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Wednesday, June 1, 2016

Student Insurance Policy


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Most students nowadays plan to go abroad for higher studies. If you also have any such plans then there is something very important for you to know i.e Student insurance policy. Student insurance policy is offered to protect insured from unexpected expenses like medical expenses while studying abroad.

In most of the foreign universities, medical insurance is must. So it is always better to get the details from the official website of the university and take the required policy from the country you belong to, else it may get you into trouble in future.

Student Insurance Policy

If you have plans to stay abroad for longer period then you must understand the importance of student insurance. Lets have a closer look at 'What is student insurance policy?', 'What is the procedure to apply for student insurance policy?' and 'what all Indian companies offer student insurance policy?'

What Is Student Insurance Policy?

A student insurance policy offers the blend of medical and travel insurance for the student travelling abroad for higher studies.

This policy has been designed for students travelling abroad for longer period. This product offers you the benefits of both medical and travel insurance. As medical treatments are very costly, this policy covers the cost of any medical treatment required by the insured. Moreover, if the insured meets with an accident or becomes disabled, then this policy would help them to recover from the losses. Apart from this, it also offers the benefits of travel insurance which covers loss of passport or baggage while travelling.

How To Select A Student Policy?

Choosing an insurance policy is one of the pre-requisites that makes you eligible to take admission in some of the universities abroad. You must take a look at some crucial parameters which you think are required to be covered under your insurance policy like :-

  • Your medical expenses :- Your policy should cover all your medical expenses like illness, accident etc.
  • Study discontinuation expenses :- If you discontinue your study due to your poor health then your policy should cover your losses.
  • Sponsor Protection Expenses :- Your policy should also cover your sponsor (parents) against accidental expenses when you are abroad.
  • Return Journey Expenses :-  The expenses incurred for returning back must be covered.
  • Loss of passport :- Your policy should also cover losses due to loss of your passport during your stay abroad.
  • Loss of checked-in baggage :- Your policy should cover loss of checked-in baggage during travel.
  • Your policy should also cover you against any bailable crime or damage to a public property.

Some Indian insurance companies offer insurance products for students going abroad but the cost of policy varies depending on the country they are travelling. The countries having expensive medical treatments like USA and Canada, cost higher  compared to other countries. Lets have a look at the Indian companies that offer this product:

  • Bajaj Allianz
  • ICICI Lombard
  • Future Generali
  • Star Health
  • Tata AIG

We understand that going abroad for further studies is a hectic task as it requires students to get a prospectus, fill forms, give exams and more. But you should not forget to buy a students insurance policy to keep yourself safe from future troubles.

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