Benefits of Having Student Travel Insurance

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 customized 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

1. Deductibles

A student must check on the deductibles on the policy (what needs to be paid by the student).

2. 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.

3. 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 student travel 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.

5 Reasons Why Student Travel Insurance is Important

1. Travel Insurance is Mandatory

Now most of the countries in US and Europe as well as Schengen countries have made it mandatory to have travel Insurance while travelling since you never know when you might need the same.

2. Covers Repatriation Charges

Travel Insurance covers health treatment cost incurred while you are abroad. Other than medical treatment charges, travel insurance benefits include repatriation charges if the insured dies there. The insurance company would incur all the charges including coffins for the dead body, the air ticket and all the transportation charges.

3. Loss of Baggage

If the baggage is lost while travelling in flight the insurance company would cover the loss of baggage.

4. Loss of Passport

If the passport of the person is lost, then the insurance company would pay the charges related to the new passport issuance or a fixed amount is given.

5. Personal Accident Cover

If the person met with an accident there then the Insurance Company would also pay the charges related treatment as well the PTD and TTD benefits as well. Want to know more about student insurance cover? A quick visit to our compare travel insurance page can help you to choose best travel insurance policy.

Conclusion

Student travel insurance is crucial for safeguarding against medical emergencies, loss of important documents, and unforeseen expenses while studying abroad. Many countries and universities mandate it, ensuring students are protected from high costs and unexpected challenges. Opting for insurance from India is cost-effective and offers broader coverage, allowing students to focus on their education without financial worries. Also Read: Should You Buy Travel Insurance In Advance Or After Booking? This article has been authored by Mr Vikramjeet Singh, Head, Travel Insurance, Bajaj Allianz General Insurance Co. Ltd.