One of the most fascinating and insightful learning experiences offered to college students worldwide is studying abroad. Not only does it offer education in a new setting and from a different viewpoint, but it also provides you with the opportunity to learn about a new language and culture. Several students take advantage of the once-in-a-lifetime opportunity to study and explore new countries. A RedSeer research predicts that by 2024, 1.8 million Indians would have spent $85 billion on education abroad.
While studying abroad, there are so many opportunities to experience different cultures, adventures, and different activities that students often have no clue where they will wind up or what they will be doing. While you’ll be miles away from your home, it is essential to safeguard yourself with overseas travel insurance before you leave the country. In this article, we’ll discuss a few reasons and other tips for getting student travel insurance.
What is Student Travel Insurance?
With special features like auto-renewal and policy extension options, a student travel insurance policy helps a student studying abroad to get access to medical and non-medical insurance coverage for the duration of his or her stay in the foreign country. This insurance not only aids a student with hospitalization and medical expenses but also with repatriation, family visits, etc.
Top Reasons to Get a Student Travel Insurance Before Studying Abroad
Acquiring travel insurance when going for studies abroad is an essential need. Why you may ask? Read on-
- Pre-Existing Conditions: Your pre-existing conditions are also covered by travel insurance. Contrary to health insurance, there is no 2-4 year waiting period before pre-existing conditions are covered. However, unless otherwise stated, pre-existing conditions are only covered by overseas travel insurance in life-threatening circumstances.
- Covers material items: You will be traveling with your laptop, phone, and tablet since you are going overseas for further study. However, you will undoubtedly feel anxious while traveling with these devices since they might get lost in travel. Additionally, if you lose the devices while traveling, you will have to pay an extra amount. Therefore, it is crucial to cover these devices so that you can get compensation if they are stolen or lost while traveling.
- Covers medical costs: Overseas travel insurance is particularly important for students traveling abroad for higher education since it helps cover medical costs, which are rather costly compared to healthcare in India. For instance, a doctor’s consultation in the US might cost up to $250-$300, or around Rs. 10-20,000 in Indian currency. If you don’t have student travel insurance, you might wind up spending more than a week’s budget on doctors’ consultations or emergency room visits alone, which does not include meds. To ensure complete protection, investing in the right insurance coverage is essential.
- University mandates: Some universities have specific insurance requirements for overseas students. The university website lists these requirements. You can ask for a waiver, from having to buy it from the university by filling out a waiver form available on the university website. The university has the power to refuse your insurance waiver benefit or even cancel your enrollment if your travel insurance plan does not comply with the university’s standards.
- Accidental Death & Disability: Accidental death and disability coverage are included with a travel insurance policy. Your insurer pays you benefits as part of this coverage if an accident abroad leaves you disabled. In the tragic case of your death due to an accident, while traveling, the insurance provider will provide compensation to your family.
- Change of plans: There may be times when you need to change your travel plans. Only the expenses of cancellations that are beyond your control are covered by basic travel insurance. If, for instance, the weather at your destination is unfavorable, you may be able to recover part of your travel expenses. If your student travel insurance policy includes Cancel for Any Reason (CFAR) coverage, you can change your plans at any time and still be reimbursed for many pre-paid travel expenditures, including rental deposits and reimbursement for unused travel tickets, and more.
Tips To Consider While Buying a Student Travel Insurance Policy
Just like any other policy, there are a few factors you should take into account before purchasing a student travel insurance policy.
- Price: Pricing is one of the most crucial aspects to take into account. Students from India who travel abroad should always consider purchasing the plan from here only since an insurance policy from an Indian insurance provider is far less expensive than those offered abroad.
The market is flooded with insurance providers that provide the most coverage for a very low rate. However, in these situations, it is essential for the students to fully understand the coverage plan and make a comparison before purchasing one.
- University’s requirements: Students should be aware of the university’s insurance mandates before buying coverage. While in some universities, students are required to purchase insurance from their country, many also provide them with the option to purchase it from their home countries. If you purchase insurance coverage from India, you should confirm that its benefits meet the university’s requirements.
- Claim settlement ratio: Before purchasing a policy, always look into the insurance company’s claim settlement ratio since the last thing you want to hear is a claim denial after paying a lump sum for premiums.
- Sub-limits: The sub-limit and pre-existing conditions coverage make up the second important aspect. Sub-limits are the higher restrictions imposed by the insurance company on charges like hotel rentals, diagnostic tests, ICU expenses, ambulance expenditures, etc.
Either a policy with no sub-limit or a higher sub-limit is recommended for students. Even though most student travel insurance plans exclude coverage for pre-existing conditions, the insurance provider could provide this coverage if the institution mandates it.
Although insurance is not the most fun part of studying abroad, it is the most crucial one. Do not think about starting your journey without it; you never know when it might be needed. Make sure to make the most of your stay in a foreign land while you study hard to fulfill your objectives. Instead of spending a fortune on unforeseen circumstances, it makes sense to invest in a beneficial overseas travel insurance plan.
The above information is for illustrative purposes only. For more details, please refer to policy wordings and prospectus before concluding the sales.