How to choose the right student insurance policy plan?

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How to choose the right student insurance policy plan?
When going to pursue higher education abroad, students are advised to buy a comprehensive student insurance policy i.e. adequate to cover all the unforeseen financial liabilities that might become due and increase your financial burden by a huge amount.

Eligibility in case of student travel insurance: To be eligible for such a policy, the student needs to be in the age bracket of 16-30 years and the term for the policy can be for as less a time as one day to a two year term. Further, the age criteria varies from insurer to insurer.

Choosing the right student insurance cover

Before heading to buy the student insurance policy from your home country, you should first ensure whether your overseas university allows for it or not. Or if the terms specified by the University can be met by the policy purchased from an Indian insurer. But, nonetheless, in case your university allows, purchase of student insurance from India it is all the more a viable option as the same is not only a more cost-effective option but also provides an enhanced cover. The cost of students insurance cover purchased in India will attract a lower premium of approximately 33% in comparison to international plans.

In contrast, while Indian insurers offer these dual benefits, student insurance plan from the university could well offer an extensive coverage with a a better hospital network within its ambit.

More so, the student travel insurance plan that you bet on should ideally provide for the following expenses, including, medical expenses, loss of baggage, loss of passport, bail bond ( in case the student gets detained for bailable offence than such a provision also covers the bail out cost), personal accident, passport loss, interruption of study, provide cover for sponsor protection, accidental death, personal liability, dental care expenses. You can also get the scope of the cover increased by paying few extra bucks.

Furthermore, your choice for such a plan can be based on the sum insured, claim settlement process as well as track record of the insurer and hospital network. Also, you need to pay heed to the deductibles on your travel insurance plan.

Benefits and Limitation of such a policy cover

Student like in other cases shall not be able to get the cover for pre-existing diseases from the insurer. And in case the insured is found to travel against the doctor's advice, insurer may not reimburse for the medical cost.

The cover in some cases holds good even if one travels to a foreign country for a holiday purpose

To know about few such student insurance plan offered in the Indian market that shall be apt as well as sufficient enough to meet unforeseen exigencies in a foreign land. Click on.

How can you make a claim on such policy plans?

In order to make a overseas hospitalization claim, you can register your claim request with the third-party administrator or TPA. The procedure then shall be guided by them accordingly.

Story first published: Wednesday, April 2, 2014, 13:10 [IST]
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