Studying Overseas? Purchase adequate travel cover

Many of us have relatives who are either already Studying Overseasor preparing to Study Abroad. Getting into an individual’s dream university is a long-drawn process such as preparing for admissions, organizing major documents such as passports, tickets, visa, foreign currency, financing the education etc.

The process is quite lengthy, but there is one thing that gets less attention is good student travel insurance. And it is among the most significant decisions.

Significance of Student Travel Insurance

For a student who is planning to Study Abroad, it is compulsory in many foreign universities. So, one could not be negligent about the product an individual is purchasing. Even if it is not compulsory in few universities, it is strongly suggested to have one while Studying Overseas. While many foreign universities provide their own enrolled insurances, they also permit students who seek to Study Abroadto buy cover from their home nation.

These insurance policies are customized policies, which cover the trip overseas, as well as take care of health related financial requirements during the stay.

We all know that getting medical treatment in overseas countries could burn a big hole in your pocket. Considering this, the treatment costs in the US for a fracture cast could be around Rs 1.65 lakh and in case of admission into an ICU, the cost would be around Rs 1.75 lakh a day. Such big expenses could easily be taken care of with a student travel insurance cover plan.

Coverage:

Indian student travel insurance plans offer a good mix of Liability, Health, Travel cover and student specific remunerations. Below listed are the covers many plans would offer and they are as follows:

· Medical Evacuation: Covers expenses for getting back to the nation in case of medical emergencies.

· Emergency medical expenses: Medical expenses incurred because of an accident or an unpredicted sickness is reimbursed.

· Emergency dental treatment: Reimbursement of emergency dental expenses due to injury or acute pain.

· Accidental death: Payment is made in case of death due to an accident.

· Repatriation of mortal remains: Coverage of funeral expenses or expenses related to bringing the mortal remains back to the home nation.

· Permanent disablement: Compensation is paid on permanent disability that is caused during an accident.

· Personal liability: Covers damages that an insured is liable to pay for damage of property or medical expenses due to an accident.

· Loss of checked baggage: Amount is paid for making emergency purchases due to delay in getting back the luggage.

· Loss of Passport: Reimbursement of expenses of getting a duplicate or new passport.

· Interruption in Study Abroad : Reimbursement of residual part of the present school semester fee, if Overseas Educationis interrupted because of any health issue or death of any family member.

· Sponsor protection: Pays tuition fees in case of accidental death of sponsoring individual who was paying for Overseas Education.

· Bail Bond: Payment of bail amount on detention or arrest by police for a bail able offence.

· Psychological coverage: Treatment of nervous or mental disorders, that includes drug dependency and alcoholism are covered.

· Compassionate visit: On hospitalization of any student who is Studying Abroad or a family member, where a family member is needed to visit student. Accommodation for the member of the family visiting overseas and round trip economy class tickets for student or family member are reimbursed.

How much is adequate?

The foreign university you are enrolled in would recommend you the amount of travel insurance you must get. If they don’t, then it is best for you to go for the biggest cover amount you could afford. However, you must not settle for less than $1,00,000 if you are going to Study in Canada or USA.In fact, since the medical treatment costs are higher in these nations, it is advisable to get a cover of around $2,50,000.

For Studying Abroadin a European nation, 50,000 Euros insurance cover is suggested. For countries like Australia and New Zealand$50,000 is suggested. Please make a note that these are just sample figures. You must always consider your requirement and medical fitness prior deciding the correct coverage amount.

Product Alternatives

You could purchase a student travel insurance cover from any of the following places:

· An Indian insurance company

· University which you are enrolled with

· Insurance provider in the country you are moving

Purchasing a student travel insurance in India is much cheaper alternative as premiums are less than many foreign university student insurance plans. The only circumstance in which purchasing travel insurance from an abroad insurer make sense if you got any pre-existing disease.

Purchasing Tips

Any student who is preparing to Study Abroadshould confirm that the university he/she has enrolled in insists on compulsory insurance cover or not. It is significant that few foreign universities like in the UK does not accept insurance other than their prescribed NHS.

If the university provides the flexibility of purchasing insurance from home nation, it is recommended to check whether the benefits that are offered matches with the requirement of foreign university. Get proper health covers from India with better reimbursements to be well protected. Few insurance providers a list of Foreign Universitiesthat accept their insurance and also give a month free look period for returning the insurance if the foreign university do not accept it.

Student, who is getting ready to Study Abroad, should also make sure that the chosen insurance plan offers complete medical protection along with the three important student specific benefits such as sponsor protection, education interruption and bail bond.

The lower the policy deductible and co-payment, the higher will be the premium. Deductible is the expense that a student bears prior getting the benefits of health insurance. Co-payment is the amount that a student has to pay for every time he visits the hospital. The co-payment amount is over and above the policy deductible. It is needless to say you should pick an insurance cover that has proper balance of the two.

Carefully, scan the sub-limits that is the upper limit applied on the ICU expenses, room rent, ambulance charges or diagnostic tests by the insurance firms. Choose a plan either without having a sub-limit or one that has a higher sub-limit. Similarly insurers do not cover pre-existing illnesses, but if needed by the university, the insurance firm might provide this coverage.