Many Indian students aspire to go to foreign countries such as the U.S., the U.K, Canada, Australia, etc., for higher studies. While moving to a new country at a young age is an adventure, it comes with its hurdles. Along with the myriad things
that you need to plan for, make sure you don’t miss out on buying a Student Travel Insurance Policy.
What is Student Travel Insurance?
It is specifically designed for students who are planning to pursue their education abroad. It primarily provides financial protection against the risks arising out of any unpredictable and
unfortunate instances.
While Student Travel Insurance is a type of Travel Insurance, it typically offers some extra benefits, depending on your insurer and the policy you choose.
Why is it necessary to have Student Travel Insurance?
Given the high expenses involved in foreign studies, an emergency may take a toll on your family’s finances. For instance, a medical emergency like an accident,
the Covid pandemic, or a political crisis like the war between Ukraine and Russia war may lead to unexpected expenses such as hospitalisation or may disrupt your course. A Student Travel Insurance can help you deal with such situations.
Earlier, Travel Insurance was mandatory only in a few countries, like Australia and Schengen region. However, with the spread of coronavirus, many countries have made Travel Insurance mandatory. Furthermore, Student Travel Insurance is mandatory
for you to complete the admission procedure in many top colleges and universities.
Hence, make sure you buy the right Student Travel Insurance Plan before taking off towards a new life.
What is covered under a Student Travel Insurance Policy?
The coverage of a Student Travel Insurance Policy may vary depending upon the policy and the insurance provider. Therefore, before buying the policy, it is advisable
to check with multiple insurers and choose the policy that suits your requirements the best.
A regular Travel Insurance Policy while studying abroad might not be sufficient for students. Here’s a look at what is typically covered
under Student Travel Insurance Plan:
1. Accidents and Illnesses:
Hospitalisation due to accidents or illnesses can leave you and your family overwhelmed. But the overseas Student Travel Insurance Plan will take care of all the medical expenses arising out of
an accident or illness in a foreign land. Some policies even cover emergency dental treatments.
2. Personal Accident Cover:
Many international Student Travel Insurance Policies include personal accident cover, which indemnifies for the policyholder’s death or permanent disability.
3. Study Interruption:
While studying abroad, you might have to face challenging situations, such as prolonged illness, accident, hospitalisation, etc. when you cannot attend or complete the semester you already paid fees
for. These study interruptions are mentally and financially stressful but can be tackled well with Student Travel Insurance. The insurance company would compensate you for the tuition fees paid for the respective semester.
4. Compassionate Visits:
During your course, there could be instances when a family member is unwell and you have to travel back home. Or you may take ill, and your family member might have to visit you to take care of you.
Flight tickets can cost a pretty penny and not everyone can afford them. But having Student Travel Insurance can help you by covering the cost of flight tickets.
[Also Read: Considering buying a life insurance policy?]
5. Personal Liability:
An international Student Travel Insurance Plan can not only provide financial assistance for your medical treatments arising out of an accident, but it can also cover the expenses arising out of third-party
injuries and damage/loss of third-party property.
6. Assistance:
Living in a foreign land, where you may not know a soul, is not easy. During the initial phase, you will need assistance every step of the way. You might not know which hospital to visit in case of an illness
or accident, what steps to take if you lose your important educational documents or passport, etc. Many international Student Travel Insurance Policies offer travel assistance during the policy term to assist you like your trustworthy friend
in a new country.
Apart from these, it also provides general Travel Insurance coverages, such as…
- Loss of checked-in baggage
- Fraudulent debit card and credit card charges
- Baggage delay
- Flight delay
- Flight cancellation
- Emergency evacuation
- Repatriation of remains
- Hijack
- Missed connection or departure, and many more
An overseas Student Travel Insurance Policy can take care of all exigencies during your stay abroad. Instead of buying a regular Travel Insurance Plan, it is advisable to buy specific travel insurance designed for students, as it can offer many
more features, proving more beneficial for you.
Since numerous insurance providers are offering Student Travel Insurance Policies, it is crucial to choose the right policy that is best suited for you. Compare various policies for their coverage, benefits, premium, inclusions, exclusions, exemptions,
etc. And finally, before buying a Student Travel Insurance policy online or offline, understand the policy wordings and its terms and conditions carefully to make an informed decision.
Disclaimer: This article has been authored by PersonalFN, a Mumbai-based Financial Planning and Mutual Fund research firm. Axis Bank doesn't influence any views of the author in any way. Axis Bank & PersonalFN shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.
