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Insurance Article

Student Medical Insurance: An Informative Guide

September 02 2015
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Studying at a foreign university is not just a dream come true for the student but for the entire family. This opportunity is offered to a select few who clear competitive exams like TOEFL, SAT, GRE, GMAT and others. Students prepare meticulously for these exams and reap benefits when they are selected at their desired university.

However, there is no end to anxiety when it comes to leaving behind one's home country even for pursuing a dream. A challenging course, an unknown environment, a diverse culture - the list can be quite daunting.

While it is not possible to address all concerns, adverse situations entailing a financial impact can be tackled by opting for Student Medical Insurance. These plans protect students from financial losses arising out of eventualities concerned with their health, stay, and travel abroad.


Medical conditions can emerge due to a change in the environment, lifestyle, mental stress, sports activities, and various other causes. It is pertinent to note here that, the cost of treating a medical condition in a foreign land is much higher than that in India.

Besides covering health related costs, student plans also reimburse costs related to non-medical exigencies, thereby checking unbudgeted expenses that could lead to financial setbacks.

Studying for a demanding course and living with people from a different culture is tough and Student Medical Insurance Plan eases the burden of medical and non-medical expenses is such a scenario.

In the United States, an average consultation fee to visit a doctor is around $250, which amounts to Rs. 15000.

Geographical Variations

In some countries including the United States of America, universities have made it compulsory for students to be adequately covered under insurance plans. In the United Kingdom, National Health Service (NHS) takes care of medical expenses based on student visa. However, it is prudent for students travelling to UK to purchase an insurance plan from India, so that they can avail medical facilities in private hospitals of UK and meet expenses of other exigencies that are not provided for under the NHS.

Note: Though Indian insurance plans are available in rupees, they provide coverage in dollars.

Advantages of Student Travel / Medical Insurance Plan:

Mental peace for students and families is undoubtedly the biggest advantage of availing such plans. While students can concentrate on their studies, their family back home can live without having to worry about monetary hurdles abroad.

The fact that most universities have mandated student insurance makes availing one all the more important. The advantage in this case is to opt for a domestic insurer that meets the criteria set by foreign universities. Though foreign universities offer insurance covers, they are extremely expensive when compared with domestic policies.

Columbia University's basic health plan provides a cover of $3,00,000 with an annual premium of $2,175. If we convert the amount to Indian rupees at the rate of Rs. 60/dollar we get an amount of Rs. 1,29,420. Comparatively, ICICI Lombard's Gold Plus Insurance Plan offers a cover of $5,00,000 at an annual premium of Rs. 46,851. Thus, by availing this domestic policy, one can avail an additional cover of $2,00,000 by paying Rs. 82,569 less.

What does a Student Travel/Medical Insurance Plan Cover:

  • Cashless Medical Treatment - Avail cashless claim settlement in case of hospitalization by accessing the user-friendly Third Party Administrator (TPA) through 24 X 7 helpline numbers.
  • Reimbursementof Health Expenses - This policy provides for medical expenses if a student falls ill. Out-patient/in-patient charges, prescribed treatment or medical aid and suggested diagnostic tests are covered.
  • Transportation Cost - Expenses incurred for transportation to hospital or the nearest physician are covered along with costs incurred for evacuating the student to India for prescribed treatment.
  • Pre-existing Medical Condition - Under specific plans, compensation is also provided to administer life saving treatment for pre-existing medical conditions.
  • Personal Accident - Personal accidents specific to the loss or disability of the function of a limb or organ are compensated.
  • Loss Of Belongings During Travel - Loss of baggage and passport can lead to paranoia and expenses. Emergency purchases, cost of items lost, etc. is covered under the insurance policy.
  • Study Interruption - This compensates for the tuition fees paid owing to discontinuation of studies due to hospitalization for more than one month or death of an immediate family member.
  • Two-way Compassionate Visit - If the student is hospitalized for more than 7 days, insurance plans offer financial aid for accommodation and travel of a family member. Similarly, the plan also aids the student's visit to India on similar compassionate grounds.
  • Sponsor Protection - The tuition fees for the remaining period of education shall be reimbursed, up to maximum specified Sum Insured, in case of death of the student's sponsor.

Health Benefits

Specific Health and Family Benefits

Travel and Other Benefits

Treatment, including Dental Treatment

Mental and Nervous Disorders

Compensation for Loss of checked-in Baggage and Passport

Cashless Hospitalization

Costs Related to Pregnancy, Cancer Screening, Mammography, Inter-collegiate Sports and Childcare

Compensation for Study Interruption

Accident Relataed Costs

Sposor Protection

Reimbursement of Bail Bond

X-rays and Other Diagonstic Tests

Cost of Compassionate Visit by Family

Compensation for Personal Liability

Cost of Transportation to Avail Medication

Cost of Compassionate Visit to India


Cost of life Saving Measures for Pre-exisiting Condition    

Transportation Cost to India and 30-Day Cover



Comprehensive Student Travel / Medical Insurance Plan: At a Glance

Policy Benefits

  • 1/3rd Cost: Purchase the policy in Indian currency and get cover at 1/3rd the cost of purchasing it in a foreign location.
  • Specific Requirements: Opt for tailor-made plans to meet requirements stipulated by foreign university and seek waiver from the compulsory university insurance.
  • Substitutability: ICICI Lombard’s plans are accepted by major foreign universities as a replacement for their compulsory insurance.
  • Strong Partnership: Partnership with healthcare provider United Health International and Europ Assistance provides access to superlative medical facilities.
  • Unparalleled Service: Vast network of hospitals, online policy extension and quick cashless claim settlement offer students an unparalleled service.
  • No Health Check-up: Medical check-up is not required for obtaining a student insurance plan.
  • Premium Refund: You can opt for a refund of the premium paid within 30 days of availing the policy in case your university does not grant a waiver. However, refunds are available only if no expenses have been claimed under the plan.
  • Two - year Plans: Students can opt for a 2 - year cover i.e. policy period of 730 days to secure their entire study period abroad with zero-renewals.
  • Easy Extensions:Online renewals up to 3 months in advance make extensions an easy affair for one year plans. Students no longer need to wait or be prepared for policy expiry dates.

Student Medical Insurance Plans

Students in the age group of 16-35 years can avail any of these plans to suit their requirement:

Bronze Plan

Gold Plan

Gold Plus

Trip related coverages with other benefits excluding medical cover

This plan covers medical emergencies along with stay and trip related covers

Specially designed plan with comprehensive medical cover to cater to university requirements

Student Medical Insurance Plans cannot prevent emergencies abroad but can minimize the financial risks faced by a student and ensure a hassle-free study trip. Leave your worries behind by opting for one.


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