Student Travel Insurance – Important Points to Consider Before You Purchase

The students who manage to secure a place in any of the world’s best universities are rightfully excited with the chance to establish themselves, and hope for a bright future ahead. However, they should also realize that their studying abroad can be quite hard on the pockets of their parents. Also, they must be aware of the risks they may face if any unfortunate event happens abroad.

Well, you would not have to worry if you are covered under a Student Health and Travel Insurance Plan. But before you purchase one, here is what you need to check.

Is Student Insurance Mandatory?

There are many universities which provide insurance covers to all their international students, and in case of some universities, it is mandatory for the students to take the insurance provided by the university. In other universities, you have the option not to avail of the university insurance policy, and instead to purchase from a foreign insurance provider or an Indian insurance provider.

There are also some additional waiver criteria that need to be fulfilled, and these are published by the universities every fall or every semester. It is important that you study the waiver criteria, get an insurance which fulfills all the criteria, and purchase the insurance that is approved by the university.

Who can buy an International Student Travel & Health Policy?

Only students who are Indian nationals can buy an international student travel insurance plan offered by an Indian insurance company.

Buy an Indian or a Foreign Student Insurance Policy?

The students who are traveling abroad are often in a dilemma about which policy to get – the one provided by their university, or the one sold by some foreign insurance providers, or the ones available from Indian insurance companies.

So if the university policy is not mandatory, you can avoid purchasing the policy provided by the university, and preferably buy an Indian student health & travel Insurance plan. This is because the foreign insurance plans turn out to be more costly and complicated.

The insurance that you buy from India gives you the same coverage (as that provided by a foreign company), gives you the cashless services and comes at almost 1/4th the price.

For example, say, you need a cover of a $100,000. The policy from the university charges you $1,800 or approximately, INR 1,14,637. If you are waiving-off this insurance and planning to get an insurance plan from a foreign company, the premium which you would pay will be $1,200 or INR 76,425. For the same insurance cover, if you get the policy from an Indian Insurance provider, the premium which you would be paying will be only INR 18,000.

The benefits versus costs are just too good if you purchase a plan from an Indian insurance company.

When can you buy an International Student Travel & Health Policy?

• Before the trips starts from India.
• When the student is already abroad and wants to extend her/his existing policy.
• When the student is already abroad and wants to buy a new policy. This comes with the condition that the policy would start on the date of buying the policy.

*All Indian insurers may or may not offer any of or all the above options. Compare to check who does.

How can you buy an International Student Travel & Health Policy?

The best way to buy a student travel insurance policy is Online. You can derive substantial insights through the guidance offered on many insurance comparison sights that equip you about what to look for in the plan. You can also get detailed comparisons of diverse student travel insurance plan options available in the market, see the highest premium discounts that can be availed of, and get a clear view on plan exclusions. You also learn about each company’s resolution process, and most importantly, you may get assistance in case of claim.