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Demystifying Overseas Student Travel Insurance

Posted by - ,
September 10 2014
So you have cleared your TOEFL, SAT, GRE, GMATs and are all set to join your dream university abroad. At the same time, you are anxious about moving to an entirely new country, learn an alien culture and make new set of friends all over again. While you may have planned your education, funding, air tickets etc. there is one thing several students feel puzzled about - student travel insurance policy.

Nearly all foreign universities mandate international students to possess a legal and compliant medical insurance for the entire course duration. In fact, majority of universities do not allow admission to students without a policy. Generally universities suggest some basic insurance requirements to be covered, which can be purchased from either them or a recognized insurance provider either within that country or one's home country. However, it is prudent for students to purchase a comprehensive cover which provides insurance for specific conditions as well as legal and personal safety.

With so many criteria to keep in mind, it is easy to get perplexed before purchasing a cover. Adding to the confusion are several myths doing the rounds when it comes to buying a student travel insurance. This article aims at busting some of them to help students select the insurance effectively.

Indian Insurance is not accepted abroad:
Since the mandate to purchase insurance comes from foreign universities and the same can be purchased there, this is the most common myth. Indian insurance is accepted by almost all foreign universities and is available at almost one third of the cost of a similar insurance cover bought abroad. The premium for the policy is paid in Indian currency, but the compensation paid by the insurance company is in foreign currency. However, one should check with the university's requirement for any special clause and compliance condition while opting for the cover.

Cashless claims not available:
Students can easily avail cashless claims by providing their health cards in a hospital abroad. Insurance companies in India have associations with reputed claim settlement service providers in almost all countries. These service providers have tie-ups with majority of hospitals in their respective countries. A student with a cover from an Indian insurance provider can hence avail quality medical treatment whenever and wherever required.

Difficult claim settlement process:
The claim settlement process abroad is as easy as if you are at home. The cashless hospitalization facility covers all your medical emergencies abroad by just producing the health card. In case of reimbursement, you can call the toll-free number for assistance and informing them. Settlement is done as soon as your documents are sent to the respective TPA.

Only travel gets covered:
The biggest myth associated with overseas student travel insurance is that it just covers the travel part. On the contrary, a comprehensive student travel insurance provides host of coverage to ensure hassle-free stay abroad. Coverage begins the moment you enter the airport to embark on your journey. While the coverage offered by the university only covers medical expenses, the overseas student travel insurance provides maximum medical coverage, including medical evacuation if the need arises and repatriation costs in case of accidental death abroad. It also offers add-on coverage for dental treatment, medical expenses due to sports emergencies, treatment for psychological and nervous disorders.

Non-medical coverage for emergencies like loss of checked-in baggage, passport loss and sponsor protection is also included. Another important cover provided is study interruption where the insurance provides you coverage against study interruption in case you miss a semester on medical grounds, and takes care of the medical bills and the tuition fee for that semester. Most of such policies purchased in India also provide your parents with a two-way compassionate visit cover to visit you, if you are hospitalised.

Extension is a problem abroad:
Extension is just a click away. You can renew your policy online. This not only saves you on any paperwork but also gives you an instant policy.

So if you were holding any of the above misperceptions, rest assured, go ahead and purchase a comprehensive student travel insurance right here before you leave for your dream destination.

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