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Students get cover for foreign shores


August 16, 2003 10:13 IST

In two weeks, Swati Gupta, 23, is leaving for the US to pursue a masters degree at Carnegie Mellon.

Besides packing all the essentials like books, clothes and shoes, she has also packed an overseas student insurance policy from Tata AIG.

Says Gupta, "After one month, the school will provide me with an insurance policy but I need to protect myself in the interim since medical expenses in the US are very high."

Knowing how such issues are critical, Tata AIG and ICICI Lombard have recently introduced overseas student insurance policies for students in the 16 to 35 age group, who are enrolled and attending a full-time course at a registered educational institution outside India.

These policies differ from the regular overseas travel insurance policies, as they are available for anywhere between 30 days to a year. The travel insurance policies, on the other hand, are available for a maximum of six months.

Besides offering cover for regular items like medical, personal accident and loss of baggage, both Tata AIG's ScholarCare and ICICI Lombard's Globe Trotter policies offer cover for various other things.

They provide for your bail if you are locked behind bars and cover your educational expenses in case of death or permanent disablement of your sponsor.

In case of your death on foreign shores, they cover the expenses of transporting your remains to India.

A unique feature of these policies is the cover for compassionate visit. In case you are hospitalised for seven consecutive days, the insurance company will cover the cost of a round-trip economy class air ticket and accommodation expenses for an immediate family member to be with you. Similarly, if either of your parents is taken critically ill, you can visit them in India.

Tata AIG's ScholarCare policy offers three different plans -- classic, executive and premium. All plans provide medical cover between $50,000 to $200,000; baggage loss up to $1,000 and personal liability cover up to $100,000; study interruption up to $7,500; compassionate visit up to $7,000; bail bond up to $5,000 and sponsor protection up to $10,000.

The classic plan does not provide personal accident cover while the other two provide insurance cover up to $200,000 for personal accident.

Also, the classic plan can be bought for a minimum of 90 days. The premium for the Classic plan is much lower than the Executive and Premium plan.

Ready reckoner

A look at the premiums for the different plans under Tata-AIG and ICICI Lombard

 

Tata AIG

ICICI Lombard

Days

Classic

Executive

Premium

Classic*

Elite**

30 days

NA

2,922

3,375

650

1,146

60 days

NA

4,174

5,643

1,300

2,292

90 days

2,058

6,010

8,192

1,950

3,438

180 days

2,965

8,862

12,145

3,900

6,876

270 days

4,326

13,225

18,128

5,850

10,314

365 days

5,492

16,918

23,226

7,800

13,752

All figures for worldwide policies including the Americas
*Medical cover up to $ 50,000
** Medical cover up to $ 250,000

Similarly, ICICI Lombard's Globe Trotter policy has two plans -- classic and elite. The classic policy only provides medical cover up to $250,000, dental treatment up to $250 and repatriation of remains up to $ 7,000.

The Elite policy besides these also provides bail bond up to $5,000; study interruption up to $7,500; baggage loss up to $1,000; personal liability up to $100,000; personal accident up to $25,000, sponsor protection up to $10,000 and compassionate visit up to $7,500.

Again the premium for the classic plan is much lower than the elite plan.

Both the Globe Trotter and the ScholarCare have two categories -- excluding the Americas and including the Americas.

The premium for the US and Canada is around 25 per cent higher in case of the Globe Trotter, and almost 40 per cent to 50 per cent higher in case of ScholarCare.

Tata AIG has tied up with Thomas Cook from where you can easily buy the policy. You are only required to fill a form and make the payment. The policy comes into effect from the day of departure.

Similarly, ICICI Lombard has tied up with various travel agents across the country who can issue you the policy online.

So with your insurance policy in place, studying abroad will take care of many of the issues that you hadn't even thought of.

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Number of User Comments: 6




Sub: really very good

it was really good to know about such a policy which can help a student to concentrate on his studies.i am also aspiring to go ...


Posted by bari kokani





Sub: treading carefully

I am a graduate student in US and want to say that before one goes for these health insurances in India, one should find out ...


Posted by Kiran





Sub: Useless Indian Medical Insurance

I would strongly advise AGAINST buying policies from India for overseas medical coverage. When the time comes you will run from pillar to post and ...


Posted by cshanky





Sub: More Precise

Are the premiums given in Indian Rupees or US$? Please try and be more precise


Posted by Vijesh Sreedharan





Sub: cover??

Being a student here for almost 2 years I find the insurance racket really crazy. The fine print is full of legal stuff that it ...


Posted by vikram




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