Every year more and more Indian students decide to pursue higher studies abroad. Away from home, they try to settle down amidst a new culture. Understandably, they do not have an easy access to financial support as compared to what they enjoyed back home.
Student travel Insurance Policy
These policies are available at about one-third the cost of the policies offered to students by overseas universities. Expenses arising due to health-related risks like cashless hospitalization, outpatient expenses, and costs related to accidents are covered by the policy. Cover for specific risks and costs related to mental disorder, pregnancies, etc. are also available.
There are other benefits too that can be selected in the policy to fortify the health cover and make it a comprehensive one. These include the reimbursement of tuition fee under sponsor protection, compensation on loss of passport, provision for bail bond, etc.
Ignorance of matters related to insurance make students purchase inadequate health insurance and that too at a higher cost. Listed below are eight facts you should know about student travel insurance.
1. Eligible at 16
You are eligible to purchase a policy at 16 years of age. Available for the age group of 16 to 35, the policies purchased from a company with known repute offers a hassle-free procedure.
2. Compulsory Clause
Most of the foreign universities make it compulsory for students to purchase a health insurance cover, without which the admissions may be declined.
3. Difference in Premium and Coverage
Premiums for the student travel cover offered by domestic insurance providers are cheaper by as much as around one-third to the premiums of their overseas counterparts in universities.
4. A Substitute - That is Better
Indian insurance companies provide student medical insurance at much low premium. Choose a policy that can act as a substitute to the university-provided health cover, but can give a better coverage. You can select the coverage amount as per your discretion to take care of all aspects of your health and more.
5. Requirement of Cover for Specific Risks
Due to the lifestyle in the west, many universities demand coverage for specific risks like:
- Drug Dependency
- Alcoholism
- Mental and Nervous Disorders
- Expenses related to pregnancy, inter-collegiate sport injuries, cancer screening, mammography, and childcare benefits
6. Claiming a Waiver in the Foreign Country
Students can claim a waiver from the foreign university after availing health insurance plan from India. The premium included in the fees already paid to the university would then get refunded.
7. Different Scenario in UK
It is pertinent to note that universities in UK do not provide a waiver for health insurance, as UK state health department provides National Health Scheme (NHS) to all the residents of UK. This scheme, however, does not cover exigencies typical to the foreign students of UK, for example, compassionate visits or reimbursement of medical expenses in private institutions.
For students travelling to UK, it is prudent to opt for a health cover in addition to the cover given by NHS. Apart from being able to opt for better services, this would ensure avoidance of long queues in public hospitals, reimbursement of private medical care and availability of non-medical benefits under the plan.
8. Availability of Easy Extensions
Policies offer an auto-renewal option to provide you with a continuous cover for the entire study term. Options for renewal online and extension of policy in advance simplify the procedure for students.