Get cover for academic interruptions, sponsor support & family visits
Indian students going abroad for higher education should opt for an international student travel insurance for comprehensive protection. It provides coverage for unexpected situations, such as study interruptions, sponsor protection and is issued for a longer time period, unlike traditional travel policies that are issued for up to 180 days. They should purchase the policy from India as it is much more affordable than buying it abroad.
A student travel insurance plan is designed for those between 16-40 years, enrolled in full-time courses at an accredited college or university and who have valid passports. It offers coverage for one to two years, with the option for renewal. This renewal option aligns perfectly with the extended timelines of academic programmes and offers a continuous safety net throughout a student’s course tenure.
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Wider coverage
A student travel insurance policy is designed to safeguard students from unexpected expenses that may arise during their educational journey overseas such as baggage loss, flight delays, medical costs, passport/laptop theft, and legal fees. Such a policy also covers mental health issues and maternity which are not covered by the regular travel insurance. International student travel insurance can be extended or renewed to accommodate changes in the student’s academic plans. The policy is renewable up to five years while a travel policy can be renewed up to one year only.
Beyond the tangible benefits of student travel insurance like safeguarding policyholder’s health and possessions, it also offers compassionate visit provisions, which cover emergency travel expenses for family members to the student’s host country or the student visiting their family, says Rakesh Goyal, director, Probus Insurance Broker. Additionally, such insurance plans offer round-the-clock assistance services, including help with language barriers, locating healthcare providers, and legal support. “Regular travel insurance may not offer these specific benefits. Students should opt for international student travel insurance for comprehensive coverage tailored to their unique needs while studying abroad,” he says.
Sponsor protection is an invaluable feature, particularly for those who rely on financial support from sponsors back in India. Manas Kapoor, business head, Travel Insurance, Policybazaar.com, says in the event of an unforeseen crisis, these policies can ensure that the sponsors’ financial contributions to the student’s education are safeguarded, reducing the stress on both policyholder and their sponsors. “Some student travel insurance policies even provide the option for a refund of tuition fees, covering interruptions in policyholder’s studies due to unforeseen events,” he says.
Premium and coverage
The premium depends on factors such as the country of travel (USA/Canada vs rest of world), duration of coverage, the level of coverage, the student’s age and any additional benefits or riders chosen. Students should buy the policy from India as it is less than one-third of the price they would have to pay abroad. The sum insured ranges between $50,000 to $1 million and students should choose an appropriate sum insured that will give them adequate protection during the entire duration of the stay.
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While cost is a major factor in this insurance, it is always advisable to get the best coverage possible. Sharad Bajaj, COO, InsuranceDekho, says the ideal sum insured depends on factors such as the cost of healthcare in the destination country, the student’s medical history, and the level of coverage desired. “It is advisable to opt for a sum insured that adequately covers potential medical expenses, including emergency medical evacuation and repatriation, without being excessive.”
Watch list
Before buying a student travel insurance policy, the student must check with the university enrolled if they have any specific insurance mandates. For instance, some universities abroad would require medical and accidental cover and some might require cover for drug abuse, mental rehabilitation, cancer screening, etc. In case a student has a pre-existing disease, he should give high preference to pre-existing coverages and their conditions, limitations, or exclusions applicable.
