So, you have made it to your dream university. Congratulations! As you prepare to leave your secure nest and fly to the open skies of the world, it is important that you secure yourself in this journey. If you, your friends or your kids are travelling to a foreign country for higher education, student travel insurance is a must. From safeguarding critical documents to providing medical assistance and covering luggage loss and flight delays, student travel insurance hasway more benefits than you think.
First of all, student travel insurance is mandatory for students travelling to a country like the USA or other Schengen visa universities. And for other countries, where it is not mandatory, it is recommended to buy one to ensure the safety and security of your kid. If you do not know which travel insurance is the right choice for your child, it is best (and safest) to buy comprehensive student travel policy. This policy covers your child in case of unpleasant experiences like an accident or any injury in a foreign land.
Here are the details about the coverage provided by a generic student travel insurance policy:
During the duration of his stay, if your child suffers from any illness, injury or encounters an accident, the student travel insurance will cover the medical expenses. Given that the medical services in a foreign country are very expensive, a Student Travel Insurance Policyensures that you receive the best treatment without worrying about the medical expenses and costs related to it. Some insurance companies also cover for dental expenses in case of pain or injury.
Loss of Baggage
From the loss of clothes to cash as well as important documents like passport, admission papers, etc, loss of travel baggage can cause havoc on a young kid travelling abroad (alone) probably for the first time. A travel insurance policy provides adequate cover in case of such mishaps and guides the student to get back his important documents.
Accidental Death and Body Repatriation
In case of accidental death, the insurance company will bear the cost to transfer the mortal remains to the country and will also pay a lump sum insurance amount following the death
In case of permanent disability due to an accident, injury or illness, the student travel insurance will provide you with a lump sum insurance amount which can be of great help.
If there is a flight delay because of which the student missed a connecting flight or if your child has to reach on a certain date but is not able to make it there due to flight delays, the airline company may refuse to pay for the new flight or issue a refund. In such cases, the travel insurance will cover for a major portion of the airfare.
Due to unforeseen circumstances, if your son or daughter gets into legal trouble abroad, the student travel insurance will cover the cost incurred in the legal proceedings and other legal help.
Should You Buy a Student Travel Insurance From India or Opt for a Foreign Student Insurance Policy?
Most students traveling abroad are often confused whether they should buy an insurance policy from India or opt for the one provided by their university. They can also look for insurance plans from foreign insurance provider.
However, if the university you are going to has not mandated it to buy a policy from them, it is better to avoid purchasing a policy in the foreign land. Always prefer buying a student health and travel insurance plan from an Indian insurance company. Apart from the fact that an Indian travel insurance plan is cheap, it is customized to cater to the need of Indian students and their health. The process is easy and way more affordable.
Indian companies have special preference for Indian students which won’t be the case when buying a foreign insurance plan. Typically, you can get same coverage in an Indian company for almost 1/4th the price. You can use insurance premium calculator of an Indian insurance company versus that of a foreign insurance company to find the huge difference in the cost.
In a foreign land, you will have to rely on whatever is written on their website or whatever the insurance agent tells you. However, in your homeland you can speak to many people and weigh the pros and cons of different insurance providers to be able to make an informed decision. Also, if you buy student travel insurance plan from the same company where you have your health, motor or life insurance policies, chances are that you can get a good discount.
Moreover, many of the insurance companies can help you connect with the Indian embassy in case of any mishaps. In short, the benefit versus cost surely weighs more towards the Indian insurance company.
There is no denying the fact that travel insurance for student is as important as any other insurance policy and probably more. Almost every insurance provider in India caters to student travel insurance. However, before you buy a student travel insurance, it is important to understand the benefits you are getting in lieu of money spent. Compare the insurance policies and opt for a policy that offers maximum value for money. Do not try to save money on premium when comparing policies. Always lookout for a policy that provides maximum coverage needed for the safety and security of your child in a foreign country. Of course, don’t forget to read the fine details too.