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Most of us have relatives who are either already studying abroad or preparing to do so. Getting into one’s dream university is a long-drawn process: Preparing for admissions, financing the education, organising important documents such as passports, visa, tickets, foreign currency, and so on. The drill is cumbersome and there’s one thing that gets the least attention in the process — a good student travel insurance. And it’s among the most important decisions. Importance of student travel insurance For one, it is mandatory in most international universities. So, one cannot be lax about the product one is buying. Even if it is not mandatory in some universities, it is strongly recommended to have one while studying abroad. While most overseas universities offer their own registered insurances, they also allow students to buy cover from their home country. These policies are customised policies, which cover the trip abroad, as well as take care of the health-related financial needs during the stay. We all know that getting medical treatment in foreign countries can burn a big hole in your pocket. Consider this, treatment costs in the US for a fracture cast can be around Rs 1.65 lakh and in case of admission to an intensive care unit (ICU), the charges are around Rs 1.75 lakh a day. Such huge expenses can be easily taken care of with a student travel insurance plan. Coverage Indian student travel insurance plans provide a good mix of health, liability, travel cover and student specific benefits. Listed below are the covers most plans will offer:
- Emergency medical expenses: Medical expenses incurred due to an accident or an unexpected sickness are reimbursed.
- Medical evacuation: Covers expenses for getting back to the country in case of medical emergencies.
- Emergency dental treatment: Reimbursement of emergency dental expenses due to injury or acute pain.
- Accidental death: Payout is made in the case of death due to an accident.
- Permanent disablement: Compensation is paid on permanent disability caused during an accident
- Repatriation of mortal remains: Coverage for funeral expenses or expenses related to bringing the mortal remains back to the country.
- Personal liability: Covers damages that an insured is liable to pay for property damage or medical expenses due to an accident.
- Loss of passport: Reimbursement of expenses for obtaining a duplicate or fresh passport.
- Loss of checked baggage: Reimbursement of replacement cost incurred for any damaged or lost articles.
- Delay of checked baggage: An amount is paid for making emergency purchases due to delay in getting baggage.
- Study interruption: Reimbursement of remaining part of the current school semester fee, if studies are interrupted due to health reasons or death of a family member.
- Sponsor protection: Pays tuition fees in the event of accidental death of sponsoring person who was paying for studies.
- Bail bond: Pays the bail amount on arrest or detention by police for a bailable offence.
- Compassionate visit: On hospitalisation of student or a family member, where a family member is required to visit student or the student is required to visit a family member. Accommodation for the family member visiting abroad and round-trip economy class tickets for the student or family member are reimbursed.
- Psychological coverage: Treatment of mental and nervous disorders, including alcoholism and drug dependency are covered.
In fact, since the medical treatment costs are higher in these countries, it is recommended to have a cover for around $250,000. For studying in a European country, 50,000 euros insurance cover is recommended; for countries like Australia and New Zealand $50,000 is advised. Remember, these are just sample minimum figures. You should always consider your needs and medical fitness before deciding the right coverage amount. Product options You can buy a student travel insurance plan from any of the following places:
- An Indian insurance company
- University you are enrolled with
- Insurance provider in the country you are visiting
The author is the director – health, life & strategic initiatives, Coverfox.com