Student Travel Insurance - Stay secure while studying outside India !

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

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.

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 :

Do international students need health insurance?

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.

What are some of the unique coverages under Student Guard program?

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.

Do international students need health insurance?

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.

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.