Be prudent, buy student travel insurance if going abroad to study

A student policy is designed for people between 16 and 35 years old who are enrolled in full-time courses at an accredited college or university.

Hyderabad: Many students go overseas every year to pursue higher education. Investing some time researching student travel insurance and buying it here will help in dealing with unforeseen events that might arise during the course of your stay.

According to Manas Kapoor, Product Head- Travel Insurance, Policybazaar.com, having a student travel insurance coverage must be a priority. It makes financial sense to buy a plan from India as it costs less here. The student travel insurance is about 1 to 1.5 per cent of the course fee. If a one-year course costs about Rs 20 lakh, the student travel insurance costs will cost between Rs 20,000-30,000.

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A student policy is designed for people between 16 and 35 years old who are enrolled in full-time courses at an accredited college or university.

Healthcare outside India is expensive and it is mandatory in many countries to have a health insurance policy. However, an insurance cover, bought as part of the university programme, will provide coverage only for health related issues within a specific radius.

A student travel policy covers the medical bills. A student travel insurance policy that offers cashless medical care at network hospitals is advisable as it reduces the pressure of hospital expenses. They can claim reimbursement in case of non-network hospitals. The policies also include dental expenses, medical evacuation, body repatriation, and lifelong disability. Most insurance companies provide coverage for family members’ visits in case of an emergency, he explained.

In addition, it shields students against expenses made in cases of delay and loss of baggage or expenses arising out of the loss of passport. It will provide financial security against flight delays, medical bills, legal fees and the like as well. Students depend on laptops during their course and its loss can imply a major financial and mental stress. In its absence, the students will be forced to pay out of pocket, which could impact the overall plans.

Depending on the variants opted, they may offer study fee reimbursement if a student returns home due to a medical condition but has paid the semester fee. Can the policies be cancelled? If the insured individuals have not travelled during the term, the policy allows for cancellation and premium return options. They should spell out the reasons and provide supporting documents like visa refusal or medical proof.