My son is going to USA in January to pursue higher studies. Because insurance for international students is mandatory in the United States, the university offers health insurance policies from local providers. Should I buy the policy offered by the university from the US or get one from India? Also, do I need to go for a separate auto insurance policy as well?
A travel insurance policy is a must for all students planning to pursue higher education overseas. Universities, especially in the US, UK, and Canada, insist that students purchase student health insurance policies from their local insurers (perhaps from those they may have contracted ). But these policies purchased at the university will cover them in the university premises or in the destination country.
A student travel insurance policy purchased from India is a good choice between international health insurance and travel insurance. A student travel insurance policy provides better coverage and benefits as it is a combination of health insurance and travel insurance. This policy covers various insurance costs, such as emergency treatment/expenses during your stay abroad. In addition to excessive medical expenses, delayed or lost luggage, trip cancellations, family visits, and other expenses, which can damage your finances, are also covered.
A student travel abroad insurance policy comes with many benefits. In the event of a study interruption due to a medical emergency, a comprehensive travel insurance policy will prove necessary. In this case, the semester tuition fee will be paid by the insurer or round-trip flight coverage for visiting family members. Expenses related to compensation for motor vehicle accidents that result in death or permanent disability, loss of passports, expenses related to replacement of passports, legal expenses and bailouts in case of legal issues, etc., are covered by the student travel insurance plan.
Some of the best plans are provided by insurance providers such as Bajaj Allianz Travel Insurance, Tata AIG Student Travel Guard, Reliance General Insurance and Care Student Explore Plus provide financial coverage for medical risks and travel that students may encounter during their trip/stay overseas. .
When it comes to the cost of insurance, the cost of purchasing student travel insurance is nothing compared to what you might be out of pocket for in an emergency overseas. For example, if a student is pursuing a one-year course in the US with a tuition fee between ₹10 lakh and ₹15 lakh, the cost of travel insurance would be around ₹10,000-15,000. It is always recommended that you purchase adequate coverage for the duration of your stay. Also, if your son has a pre-existing medical condition, it must be declared at the time of purchasing the policy.
Unlike regular travel, leisure, or business policies that are issued for 180 days, student travel policies come with a one/two year term and are renewable. Finally, like any insurance policy, student travel insurance comes with several clauses. Make sure you read all the terms and conditions to avoid any surprises during the trip.
When a student studies abroad, he is exposed to certain risks. So, it’s better to be safe than sorry! Purchasing a student travel insurance plan will protect you and your child from financial losses that may occur due to unforeseen events while studying abroad.
The author is CEO, Policybazaar.com