• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

Compare Online Insurance Plans in India - MintWise

Term Insurance, Travel Insurance, Student Travel and Medical Insurance, Health Insurance, Cancer Insurance, Critical Illness Insurance

  • Product Quotes
    • Term Insurance
    • Health Insurance
    • Motor Insurance
    • Student Insurance
    • Critical Illness Insurance
    • Personal Accident Insurance
    • Cancer Insurance
    • Resume Application
  • Blog
  • IRDA Compliance
    • License
    • Privacy Policy
    • Terms of Use
    • Disclaimers
    • User Content Policy
    • All from Legal
  • International Student Travel Insurance
  • Travel Insurance

Student Travel Insurance – Buy Indian or from foreign University?

International-Student-Travel-Insurance-indian-insurer-university
  • Author

    MintWise

  • Date

    July 1, 2016

International Student Travel Insurance Indian Insurer UniversityFor students travelling abroad, it is a common dilemma whether to buy student travel insurance from the University or from an Indian Insurance Company. Luckily, if you research well, it is not such a difficult decision to make. Here’s how to go about making the choice.

Student Travel Insurance – Check University Rules

The first thing you need to do is check the rules set by the University (or School / College / Institution) that you propose to study in. All universities have a policy on insurance and you need to know what that is. Finally, that is what decides the validity. You should find these rules in the Joining Requirements for the course you are going for. Else just check the college website.

Priority of Checking International Student Travel Insurance requirements

  • For most universities, especially in the US, UK, Cananda, Europe and Australia/NZ, international student travel insurance that covers medical costs, is mandatory. So not buying student insurance is thankfully not a choice. Healthcare costs abroad are extremely high and there is no question of taking such a large risk.
  • Some universities make it clear that you would need to buy student travel insurance from a specific insurance company of that country. The university would have a partnership/understanding or a customized set of benefits meant specifically for all their international students. So you have no choice is this case either.
  • Some other universities may only insist that you need to buy the insurance from the country in which the university is located. So you can choose an insurer which is strong in that region.
  • There are also some universities who do not mandate travel insurance. We strongly recommend you don’t skip buying insurance for this reason. The cost of student travel insurance is really very small given the benefits they offer. And you need the protection from a student travel insurance policy just in case there is an eventuality.
  • However, most universities allow you to buy from any insurer (Indian or foreign) as long as the insurance policy meets minimum requirements. These are generally about covering Pre-existing Diseases or Illnesses, and of course a minimum health cover limit in US $ or Euros.
  • The good thing is that most Indian insurers know the requirements well and their products adequately cover all conditions set by Universities. Not just that, you also get optional add-on benefits with the main policy. MintWise also helps you to customize your policy (to an extent) by talking to the insurance company.

Premium Rates Differ Significantly

So what is the difference in premium if you buy a student travel insurance in India versus buying it abroad? Significant. Buying it in India will cost you just one-fourth of the premium that you pay abroad!  To cover studies in the United States, a travel insurance cover when bought abroad for a Sum Insured of $100,000 would cost $2,200 annually. That is roughly Rs. 82,000. But an Indian student travel insurance for international study in the US will cost you just Rs. 20,000!  Especially if your country of study is US or Canada, the savings can be substantial. Here’re some more examples that will make the cost benefit clear.
 

Coverage and Benefits Comparison

Then there is the question of how the benefits offered by both Indian and foreign options compare with each other. This is an important consideration when Indian insurance providers score very well.  Let’s see how.

International-Student-Travel-Insurance-Indian-better
Generally, cover offered by foreign insurers are plain vanilla, i.e. they are focused entirely on the medical insurance bit and do not cover a lot of other benefits. Here is a list of additional benefits that Indian Insurers offer. Sometimes, such benefits can be really handy and makes your insurance cover far more comprehensive, and your study experience far more secure.

Pre-Existing Illnesses, Sub-limits

Now this is something to watch out for.  A sub-limit can work in different ways – sometimes it is a limit on your daily spending or the room you can rent out in a hospital, and sometimes it can mean that there is a cap on the overall amount you are able to claim per illness.  Most foreign student cover products come with sub-limits whereas Indian insurance companies rarely include this even in their base plans.

Also, if you are someone who has a PED (pre-existing disease) or Pre-Existing Illness, you need to be very sure about the insurance policy covering this aspect. Most such policies DON’T.

Claims Settlement Experience

There is no better way to check credibility of your International Student Travel Insurance provider than checking the claims settlement ratio.  This ratio is just the percentage of claims passed out of the total claims received by the company.  If you are thinking about a foreign insurance company for your student travel insurance, check their claim settlement ratio.  For India, this information is published every year by the IRDAI, hence it is readily available.

Using the Free-Look Period

Student travel insurance products in India come with a really unique feature, thanks to Indian insurance industry norms.  You can return a policy bought in India with complete refund (minus minimal costs) within 30 days of buying the policy.  That gives you enough time to go through the coverage of the policy. Just in case there is something you expected to see and did not get, you can call up the insurance company and ask for a premium refund.  Just make sure you do this before you start your trip. Of course, don’t forget to buy another policy after that.

Foreign insurers may not offer the comfort of the Free-look facility.

Company Service Levels – When in Rome, do you need to buy Roman?

Insurance companies is India have managed to service international students well.  And here’s why.  Every company is tied up with either an International Insurer or and International Service Provider which manages customer service.  So when you buy a policy from an Indian insurer and were to encounter need for hospitalization, here’s what to do. Just call up the local number of the country provided to you by the Insurance Company.  The Service Provider takes over and manages your case with local expertise and help.

Hope we were able to help with your decision on the best international student travel insurance for you.
 

To connect with one of our Trained & Certified Insurance Counsellors, please call our Customer Care No.1800 2121 344

 


Related Posts

  • US Student Visa and Indian Student Travel Medical Insurance
    US Student Visa and Insurance for Indians – A complete guide
  • Compare Student Travel Insurance
    Student Travel Insurance – How to Compare Different Plans
  • compare-online-term-insurance-plans-india
    Student Travel Insurance – Important Points to Consider Before You Purchase

3 thoughts on “Student Travel Insurance – Buy Indian or from foreign University?”

  1. Prerna Singh says:
    July 25, 2016 at 7:08 PM

    nice article. i really benefited from it. thanks mintwise team.

  2. MintWise says:
    July 2, 2016 at 9:11 AM

    Rashmi, you can choose any insurer – we do not suggest specific brands on this website. Ensure you choose a product with no sub-limits on medical expenses. Let us know if you need any help. All the best!!

  3. Rashmi N says:
    July 2, 2016 at 9:06 AM

    Very useful. I am moving to Germany for studies in Oct 2016. Can you please tell me which Indian insurance company is the best for giving insurance for studies in Germany?

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Primary Sidebar

What are you looking for?

Recent Posts

  • claim-settlement-ratio-irda-2019-2020Claim Settlement Ratio for Term Insurance by IRDA : 2020-2021
  • Family ProtectionThe Best Term Insurance Plans of 2022
  • claim-settlement-ratio-irda-2019-2020Claim Settlement Ratio for Term Insurance by IRDA : 2019-2020
  • Group Health InsuranceGroup Health Insurance (GHI) made Mandatory for Employers
  • important of term insuranceThe Importance of Term Insurance

Copyright © 2023 · Genesis Sample on Genesis Framework · WordPress · Log in

1800 2121 344

Mon - Sat: 10 AM TO 7 PM

info.mintwise@platinumone.co.in

Email Us

Live chat

Mon - Sat: 10 AM TO 7 PM

+91 86526 45424

WhatsApp 24 x 7

Insurance is the subject matter of the solicitation.

Product and related information like Claim Settlement ratios displayed on www.mintwise.com is based on the information received from the Insurers and/or as published by the IRDAI, the Insurance Regulator.

Corporate Office : PlatinumOne Insurance Broking Private Limited, Unit No. 907, 9th Floor Lodha Supremus II, Plot No. F-4 & F-4/1, Rd No.22, Wagle Estate, Thane (West), Thane 400 604, Maharashtra, India.