With all admission formalities in place, excitement is galore for a proud student. Only when you think all is in place, it is the minor misses that may spoil the party. What if you lose your passport or misplaced your baggage? Who would come to your rescue if your health deteriorates or an unfortunate Accident takes place? In an alien land without your loved ones it is Travel Insurance that could limit the damage.
Student insurance Policy serves a dual purpose. It is a perfect blend of travel insurance and health policy. In uncontrollable and unpleasant conditions, travel insurance offers medical and non medical cover. For students applying to universities in the United States or Australia it is mandatory to have yourself insured.
But, why buy the travel insurance from India?
The answer is very simple. Student insurance in India is one-third of the cost as found in developed countries. And most foreign colleges waive off on-campus Health Insurance if you possess a comparable one. So, when there is such a price difference you know what to opt for.
Wondering, what makes the Indian student insurance so cheap?
Due to high cost of capital in developed countries like the United States, United Kingdom and Australia the premiums are high as insurance companies work on fixed margins. So, isn’t it a prudent decision to buy your student insurance from India?
So, if you are convinced enough to buy your student travel insurance from India let me highlight the benefits of an insurance cover:
Medical expenses are alarmingly high in other western countries. A plan like travel insurance
takes care of sudden expenses during emergency medical situations. Take a simple example, doctor’s consultation costs around 300-500 rupees in India. The same visit could cost anywhere around $250-300 that is 10000-15,000 rupees abroad. Thus, it makes all the sense to be Insured
at home and not burn deep holes in your pockets!
No medical checkup is needed.
Speedy and hassle free Claim settlement.
Cashless settlement of Hospitalization claims abroad
Accident Cover Plans cover for death and/or permanent disability
Non Medical Benefits:
Loss of Passport: Covers all expenses to obtain a duplicate passport.
Baggage Loss: Compensation for loss of checked-in baggage.
Bail Bond: Covers for the amount charged by international judicial authorities if arrested or detained for a bailable offence. Stringent laws abroad warrant charging unbelievably high amounts to be let free.
Study Interruption: Due to medical grounds or death of an immediate family member, the insurance companies get the non refundable part of fee reimbursed.
Sponsor Protection: In case of sponsor’s death or disability, Reimbursement of your remaining school fees up to a specified maximum limit.
The policy tenure could be tweaked to match the curriculum duration up to two years.
Domestic student insurance plans are available in Indian Rupees. Thus, you need not spend extra foreign exchange.
Door-to Door coverage. You are insured against any eventuality from the time you leave your house till you get back home.
In India, companies like TATA AIG, Cholamandalam, General insurance, Bajaj Allianz and ICICI Lombard offer plans for students between 16-30 years of age. These plans are accepted internationally. Generally, student policies provide accidental death cover of $10,000 to $50,000. The medical cover ranges from $50,000 to $5, 00,000 depending on the add-on benefits.
So as a student, do not go in for the cheapest policy. Rather, jot down the University’s requirements of the insurance policy and provide for the desired additional benefits.
Despite mandatory requirements of student insurance policies by most universities, it is only one out of every five Indian students that buys an insurance cover. We need to be aware of the benefits of paying a small amount to hedge ourselves against all our fears and worries.