Benefits of Student Insurance
In today's time, there are no hurdles that deter students from travelling abroad. Student loans are easily available. Bright students can avail scholarships to study overseas But what about travel expenses? Overseas student travel insurance is one of the aspects that has sadly remained unexplored. Globalization has opened a number of opportunities for students, these days. No wonder students looking forward to move abroad can actually realise their dreams. Students, nowadays, can travel to any corner of the world and avail the best of education as well as pursue a career of their choice thanks to the introduction of student insurance.
Of course, travelling abroad comes with its own set of risks. Since it is all about travelling to an alien land, one needs to take special care of various security concerns. Any emergency such as an illness, loss of personal belongings, an accident, or theft of cash can put one at risk. The cost of medical treatment may not be easy for a student to cope with.
Investing in a student insurance plan is the only solution in this respect. Insurance companies in India are offering special student travel insurance plans to secure every individual’s dreams and aspirations.
The Overseas Travel Scenario
August and September are the key months when students travel overseas. According to a report, it has been suggested that virtually 100,000 students from India travel overseas each year to study abroad. Unfortunately, only about 5-6 per cent of them invest in overseas travel insurance plan from India. Regardless of consistent insistence of universities upon buying insurance plan, the students aren’t seen investing on one. As a result, students end up shelling out huge premiums abroad when they are strictly advised to invest in one by the universities. This is a huge investment (or sheer waste of money) as they could well have bought a similar plan from India at one-third the price.
In India, the insurance companies are offering the same risk cover with all supplementary new requirements for a sum ranging between 12,000 INR and 15,000 INR against premium rates 45,000 INR to 50,000 INR in the west!
There is lack of awareness among students about the precise need for this cover. Most of them don’t know universities decline admissions without one! They also don’t know fact that the same insurance plan can be availed of from India at one-third the rates.
A student insurance plan is mandatory in developed countries like the United States and the United Kingdom to have an insurance policy. Buying in India is the best option as the cost of health insurance abroad is exorbitant.
Of late, a lot of foreign universities have been demanding more than just medical insurance cover. Most of the universities insist that students take risk cover that includes treatment of mental as well as nervous disorders. Almost certainly, the lifestyle in the west has promoted universities to insist that this cover encompasses alcoholism or drug dependency. It should also cover necessary medical expenses associated with the following:
- Inter-collegiate sport injuries
- Cancer screening
- Mammography examination
- Childcare benefits
Some of the foreign universities such as Universities of Virginia, Massachusetts, Purdue, Syracuse, and Polytechnic insist upon specific risk covers. Student overseas travel insurance covers available in India are usually university compliant. These plans take good care of diverse needs of students studying abroad.
The student insurance policies offered in India are comparable to that demanded by various foreign universities. Hence, these are eligible for the waiver policy, whereby the student does not require buying a more expensive university plan. In case, a student has already paid for one, a certain part of the fees automatically becomes eligible for refund.
Most of the universities in the United States allow waiver of policy in the event where a student has availed the same from India. However, no waiver is offered by United Kingdom universities. This is due to the National Health Scheme (NHS) prevalent across the nation which does not allow for the waiver.
Since NHS is only applicable to government hospitals in the United Kingdom, students can still buy risk cover from India as this will help them in the event they get hospitalised in private medical institutions.
However, the students need to exercise caution while buying student insurance. When buying the plan, students should ensure that the overseas university, in which they will be pursuing their studies, will accept the insurance cover taken in India.
Simultaneously, by availing the Indian cover of renowned players, students can avail of two-way compassionate visit, bail bond in case of arrest and enhanced medical benefits, in addition to medical exigencies and outpatient treatment sickness.
In the event of discontinuation of studies owing to the illness of student or that if a parent, the tuition fee is reimbursed. In case of the death or injury to the sponsor, the outstanding tuition fees will be reimbursed by the student insurance company. However, these benefits that may not be included in a plan purchased from the United States or the United Kingdom.
In order to build awareness, insurance companies in India are roping in their banc assurance partners in particular at a time when banks are pushing student loans. Students who are going in for educational loans to support their higher education in a foreign country are potential customers for student insurance.
The airline tickets are dropping and a lot of airline companies are offering discounts to students, these days. With the huge savings in health coverage, students can acquire their air tickets too from these savings.