Basic Information about Student Insurance

While going to study abroad, we can control our grades, make provisions for fees, and get our travel itinerary sorted out. But what about life’s curve balls which we can’t control? That’s where student insurance comes in. Such a policy combines the best of both a medical insurance plan and a regular travel policy.

Student insurance policies cover your travel to and from the foreign location where you plan to study as well as all medical expenses there. Medical insurance is indispensable due to exorbitant medical fees overseas.

Apart from the basic medical expenses, these plans also cover personal liability and permanent disability due to an accident. Travel insurance insures you against loss of passport and baggage delay. Recently, insurers have also started providing additional features, such as paying for a visit by the parents if the student is critically ill. Medical insurance is compulsory in most universities and colleges abroad. This is why most insurance companies in the country have now started selling such policies via banks, so students who apply for an education loan can be made aware of these policies. These policies normally deal with all the standard rules and stipulations of foreign universities.

Student insurance policies are available for various tenures, from as short as one day to as long as two years. The coverage ranges from Rs. 24.5 lakh to Rs. 2.45 crore. The premium of the policy will depend on where the college is located. It is usually higher for institutions in the US compared to other countries because health care is the most expensive there. The premium typically varies between Rs 4,000-24,000, depending on the destination, the type of plan, amount of cover and the age of the insured person.

Most of the policies allow cashless facilities. To avail of this, a prior intimation is necessary, otherwise you may have to pay yourself. However, if it is an emergency and you need to pay money upfront, you can claim reimbursement. For this, you will need to courier the original bills to India to settle the claim. In case of an emergency, you should first call up the 24-hour international helpline number, which will direct you to the suitable hospitals affiliated with the insurer. Though there is no medical check-up required before buying the policy, pre-existing diseases are not covered by some companies. Once you have purchased a student insurance policy, you can avail of its benefits even when you travel on a holiday to another country. However, some insurers do not provide a cover if you are in India.