Students often travel with plenty of baggage especially when heading to a foreign country. The risk of losing your stuff can be extremely high. This is where travel insurance comes in as it reassures the traveller that he/she will be compensated for any lost item and can replace it easily in a foreign country. Student travel insurance is a carefully curated insurance plan designed specifically for international students. These plans provide coverage against medical costs, loss of personal belongings such as baggage and passport, emergency accommodation, and other travel-based risks that a student might face during his/her international trip. Here is all you need to know about the best way to get travel insurance!
Must Read: Best Way to Use Credit Cards for International Students
Why do you Need Travel Insurance?
A student travel insurance policy has multiple useful features. It provides a number of coverages in the event of loss of property and emergency accommodation, auto-renewal facilities, and extension of the policy during the entire academic course. This policy takes care of family visits and emergency medical requirements. International students living out of India on their own in developed nations such as the USA, UK, Germany, China, Russia, Canada, and similar nations need a backup plan to face emergency situations.
Any accident or emergency situation can cost you heavy amounts. The medical expenses and other costs are extremely high. Students living outside require a good financial backup. Student travel insurance covers many similar costs and helps in covering the following.
- Medical expenses or emergency hospitalization cost
- Recovering passport
- Recovering lost baggage
- Bail bond cover
- Flight delay or cancellation
- Tuition fee
- Covers unexpected situations
Must Read: Best Apps to Manage Your Finances in a Foreign Country
How to Get Student Travel Insurance?
All international students require student travel insurance, it is the best protection against loss of property and makes students feel in control because they have a good backup plan. There are certain requirements that need to be fulfilled. Given below are the facts that you should know before availing of student travel insurance:
Check your Eligibility
You can get the student travel insurance plan if you are above the age of 16. Students above 35 years are not eligible for this policy. The only purpose of availing of this insurance should be education in domestic or international institutes.
You can purchase student travel insurance if you meet the following criteria:
- You are a student who will study or take a course at a university or school in another country.
- You have a paid or unpaid internship with a company in another country.
- You are participating in an international vocational training program.
- You are participating in a working holiday program.
- You are an international volunteer.
- You will work as an “au pair” in another country.
Check the Compulsory Clause
Having health insurance is a mandatory clause for international students. Every university offers health insurance. But by availing of the travel insurance, the students automatically cover the medical emergency cost as well. For some universities, having health insurance is compulsory for admission process completion.
The premiums for travel insurance plans are comparatively cheaper when policies are brought from domestic insurance providers. The premiums are lower. Nearly 1/3 of the premiums are payable for policies offered in international universities abroad.
Check for Substitutes
Students must wisely choose a plant that substitutes the Health cost. By comparing the plans, you can save a lot of time and money on the premiums of student travel insurance.
Check for Mandatory Risk Hours
Many Western countries and universities follow urban lifestyles. Therefore it is compulsory for students to have coverage against specific situations such as mental disorders, nervous disorders, alcoholism, drug dependency, and other medical emergencies such as cancer screening, mammography, child care, and more.
Check for Easy Extension
Go for the travel insurance plans which provide an easy auto-renewal policy during your entire Academy course. You may avail of extensions through simple online renewal forms.
Check for a Study Interruption Cover
In case of a medical emergency and hospitalization for long months, the studies are interrupted. The insurance covers the tuition fee for those months of disturbance. Also in a situation where a family member expires, reimbursement is made for those months.
Benefits of Travel Insurance
There are multiple benefits of availing the student travel insurance. Some of the reasons are mentioned below.
High Medical Costs Coverage
Health costs are very different in different countries. Most healthcare facilities are expensive in developed countries such as the USA and Europe. Without travel insurance, it would be very difficult for students to get treatment in any medical agency.
Protection of Personal Belongings
Students abroad or international students without insurance often pay a hefty amount from their personal savings to cover financial losses during an emergency situation. A travel insurance policy can save such personal funds.
Protection to Students
It is very common for students to face emergency situations during their stay abroad. The financial status can drain the students. But with a valid and reliable international student travel insurance policy, there is very little to worry about. From covering the costs of medical expenses to providing a temporary passport, everything is taken care of.
In some countries such as the USA, it is mandatory for students to have a valid student health insurance policy. It is a must during the admission process of foreign students.
Also Read: Passive Income Ideas for Students
Inclusions: Student Travel Insurance
The student travel insurance covers the following emergencies:
Medical Emergency
A travel insurance policy for students provides aid in case of injury or illness. Also covers medical expenses in your home country during serious illness. Dental treatment can be very costly but with student travel insurance these costs are minimized.
Loss of Personal Belongings
If the student loses luggage or passports during the foreign trip, the travel insurance helps in recovering those finances. A temporary passport can be provided to cover the loss.
Temporary Accommodation
Certain countries are vulnerable to natural calamities and disasters. In case of temporary shelter needs, a travel insurance policy compensates and relocates the students.
Judicial Matters
Another unique benefit of student travel insurance is that it covers judicial matters. Students often fall into judicial matters when they’re unaware of the foreign country’s laws. In such a situation a student travel insurance policy compensates the damages and helps in getting bail.
Exclusions: Student Travel Insurance
The following situations are excluded from the student travel insurance policy.
- It does not cover the expenses of a pre-existing medical condition until specified in the policy
- Expenses due to the following situations are not included such as suicide, self-harm, mental disorders, depression, stress, anxiety, alcohol or drug abuse, HIV or AIDS
- Damage or loss of property due to carelessness or negligence
- Partial damage to baggage or loss of precious items inside bags
- Situations arising due to nuclear threat or war are not covered by student travel insurance
Also Read: Health Insurance Plans for Studying Abroad
Best Student Travel Insurance Programs
| STUDENT TRAVEL INSURANCE | |||||
| Brand/Plan Name | Premium | Sum Insured/Coverage Options | General Benefits | Student Specific Benefits | |
| Care – Student Explore | ₹24,146 SI of $300,000 | $ 50,000; $ 100,000; $ 300,000; $ 500,000 and $ 1,000,000 | Medical Expenses: up to SI Dental Expenses: up to $750 Loss of Checked-In Baggage: up to $2000 Pre-Existing Disease Cover: up to 10% of SI Loss of International Driving License: up to $150 | Study Interruption Sponsor Protection Bail Bond Coverage at Home Country | |
| Tata AIG – Student Travel Guard | ₹37,098 SI of $250,000 | $ 50,000; $ 100,000; $ 250,000 and $ 500,000 | Medical Expenses: up to SI Dental Expenses: up to $750 Loss of Checked-In Baggage: up to $2000 Pre-Existing Disease Cover : up to 10% of SI Loss of International Driving License: up to $150 | Cancer screening and mammography examinations Treatment for mental and nervous disorders: including alcoholism and drug dependency Compassionate Visit ( 2-Way) Visit Maternity Benefit (Waiting Period – 10 Months) | |
| Bajaj Allianz – Travel Prime Student Silver | ₹22,844 SI of $300,000 | $ 50,000; $ 100,000; $ 200,000; $ 300,000; $ 500,000; $ 750,000 and $ 1,000,000 | Medical Expenses: up to SI Accidental Death & Disability common carrier: up to $3500 Personal Accident: $25,000 Repatriation:up to $6500 | Loss of Laptop; Tuition Fee; Accident to Sponsor; Suicide | |
| Niva Bupa – Student Travel Assure | ₹22,834 SI of $250,000 | $ 50,000; $ 100,000; $ 200,000; $ 250,000 and $ 500,000; | Medical Expenses: up to SI Out-patient Treatment: $25,000 Maternity: $1000 Personal Liability: up to $100,000 | New Born Baby Cover; Emergency Ambulance; Loss of International Driving Licence; Loss of Laptop, Mobile, Tablet, Phone Camera | |
Travel Insurance vs Student Travel Insurance
Travel Insurance is intended for people who will be in a foreign nation for a short period of time, such as a week or two. However, if the intention is to stay for months or years to study, travel insurance coverage designed exclusively for students is required.
Furthermore, a student travel insurance plan covers the tuition charge for the time that studies are halted due to hospitalization. It also reimburses the advance payment if the insured is compelled to discontinue his studies due to illness, the death of a family member, or other circumstances.
Additionally, it covers the journey and stay of one family member when the policyholder needs to be hospitalized for more than a week (and there is no family member nearby). It even pays the insured’s remaining tuition expenses in the event of the accidental death of the insured’s sponsor and covers the cost of the student’s treatment for mental and nervous problems such as alcoholism and drug abuse.
In terms of easier travel insurance, it provides policies that cover loss or damage to items at your residence in India due to theft or fire, something a student travel plan does not provide. So the decision is entirely yours!
Must Read: Study Abroad: Travel Insurance vs Medical Insurance
Things to Consider
Here is a list of things that you must consider before availing of student travel insurance.
Assistance Services
It is necessary to check the assistance services that an insurance company provides abroad. Claim settlement process and hospital networks are critical during emergencies.
Deductibles
A deductible is an amount a claimant agrees to pay in order to get insurance. Students must seriously check the deductibles on the travel insurance policy which is what the student shall pay later on.
Requirements of your University
Certain universities abroad have specific requirements for insurance for international students. It is clearly mentioned on the university websites. You can read it for more details. Most of the universities mention the minimum requirement during the admission process in their college. Go for a minimum of INR 1,50,00,000 cover for US & Canada and INR 37,00,000 to INR 1,50,00,000 cover for the UK, and other countries.
Is the Travel Insurance Mandatory?
If you are travelling to the United States or any Schengen country, you must obtain Student Travel Insurance. Not only that, but most institutions or study abroad programs also require students to get overseas travel insurance.
It is prudent to acquire student travel insurance because it financially covers you in the event of a disturbance or inconvenience to your health, travel, or academics! Complete international student travel insurance coverage is inexpensive and provides long-term benefits.
Also Read: Best Credit Cards for International Students
FAQs
Ans. Overseas student travel insurance provides numerous advantages. It assists with covering unforeseen medical bills, personal responsibilities, study interruption, and other expenses. In the absence of such insurance, you must cover all of these costs out of your own cash, which might be difficult when studying abroad.
Ans. Some of the best student travel insurance plans are by Future Generali India Insurance Company Limited, Bajaj Allianz Student Travel Insurance, Reliance General Insurance Company Limited and Niva Bupa Health Insurance Company Limited.
Ans. If you are travelling to the United States or any Schengen country, you must obtain Student Travel Insurance. Not only that, but most institutions or study abroad programs also require students to get overseas travel insurance.
This was all about travel insurance for students and its importance. If you are planning to study abroad then having insurance must be on the top of your list. Need some professional guidance for choosing the best scholarship to choose the right accommodation then contact our experts at Leverage Edu today and get a free consultation!
The post What is Student Travel Insurance and its Importance? appeared first on Leverage Edu.
