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Leaving the nest to study abroad is hard. 3 ways a Student Travel Insurance is one of your most trusted friend in a foreign country

, ET Spotlight|
Updated: Dec 13, 2019, 06.37 PM IST
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With over 5 million students studying outside their native country across the globe, Indians make for a huge proportion of these statistics. By the year 2024, approximately four lakh Indian students will enrol in foreign universities, says a recent Reserve Bank of India report. If you wish to join this number, let us first congratulate you on your decision; securing an admission abroad is not a cakewalk, nor is it easy preparing for it.

Travelling as a student is a unique and exciting experience – you get to explore new places at a young age, meet and interact with new and interesting people and also learn a thing or two about yourself. But as the travel date nears, you must also prepare for uncertainties associated with travel and life abroad. Here are some very important concerns that you should be aware of, and why an international student travel insurance can be your only savior in times of trouble.

You need to be protected financially so that you don’t cough up fat medical bills
Protecting your health in a foreign country is one of the most crucial things that you and your parents should discuss soon after you’ve made the decision to study abroad. Healthcare can be an expensive affair; in India, visiting a general physician may cost you Rs. 500 – Rs. 1000 as fee, but in the US, the cost may go up to a few thousand rupees, from Rs. 4,800 to Rs. 15,000!Not treating yourself on time to save money may mean deterioration in health leading to hospitalization, which can cost you even a few lakhs of rupees abroad.

Keeping in mind a change in climatic conditions, food, water, and the need to stay outdoors for assignments, students have a higher chance of falling sick. You need to be protected financially so that you don’t cough up fat medical bills which can add to the already high cost of living. Buying a Student Travel Insurance can help you here.

The cost of treating big diseases or unavoidable medical procedures can be really very high.
Not only is treatment costly in foreign countries, but also the value that conversion of the Rupee to a US Dollar brings, may feel heavy on the pocket. Here’s a snapshot of the costs to make you aware of and prepared for it.
Student-Travel-Insurance-Medical-Costs-India

It not only packs in comprehensive medical protection but also journey- and stay-related cover
Other important things that can make for a turbulent journey and stay in a foreign land are also covered by a decent student travel insurance. These include cover for lost baggage, cover for lost passport, cover for delayed baggage or a missed connecting flight, etc. Even personal liability like compensation for breaking a rule without knowing about it or causing an injury to a third person or their property are covered under good plans such as from Reliance General Insurance.

Here is everything an instant student travel insurance plan by Reliance General Insurance packs in:

  • Accidental bodily injury during the trip
  • Acute anesthetic treatment of teeth due to an injury
  • Emergency expenses made for medical evacuation to India
  • Total loss of your checked-in baggage by a common carrier
  • Cost of obtaining a fresh or duplicate passport in case of a lost passport
  • Reimbursement of tuition fees, in case the sponsor paying your fee passes away due to an injury
  • Emergency medical expenses incurred by you whilst abroad, for any sudden illness, injury or death
  • Reimbursement of current (paid) semester fee, if your education is interrupted due to a medical condition
  • Compensation for death or permanent disability due to an accident, while riding as a passenger in a common carrier
  • Reimbursement of return ticket fare for a family member visiting you, the insured, if you're hospitalised for more than 7 days
  • Expenses incurred while transporting the insured's mortal remains back home or towards burial abroad in case of an untimely demise
  • Payment of bail amount to the appropriate authority, if you're arrested or detained by any judicial authorities for a bailable offence, while abroad

Insurance companies in India have developed some very comprehensive products

So, we are clear that buying a Student Travel Insurance plan is almost indispensable to your study abroad preparations. But why should you buy it from India and not the country you’re going to? For starters, some of the universities insist on international students taking travel insurance from insurers in their home countries. Secondly, it is better for Indian students travelling abroad to buy insurance from India as policies offered by Indian insurers are way cheaper and offer better benefits. As per industry experts, for students travelling to a foreign land for higher studies, the minimum sum insured must be between $250,000 and $500,000. However, do check university guidelines before buying a policy. The cheapest cover offered by Indian insurers is almost 1/3rd of the cost abroad. For a 20-year-old student travelling to the U.S. for a 1-year programme, the average premium for a $500,000 sum-insured policy is about ₹35,000.
comparision

Now you know that buying overseas travel insurance when travelling to foreign land cannot be compromised. If you’re planning to opt for a student travel insurance policy, list down everything you might need when living abroad. This will help you choose a plan that caters to specific needs and requirements and make the policy much more comprehensive by attaching required add-ons.

(This article is generated and published by ET Spotlight team. You can get in touch with them on etspotlight@timesinternet.in)
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