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Student Insurance - An overview

India has the second largest number of international students worldwide ! Given that Indian students have always been academically inclined, the good quality of education abroad has always been an extremely exciting prospect for Indian students wanting to advance his or her academic and career prospects. Many of the Global Fortune 500 companies are now headed by Indians who initially ventured abroad for their higher education and then furthered their prospects by finding suitable careers abroad. An overseas education is an exciting horizon broadening experience and often results in promising career opportunities for students. Along with academics Indian students also have the opportunity to explore the surroundings and understand differnt cultures as well.

Medical Student Plans Non Medical Student Plans
Below are some of the datapoints for India students abroad, this has been compiled from the Ministry of External Affairs, GOI. Last year alone, India had a total of around 550,000 students abroad in as many as 86 countries. 36 of these nations are in Asia, 32 in Europe, 8 from Africa, 6 from South America and 2 each from North America & Australia. More than 50% of the Indian students’ study in North America, specifically the United States. These numbers have been growing at an average of around 7-8% annually. Out of the 86 countries, 26 countries have less than 100 Indian students each while 20 other countries have between 100 and 500 students. Ten other countries have between 500 and 1000 students. Only 3 countries have more than 50,000 students each while 5 other countries have between 10,000 and 50,000 students. China & Bahrain are the only two Asian countries with more than 10,000 Indian students each. Countries like Serbia & Mongolia have only one student each while Uzbekistan, Greece & Bosnia have two students each. student graph
student graph
Some of the factors that influence Indian students to explore overseas shores for higher education include:
  • Reputation of the Institute / University – this is normally through word of mouth and school/college seniors recommendations – the Ivy League institutions are a big draw.
  • Quality of Education and Exposure – Most colleges offer India students a wide range of options in terms of subjects to choose from. Flexible curriculum allows interested students to attend much more electives of their choice and preference. This is backed up by opportunities of working abroad with higher remunerations.
  • Peer Pressure – the Indian student still undergoes a lot of peer pressure in terms of class mates / parents wanting them to have a “foreign” degrees
  • Better Career Opportunities in India when they return
Most the students who venture abroad for their higher studies are leaving from a relatively few pockets of India. The top 8 cities/states account for almost 75% of the students who are going abroad for their studies. The below data consolidated from the MEA clearly indicates that Andhra Pradesh and Telangana jointly account for a quarter of the students going abroad. student.
student graph
Going abroad is not the cheapest option for most Indians, but the parents however choose to spend big bucks to send their wards abroad to study. The amount of foreign exchange spent on students going abroad has been increasing year on year (it has increased by 43% over the past 5 years) and for Financial Year 2017-18 this stands at $ US 2.76 billion. This data is as per RBI’s information specific to the student community. This includes the cost of education, stay and other incidental costs borne by the students while they are abroad.
student graph

Students in United States of America:

Given that the USA has the biggest intake of students every year from across the world, it is important to dedicate a small section only to the US Education set up. Today the number of Indians going abroad especially to the US have been growing steadily over the years. According to Worldwide Education Services (WES) Report for 2017-18, India alone sent almost 2 lacs students to the US.
student graph
*There is a slight difference in numbers as published by MEA of India and WES.
India has sent the second largest number of students after China, who sends almost double the number of students to the US for their higher studies. Accodring the WES report, there were more than a million students from across the world who entered the US for their studies. The top 10 countries, whose students are traveling to US are captured in the infograpahic below.
student graph
It is important to understand what most Indian students are going to the US to study. The same report also provides an insight into the various fields of study that students are going for. You will note that more almost three fourths (74%) of students are going to the US to graduate/for further studies in Engineering and Maths/Computer science.
student graph
As mentioned earlier, since many of the students go through references or word of mouth post discussions with their seniors from school/colleges, there are no surprises that over the years some of the Institutions have been favoured over the others by the International students. The top 10 Universities/Colleges taking in International students are below, with New York University having the maximum intake of students each year followed by University of Southern California followed by Columbia University in New York. This is as per data published in the WES Report for 2017-18.
student graph
But what is important to remember is that even though students are going abroad for their studies at a relatively young age, it does not exclude them from any emergencies happening during their overseas stay, financial or non financial. Since most of them travel on their own, it is important for them to be protected by the most comprehensive student medical insurance plan available from India. One of the major challenges that the India insurance industry is that the Universities also current offer insurance plans from the local insurance companies and hence almost 90% (or more) of the students get insured under the local insurance plan offered by the University. What is critical to note is that the insurance plans offered by Indian insurance companies offer comparable benefits at much cheaper premiums that the US insurers. While the student pays for the Indian student insurance in Rupees, the coverage is in US Dollars. Their student journey however involves the risk of an accident, sudden sickness or loss of sponsorship. Far away from home, The coverage ensures that you are not left alone during a crisis. Along with medical coverage, policies also provides bail bond to protect you while arrested or detained by police for bailable offense while abroad. Have a successful overseas education covered with appropriate plan.

Compare and Buy Student medical insurance plans Online

There are many insurance companies in the market that offer different types of policies. It is advisable that students compare student travel insurance coverage details before buying. Choose best Indian student insurance plan that suits your specific student insurance requirements and purchase using a credit, a debit card or a cheque. A brief comparison table of the coverages offered by the India insurance plan on eIndia website is tabled below. Please note that this is not the entire list of coverages, but a comparison of the coverages relevant to the Student’s trip abroad for studies :

Student Travel Insurance FAQ’s

Student Insurance is an insurance policy that any student between the ages of 16-40 (depending on the insurance company opted for) can purchase while travelling abroad to pursue their higher studies at a foreign College/University. Today insurance coverage is available at competitive premiums primarily depending on
  1. Destination Country that the student is going to
  2. Duration of policy required (1 or 2 years) and
  3. Sum Insured (coverage value) opted for.
Student Insurance policies from India insurers are very competitively priced when compared to the insurance plans offered to the student by the College/University. (For example for a 25 year old student going to USA for higher studies for a period of 1 year (365 days), the insurance premium across multiple products from Indian insurance companies ranges from ₹ 26,000 to ₹ 44,000 for the whole trip – this is for a coverage of USD $500,000 which is around ₹ 3.40 cr for Accident & Sickness. If we take the average cost of 1 years fee to be around ₹8,00,000, then the insurance premium contribution is just 3.2%. These premiums will be even lower when the student is visiting any other country in Europe, UK, Australia, Asia etc.). It is important to note that apart from Accident & Sickness the plans also have many relevant benefits for students like Compassionate Visit, Sponsor Protection, Study Interruption, Cancer Screening & Mammography, Maternity Coverage etc. Students should ideally compare the Indian Insurance plans vis-à-vis what the College/University is offering before making a decision. Indian Insurance plans also offer cashless treatment if the student is seeking inpatient treatment for an accident or sickness. If the student is indeed travelling with an Indian Student insurance plan, and the College/University needs an Insurance waiver form to be submitted, the same can be provided by the India insurer. Hence it is strongly recommended that every student buys a student insurance policy before leaving India.
Yes, student health insurance is necessary for all students planning on pursuing their studies abroad. This is mandatory irrespective of which College/University the student is joining anywhere in the world. Apart from the fact that student health insurance is mandatory, it is advisable for the student to protect themselves financially from any unexpected exigencies (both medical and non medical) that can occur while they are abroad. Under the Medical cover, the student is protected against Accident & Sickness expenses, Personal Accident, Medical Evacuation and Repatriation while Non Medical coverages include Maternity Coverage, Study Interruption, Compassionate Visit, Sponsor Protection, Cancer Screening & Mammography etc. Since the students are anyways spending a reasonably high sum of their parent’s money (either savings or through educational loans), it is prudent to spend 3-4% more and protect themselves against any untoward incident. Being insured also allows the student to remain stress free and focus on their studies.
International Student Health insurance is a comprehensive student insurance plan that all students should have in place before they travel abroad to pursue their higher education. The coverage should have a stipulated coverage for Accident & Sickness Expense cover and some other mandatory benefit coverages in place. While currently most India students are opting for purchasing these policies from their respective Colleges/Universities, the Indian insurance companies also offer comprehensive insurance plans with benefits that match the College/University requirements (and sometimes exceed the same). Students are expected to have coverages for Accident & Sickness, Sponsor Protection, Cancer Screening, Maternity, Mental & Nervous Disorders, Personal Liability etc and most Indian insurance plans offer the same. The Indian insurance plans while being comparable on benefits are also extremely competitively priced with the premium being relatively lower than the premiums offered under the College/University plans. The Indian student health plans also offer cashless treatment for inpatient sickness and accident coverage.
Some of the unique coverages include:
  • Study Interruption - In the event of hospitalization of the insured person for more than one consecutive month from a covered Injury or Sickness or in the case of Terminal Sickness or in the case of the death of an immediate family member, which prohibits the Insured Person from continuing his/her studies for the remaining part of a school semester for which Tuition has been paid, the Company shall reimburse the Insured Person the Tuition fees which has already been advanced to the educational institution, up to the amount stated in the Policy Schedule
  • For example if an insured student has already paid the study fees of $50,000 but unfortunately is unable to continue their education because of the death of a family member half way through the semester, then the insurance company will refund the unutilised part of the fees, half of the fees paid, which is $25,000 – this is subject to the policy of the University to arrive at the unutilised part of the fees that can be refunded
  • Sponsor Protection - The Term “Sponsor” is any individual responsible for paying the Tuition fees of the student of his full-time study in a registered educational institution outside of his home country. In the event of injury to the Insured student’s Sponsor (as stated in the Enrolment Form of the University) resulting in Death or Permanent Disablement, the Insurance company shall reimburse the insured student the Tuition Fee incurred for the remaining period of this education upto the maximum limit stated in the Schedule of benefits.
  • An insured person cannot claim under Study interruption and Sponsor Protection for the same event.
  • Compassion Visit (2 way) - In the event the Insured Student is Hospitalized for more than Seven (7) consecutive days, and his medical condition forbids his evacuation (and no adult member of his immediate family is present), the Assistance Company , will provide a round trip economy class air ticket, or first class railway ticket, to allow the Immediate Family Member be at his bedside for the duration of his stay in the hospital. Additionally, the company will refund for the costs of the stay, of the immediate family member, upto the amount stated in the policy schedule. Similarly, in the event of death, or hospitalisation of the Insured student’s parent(s), spouse/child for more than Seven (7) consecutive days due to injury or sickness, the Assistance Company ,will provide a round trip economy class air ticket, or first class railway ticket, to allow the Insured student to be at his bedside of his parent’s)/spouse/child, upto the amount stated in the policy schedule.
  • Bail Bond - The insurance company will pay bail bond costs incurred by the Insured student, as a result of false arrest or wrongful detention by any government or foreign power up to the amount stated in the Policy Schedule.
01.

Only Inpatient Medical expenses related to pregnancy, termination of pregnancy only as a result of physician’s advice to terminate pregnancy due to medical reasons and not due to insured person’s choice to terminate pregnancy subject to waiting period of 10 months

02.

Medical expenses related to treatment for mental and nervous disorders, including alcoholism and drug dependency are covered subject to maximum amount as provided in the schedule of benefits

03.

Medical expenses due to Pre-existing Condition in case of Life threatening unforeseen emergency subject to maximum amount as provided in the schedule of benefits. In such event, measures solely designed to relieve acute pain, provided to the Insured by the Physician for Disease/accident arising out of a pre-existing condition would be reimbursed. The treatment for these emergency measures would be paid till the insured becomes medically stable or is relieved from acute pain

04.

Medical Expenses related to Cancer Screening and Mammographic examination on recommendation from a physician is covered subject to maximum amount as provided in the schedule of benefits. Any tests done as a part of preventive health check-up are not included under this benefit

05.

For ongoing physiotherapy to treat a disablement due to an accident, unless this is recommended in writing by the treating registered medical practitioner, upto the amount as stated in the policy schedule

06.

Childcare benefits – We will pay upto the maximum amount as provided in the schedule of benefits, if the child is in between the age of 7 days - 90 days, and is hospitalized for 2 days or more for any ailment.

Yes, off course all International students need to have a health insurance plan in place for two reasons : i) the University/Colleges insist on a mandatory insurance coverage during the duration of the study and ii) it is advisable that the student remains protected against any unexpected emergency and having an insurance cover becomes critical.
But it is important for the student to have adequate protection not only from Medical emergencies like Accident & Sickness (A&S) but also Non Medical emergencies and this is where the Indian Student Health Insurance plans come in. Today apart from A&S coverage, the Indian Insurance plans also offer coverage for Loss of Passport, Baggage Delay/Loss, Sponsor Protection, Study Interruption, Maternity Coverage, Cover for Mental & Nervous Disorders, Compassionate Visit etc. These non-medical coverages are also relevant to a student venturing abroad for the first time for their studies. Hence it is strongly suggested that the Indian students/parents review the Indian Student Health insurance plans before making a final decision.
Yes, it is mandatory for all International students (including Indian students) going abroad for their higher studies to have an insurance cover. This mandatory cover is applicable to all Universities/Colleges across the world. Almost all Universities/Colleges have their own Health Insurance offerings for the students enrolling in their courses, but it is not mandatory for the student to avail only the University/College Plans. The Indian insurance company offerings are comparable to the University/College plans in terms in coverage and much more competitive in terms of premium and hence all Indian students should review the Student Health insurance plans from the Indian insurers before making a final decision regarding the same.

Which is the best student travel insurance in India?

There are almost 200,000 Indian students travelling abroad every year on student visas to pursue their higher studies at Universities/Colleges abroad. Almost 50% of these students are bound to USA, while there are many also going to European and UK Universities/Colleges, as well as Australia. Indian insurance companies today offer specific Student Health insurance plans with comprehensive coverages for the India student. It is important to note that most Indian Student Health insurance plans meet the local health insurance requirements required by the University/College.
The Student Health insurance plans cover the mandatory Accident & Sickness (A&S) cover offering options upto $500,000. Apart from the A&S cover, the plans also offer student specific benefits like Sponsor Protection, Study Interruption, Compassionate Visit, Maternity Coverage, Mental Illness & Nervous Disorder cover etc. The premiums are also very competitive when compared to what is offered by the University/College. India Insurance companies like Tata AIG, Bajaj Allianz, HDFC Ergo, Religare Health, Reliance General, Apollo Munich, Royal Sundaram etc offer comprehensive Student Health Insurance options.
Student Travel Insurance
Insurance Companies offering student medical insurance
TATA AIG Insurance Plans Bajaj Allianz Insurance Plans Reliance Insurance Plans Cholamandalam Insurance Plans Apollo Munich Insurance Plans Future Generali Insurance plans Religare Insurance Plans HDFC ERGO Insurance Plans Royal Sundaram Insurance Plans Star Health Student Insurance Plans Universal sompo Insurance Plans
Student Travel Insurance is an insurance policy specifically designed for students travelling abroad on student visa to pursue their higher studies. The policy covers students who are enrolling in colleges, universities or institutes in a foreign country for professional/other academic courses. There are coverages specific to students that include Sponsor Protection, Compassionate Visit , Bail Bond and Study Interruption.
Coverages Offered

  • Emergency Accident & Sickness Reimbursement
  • Medical Evacuation
  • Repatriation of Remains
  • Treatment of Mental Disorders
  • Cancer Screening and Mammography
  • Maternity Coverage
  • Study Interruption
  • Sponsor Protection
  • Missed Connection
  • Compassionate Visit (2 way)
  • Emergency Cash Advance
 Policy Exclusions

  • Travelling against the advice of a Physician
  • Pre-existing Conditions
  • Serving in any branch of the Naval, Military or Air Forces
  • Being under the influence due to usage/abuse of drugs, alcohol, or other intoxicants
  • Ionising radiation or contamination by radioactivity from any nuclear fuel
  • External congenital anomalies
  • Adventure sports, skydiving/parachuting, hang gliding, bungee jumping, scuba diving, mountain climbing
  • Ayurvedic, Homeopath or naturopathy treatments

Overseas Student Medical Insurance Policies

These are some of the well known insurance companies who offer affordable student medical insurance policies. Click on ‘buy’ button to access free quotes offered by these insurance companies.

TATA AIG
  • Medical benefits per sickness.
  • Buy the policy online for 1 year and renew it online for one more year.
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Bajaj Allianz
  • Dental coverage included.
  • Buy the policy online for 1 year and renew it online for one more year.
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Reliance
  • Addon coverage available depending on the university requirements
  • Buy the policy up to 730 days.
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Cholamandalam
  • Covers students between the age of 18 and 35 years.
  • Buy the policy online for 1 year and renew it online for one more year.
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Future Generali
  • Covers students between the age of 18 and 35 years.
  • Coverage Period: 2 years.
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HDFC ERGO
  • Health check up is not required.
  • 24 X 7 International Assistance.
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Apollo Munich
  • Available for individual applicant.
  • Aged between 10 years and 50 years.
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Universal Sompo
  • Minimum Entry age for you is 16 years.
  • Maximum entry age under the Policy for all is 35 years.
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Royal Sundaram
  • Buy Royal Sundaram student insurance online
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Student Insurance useful links

How to buy online?

You can buy insurance online by using a credit/debit card, direct funds transfer using NEFT or RTGS or by using a cheque.

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Student outside India

Student medical insurance for Indian students already outside India.


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Insurance customers can renew their existing policy online before the exipry date at any time.


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FAQ

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