Studying abroad was once a dream for a few but today it has become possible for a large number of students. Increased globalization, education exchange program and increased scholarships have paved the way for several students to study abroad.
But both parents and students face plenty of anxiety, unknown fears, and jitters at the prospect of staying in a completely new land and studying. However, you need to allow these emotions to subside and start taking practical decisions to make the most of the opportunity in the best possible manner. One of the first steps to take is to buy Student Travel Insurance. Here, we provide some useful insights and guidance to travel insurance for students to help them make an educated decision.
Defining Travel Insurance Plan for Students
Differing from the normal travel insurance plan; a student travel insurance plan is a long-term plan designed for Indian students planning to go overseas to study. The plan lasts for the entire duration of the course which can be one to three years or more.
Need for Travel Insurance Plan for Students
The possibilities of things going out of hand are present in your country but it gets compounded in a foreign land. Medical contingencies, loss of passport and other important documents, loss of baggage, getting involved in a legal embroil that might need lawyer assistance, etc. are all situations that can hit any student. A foreign land means that the financial burden gets compounded. Travel insurance proves a boon for students in all such scenarios.
Given the rise of overseas students; many universities have made it a mandatory requirement for students to have travel insurance for procuring admission. Moreover, some universities also lay down strict stipulations about what should be mandatorily covered by travel insurance. Hence, all students are strongly advised to check with their respective universities and then purchase the travel insurance accordingly.
Eligibility for Students Travel Insurance
To be eligible for a student insurance policy, you need to be
- In the age group of sixteen to thirty-five years.
- You should have obtained admission in a registered university or Institution in a foreign country for a full-time course.
- No student can have two student insurance for the specified period. A student can get only one overseas student travel insurance.
Salient Features of Students Travel Insurance Overseas
Students’ travel insurance differs from normal insurance. A long-term plan, it is characterized by a few common features for an international student as stated below:
- Age-restriction- As already discussed; student travel insurance plan is only available for people studying abroad between the age group of 16 to 35 years.
- Student-specific covers– These plans are designed exclusively for potential problems faced by any student overseas like study-interruption, bail-bond, loss of laptop/tablet, sponsor protection, etc.
- Cashless hospitalization- All overseas students have the option to avail cashless medical hospitalization facility if they get admitted to any of the insurer’s network hospitals.
- Worldwide coverage- A highlight feature of student insurance is worldwide coverage. It means that they are protected in any part of the world.
- Easy extensions- Sometimes the duration of a student studying abroad increases due to a delay in exams or extension of the course or even a step further to the course. In all scenarios; students can extend the duration of the policy with relative ease.
- Auto-renewal- Many due not take the student policy for the entire duration of overseas study or any other reason; a student’s stay may get prolonged. For all such contingencies, an easy option of auto-renewal is provided to every policyholder.
- Refund on policy cancellation- Sometimes the University abroad does not accept the travel insurance policy purchased in India or have some other specific demands. In all such valid scenarios; there is an easy option of policy cancellation. The premium amount for the insured student is deducted on the pro-rate basis for the period the policy was used.
Common Coverage Offered Under Students Travel Insurance
Let’s look at a few of the common coverages offered under students’ travel insurance.
- Medical emergency evacuation, hospitalization and all kinds of medical contingencies.
- Dental treatment expenses.
- Burial and repatriation expenses
- Injuries expenditure when abroad.
- Compensation for temporary and permanent disability as a personal cover.
- Loss of the baggage, passport and all other documents.
- Return ticket reimbursement for a family member visiting the insured who has been hospitalized for 7 days or more.
- Reimbursement of the paid semester fee if the insured needs to terminate his studies on grounds of a medical issue.
- Bail amount payment if detained by police for billable offense abroad.
- Payment of the tuition fees if the sponsor passes away.
Students’ travel insurance is vital for all students studying abroad. You can easily purchase it online after comparing various policies and choosing the one that best fits you.