When you plan to move abroad for higher studies, there are so many things to take care of, including your visa, passport, and other documents. Every year, a significant number of students from India move to the US or European countries for their masters and Ph.D. programmes. There are, of course, multiple ways to reach there. Some decide to finance their studies themselves, others find scholarships and fellowships, enabling their move to another country. However, there's one thing you need to pay heed to — the insurance when you move to another country for studies.
There are multiple factors why it's of paramount importance. To start with, in a majority of cases, it's only you in a foreign land and, therefore, you must leave no room for any trouble. Some countries have even made this a pre-requisite when you move there, but even if others haven't, it's always advised that you be insured before going abroad for studies.
Here are some of the advantages of insurance for students moving abroad:
1) The insurance covers the student's checked baggage loss or delay by the carrier. The insurance company also covers the expenditure to be incurred if the student loses her/his passport and has to get a replacement.
2) It covers medical emergency-related expenses, including sudden injuries, illness, or even death. In case of death or any injury leading to permanent disablement, the insurance company will reimburse the tuition fee incurred for the remaining period of studies.
3) In case of an untimely demise of the insured, the company covers the expenses for transporting the remains to the home country.
4) The company compensates a sum of money if a personal accident overseas causes a permanent disability or death.
5) If an insured has remained hospitalised for seven days or more, a family member's travel expenses will be borne by the company.
6) The insurance company also covers the bail amount in case the insured gets arrested or is detained by local authorities in a foreign land.
It's important to underscore here that every company adds or removes some features from its insurance policy for students moving abroad to study. We suggest you read the policy carefully to find what all things are covered.
Here are 5 options you can choose from:
Bajaj Allianz Student Travel Insurance: It covers the cost of any medical treatment or exigency that a student may face while studying abroad. It also covers emergency dental pain relief, tuition fee cover, accident and bail bond insurance among others. Based on the sum insured and premium, there are three plans to choose from —Standard, Silver, and Gold. The exclusions include existing medical conditions, suicide attempts or self-inflicted injury or illness, losses suffered due to alcoholism, or drug abuse, pregnancy, loss or damage to passport as a result of the confiscation or detention by the concerned authorities, and treatment by any other means other than allopathy.
Bharti Axa Smart Traveller Student: The policy covers medical expenses, dental treatment, legal expenses, sponsor protection, accident, study interruption, accidental death and disability, and loss of passport among others. The exclusions include cosmetic surgery, self-inflicted injury, suicide, alcoholism, depression, participation in warfare, an injury sustained due to participation in adventure sports, non-allopathic treatment, etc.
HDFC Ergo: It covers emergency medical expenses, emergency dental expenses, stay disruption, baggage- and travel-related risks, accidental death, medical evacuation, and body repatriation among others. It doesn't include health issues caused due to war-related injury, or a breach of law, claims related to consumption of intoxicant substances, pre-existing diseases, cosmetic and obesity treatment and injury that's self-inflicted.
National Overseas Mediclaim Employment and Studies: The policy covers medical expenses, repatriation, loss or delay of checked-in baggage, medical evacuation, medical emergency reunion, and contingency insurance (applicable for sponsored students only). The exclusions are pre-existing medical conditions, traveling against medical advice, claims arising out of participation in warfare, suicide, self-injury, mental disorder, alcoholism, drug abuse, HIV-related illness including AIDS, etc.
Reliance Student Travel Insurance: There are various plans to choose from — Basic, Standard, Silver, Gold, and Platinum. The policy covers emergency medical and dental expenses, the cost of obtaining a fresh or duplicate passport, reimbursement of tuition fees in case the sponsor paying your fee passes away due to an injury, expenses incurred while transporting the insured's dead body back home among others. However, the policy doesn't cover pre-existing medical conditions, loss of passport when left unattended, expenses incurred due to suicide or self-inflicted injuries, mental disorder, anxiety, stress or depression, and alcohol or drug abuse.