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A dummy's guide to student travel insurance

August 06, 2017 08:54 IST

Here are all the things you need to know so that you worry about nothing but your grades, says Mahavir Chopra. Read on!

Illustration: Dominic Xavier/

Done with all the necessary preparations to go abroad for higher education at your dream university? Hope you are not overlooking to buy your overseas student travel insurance.

A student travel insurance policy guards you from the unwanted stress arising from an unexpected situation that may affect your studies. Being from the insurance industry myself, let me put light on a few facts.

1. Student travel insurance is mandatory in most foreign universities

A reliable student travel insurance policy suiting your needs is an absolute necessity and should be your top priority. It secures you from unforeseen contingencies at a fraction of the cost that you would otherwise need to incur.

Every university/educational institution will have a list of benefits that would be required to be covered under the policy. So, kindly ensure you have one that matches the institute's requirements.

This will protect you against any financial crisis that may arise due to sickness, injury or any other emergency during your stay abroad.

2. Student travel insurance should cover a lot more than travel

A regular travel insurance policy covers you during the trip and expires with the end of the journey. However, a student travel insurance policy is more comprehensive in nature and should cover the following:

So please ensure that if not all, at least most of the above are well covered in the policy you go for.

3. Make sure to read the fine print of the policy

Do look into the following factors of the policy that you may not be well versed with:

4. All that goes into the premium calculation

A basic plan would cost less as compared to a premium one. The coverage amount of the plan affects the premium too.

The policy usually covers trips for a duration of 1-365 days. However, there are plans available up to 730 days. The higher the duration, the higher would be the premium applicable.

The policy is available for all ages between 1 month to 60 years. However, most companies provide for travel insurance plan between the ages 16-35.

Depending on the destination of your higher studies, the risks you are exposed to vary.

For example, a trip to a country like Japan which is earthquake prone is going to be costlier as compared to Singapore. Also, due to expensive medical expenses in countries like USA, UK, Canada and Australia, the premium is bound to be higher.

Firstly, ascertain whether it is mandatory for you to take the policy from the concerned university or if there is flexibility of buying it from the home country. Buying the policy in India itself from an Indian insurance company would work out to be much cheaper for you.

Please ensure you buy a policy from a company that has a good claim settlement ratio. And always have a look at the list of hospitals under the hospital network of the policy.

So, wait no more and buy a comprehensive travel cover right away that lets you embark upon this new chapter of your life without any worry.

Ensure a smooth journey for yourself, right from the moment you get on the plane to the moment you are safely back home.

Make sure you leave no stone unturned while making the final decision after weighing the pros and cons.

The author is the Director -- Health, Life & Strategic Initiatives,

Mahavir Chopra