Amit Chhabra, Head – Travel Insurance, Policybazaar.com says, it is beneficial to buy student travel insurance from India. This is because it protects the student financially from both medical and non-medical problems arising during travel during the period of his stay abroad. Also, in this insurance plan, sudden risks like loss of laptop, flight delay, medical expenses, legal fees are covered.
Apart from this, it helps you in saving a lot as the price of the policy in India will be about one third less as compared to the policy purchased abroad. For example, if you are registered for a graduate program in the USA, whose annual fee is around Rs 12 lakh, then the total cost of taking insurance from India will increase by only 1 per cent, which will be around Rs 12,000.
Student Travel Insurance: What will be covered
medical coverage
Treatment in other countries can be more expensive than in India. For example, in the US the cost of doctor consultation can be around $100-200. Consultation with a specialist can cost $250-$300, which is Rs 20,500-27,000 in Indian Rupees. Therefore, in case of any sudden medical problem, not having insurance can lead to financial problems. This includes costs like doctor visits and emergency room charges, but does not include the cost of medicines.
travel protection
While travelling, it is common to have problems like luggage or flight delays. It is wise to protect yourself from the harm caused by these problems. This way, travel insurance policies help students pay for things they may need. If their checked luggage arrives late. When their passport is lost and the expenses incurred while obtaining a new passport are also covered under this insurance.
living arrangements
If the student has already paid the fees for the current semester but has to return home due to health issues, the insurance covers the student’s “stay” facility along with the student’s fees. Is. If a student’s family needs to meet them urgently or if the student has to return home due to a family emergency, then travel costs are also covered under the insurance.
What is the difference between buying insurance from university and India?
Amit Chhabra says, if students buy travel insurance from the institution, then in most circumstances the medical coverage available will be limited to the facilities of the university. In comparison, buying insurance from India before traveling will provide complete cover as it is a combination of medical and travel insurance.
Apart from this, it also covers travel to nearby places. For example, if a student studying in the US travels to Mexico and faces a medical emergency such as falling ill or having an accident, depending on the plan purchased from India, it will cover in-patient and outpatient treatment, Will include X-rays and other diagnostic tests.
However, you will need to obtain authorization from the third party administration of the insurance provider. But this will not be possible if the insurance policy is purchased from the university.
Thus, having a comprehensive personal policy will ensure that risks that may arise while traveling in or around another country are covered within the policy. Additionally, some policies offered by universities may not meet all your needs. Therefore, before purchasing the policy, it is advisable to compare the features available with the policy and take a decision.
Student Travel Insurance: Savings on Premium
According to Amit Chhabra, the premium has to be paid less on policies purchased from India. This is because they are much cheaper than the facilities provided by universities abroad. This price is one-third cheaper than the price provided at the international level.
However, the recommended minimum cover for the US and Canada is around $250,000 and for the UK it is around $100,000. Apart from this, student travel insurance policy purchased in India also provides cashless medical care in network hospitals.
