So, if you are looking forward to the forthcoming winter session of 2023, it is the right time to make a checklist before you board your flight
It’s quite common for students these days to expand their dreams and wings, and pursue higher studies in a foreign country. This reflects in the Ministry of External Affairs report which states that over 13 lakh international students are currently enrolled across 79 countries worldwide to pursue varied courses. This time of the year is known to be when students leave their nest to embark on their educational journey.
So, if you are looking forward to the forthcoming winter session of 2023, it is the right time to make a checklist before you board your flight. Among the abundant standard arrangements to take care of, an important task is to ensure a safety net in the form of overseas student travel insurance. Though some consider purchasing the policy from the destination country itself, it is highly advisable to buy student travel insurance from India, as it will help you save significantly more. Here’s all you need to know –
Why purchase a Student Travel Policy from India?
Purchasing student travel insurance from India is beneficial as it guards the student monetarily against potential travel-related hazards, both medical and non-medical, for the duration of their stay abroad. This includes protection against incidental risks such as baggage and laptop loss, flight delays, medical expenses, legal fees, etc. The other reason is that it helps you save substantially. The policy would cost nearly 1/3rd less in India than purchased abroad. For instance, if you are registered for a graduate program in the U.S.A., where the yearly fee is around Rs. 12 lakh, then the policy from India would merely add 1%, or approximately Rs. 12,000, to the general outlay.
What is covered
- Medical Coverage
It is known that healthcare costs abroad are higher than in India. For instance, an initial doctor’s consultation fee in the U.S. is around $100-200, whereas a specialist’s expense would be around $250- $300. i.e., about ₹20,500–₹27,000 in Indian currency. Thus, disregarding the insurance policy can lead to severe financial implications in a medical emergency as the payments for treatment, such as consultation emergency room charges, excluding medicines. This can disassemble the budget, as the money will have to be directly borne by the student.
- Travel Protection
Issues like baggage or flight delays are a reality when travelling, and it is wise to cover yourself concerning these issues. Thus, a travel policy compensates students for expenses incurred on essentials in the case of delayed delivery of checked luggage. In addition, it further compensates for the loss of a passport and the expenditure incurred to acquire or renew a duplicate.
- Stay
The staying feature covers fee reimbursement for a student who, after having paid up the current semester’s fees in full or partially, needs to return home for medical reasons. It also protects against compassionate visits, which cover emergency travel expenses for family members to the academy’s country or the student visiting the family.
Buying from the University vs Buying from India
While buying student travel insurance plans, there is always a debate on whether to take it from the Indian shore or the university directly. The answer is that if purchased from the institution, in most circumstances, the medical coverage provided will be limited to the university’s facilities. In comparison, procuring from the home country before travelling would deliver holistic protection as it is a combination of medical and travel insurance.
Additionally, it also safeguards against trips to nearby locations. For instance, if a student studying in the U.S. takes an excursion to Mexico and a medical emergency like falling sick or having an accident arises, depending on the plan purchased from India, it would include in-patient and outpatient treatment, X-rays and other diagnostic tests. Some plans may even aid in returning to India in case it’s medically required. However, you will need to confer for authorization from Third Party Administrator of the insurance provider.
This will not be possible if the insurance plan is purchased from the university. Thus, having a comprehensive individual policy would ensure that such risks are covered while in another land or taking nearby travelling trips. Apart from this, certain policies offered by the university may be more of a bundled deal that may not cater to all your requirements. It is, therefore, recommended to do one’s own share of research, comparison and evaluation before making a decision.
Another point of consideration is if the policies bought from India make substantial savings on your premium, as they are remarkably cheaper than if facilitated by universities abroad. The price is a third cheaper than what is provided internationally. But, it is recommended to get a substantial cover of a minimum of about $250,000 for the U.S. & Canada and around $100,000$ for the UK. Additionally, a student travel insurance policy purchased in India also offers cashless medical care at network hospitals, thereby suppressing the stress of higher hospital costs which can exhaust a student’s budget.
To summarize, a student travel insurance policy is an essential armour that protects thousands of Indian students choosing to pursue their studies in international colleges and universities. It keeps them financially covered and mentally carefree when in a foreign land. However, the policy should be bought from India as it will save money that can otherwise be used to enhance academic learning and explore nearby cities as it provides geographical coverage. Therefore, compare the various policies to get the best value, whether you buy it online or offline. Also, view the plan exclusions and inclusions and opt for a policy that offers 24×7 support for queries and claims.
