STUDENT TRAVEL INSURANCE
Travel insurance, as we all know, is a very important part of any journey. It provides an insurance cover for any unfortunate incident that may occur when we are in a foreign land, either on business or on vacation.
Student travel insurance is a similar form of insurance, where students who go abroad for higher studies are covered. While some of the clauses of these two types of insurance are common, there are some major differences between general travel insurance and student travel insurance.
Let’s take a look.
What is travel insurance? Travel insurance is a kind of insurance that is bought by a traveler before embarking upon a journey. The insurer promises to pay the insured a sum assured if the latter is faced with a medical or financial emergency.
What is student travel insurance? Student travel insurance is a kind of insurance that is designed to support and cover students who go abroad to study. From emergency medical assistance to loss of passport, a student travel insurance plans provides cover for a long list of misfortunate occurrences.
What are the features of a student travel in plans? Generally, a student travel insurance plan includes:
Including costs of evacuation and repatriation if required.
Provision for emergency dental treatment.
Tuition fee payment for the time when there is a study interruption due to hospitalization.
The policy will also reimburse the tuition fees (paid in advance) if the insured is forced to discontinue his studies due to terminal illness, death of family members, etc.
Sponsoring the tickets and stay of one member of the insured’s family when the insured requires hospitalization for more than 7 days (only in case no family member is present by his side).
Paying the remaining tuition fees of the insured if the sponsor dies midway through the course.
Compensation for loss of passport, loss of baggage, baggage delay, etc.
Health Insurance – India vs. University
Health insurance: Health insurance is compulsory in most universities and colleges abroad including popular destinations like Australia, US, Canada, New Zealand, etc. However, UK, China, and Southeast Asian countries like Singapore and Malaysia is optional but students should have insurance in case of an emergency.
Some times, students going overseas to study are not aware of the mandatory insurance policy criteria and are forced to buy an insurance policy from the university which can be almost thrice the price, than what they would pay for a policy taken in India. The college abroad may fail to honor a policy issued in India not because it is incompatible but because the plan does not satisfy its minimum coverage requirement. So the students have to dutifully check the requirements of the university beforehand to have a compliant insurance policy cover.
What If don’t want to buy University health insurance plan ?
If you don’t want to take universities health insurance plan you can ask them for a waiver form, which is available at the university. But you have to provide them “proof of compatible (comparable) insurance” from other company that should be accepted by university with waiver form.
There are few universities, which will not allow you to buy any other policy.
INDIA – It will cost you around $500 to $650 for one year
University – It will cost you around $800 to $2000 for one year