in India is highly recommended when it comes to choosing between international student health insurance and travel insurance. In this policy, health insurance and travel insurance are combined, providing better coverage and benefits, says Manas Kapoor, Policybazaar.com’s head of travel insurance.
You are covered for various expenses during your studying or stay abroad, including high medical costs, delayed or lost baggage, trip cancellations, and family visits.
The cost of travel insurance for a 1-year course in the US would be roughly 10,000 to 15,000, representing about 1-2% of the total cost of the course. Kapoor says that this insurance gives students peace of mind and financial security while abroad.
Travel insurance for students who is studying abroad vs. normal travellers
Student travel insurance is specifically designed to meet the needs of students.
Tuition fees refunded for students who is studying abroad
In addition to coverage for study interruptions, student travel insurance can also cover tuition reimbursement if a student cannot complete his course.
Protection of sponsors for students studying abroad
In the event that the sponsor named in the schedule dies or becomes disabled during the policy period, the insurance company will reimburse the remaining school fee up to the maximum limit.
According to Aditya Sharma, chief distribution officer, retail sales, Bajaj Allianz, General Insurance, if the insured is hospitalized due to an injury or sickness covered in the policy, and the doctor advises the attendance of a family member, the insurance company will reimburse the economy fare, subject to certain conditions.
Coverage extended
Furthermore, student travel policies come with a term of one or two years and are renewable, unlike regular, leisure, or business travel policies that last up to 180 days. The policy is normally a yearly one, but they can renew it when they return, and even if they don’t, they can extend it by mail, says Sharma.
Other countries coverage
A student travel insurance provides other benefits as well. “Students who study in one country and travel to another will have coverage in the countries they visit. Also, they will have a wider network of hospitals to choose from,” says Sharma.
Even if the university makes travel insurance mandatory, it may be a better option than a bundled deal with the university-offered insurance.
Take note of the exclusions
It is important to thoroughly review all terms and conditions of student travel insurance in order to prevent any unexpected events during a trip. As Kapoor explains, there are two most important things to keep in mind when choosing travel insurance coverage.
First of all, hospitalizations abroad are not covered, and secondly, losses due to personal changes of plans are also not covered without a valid reason, according to the terms and conditions of the policy. Furthermore, adventure sports and the influence of alcohol or drugs may not be covered by the policy.
It is always advised that you purchase sufficient coverage, based on the length of your stay,” Kapoor says. For example, if you are going for a 1 or 2 year course, the ideal coverage or sum insured (SI) should be 2.5 or 3 lakh dollars, whereas if you are going for an exchange program, you can opt for a lesser amount of coverage.
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