You must have taken an informed decision about studying abroad. It would have involved a lot of research, efforts, and consideration. And you are all excited that you will get to see new places, meet new people, but some apprehensions are always there. When you are at a new place, these thoughts are natural – what if there is a medical emergency? What if there is a natural calamity? Where to go for help? This is why you plan to buy a student travel insurance policy. But if you feel confused about selecting the best student travel insurance whilst you stay abroad, do not fret, here is what all you need to consider before buying a student travel plan.
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A lot of foreign universities have set guidelines regarding student travel insurance coverage. And if your travel insurance is not in line with your university requirements then they hold the right to decline the waiver benefit and in some cases, they can even cancel the admission. Most of the Universities in Canada and the U.S.A demand that foreign students should have insurance policies that cover pre-existing illnesses; adventure sports injuries and pregnancy-related complications without any sub-limits. Moreover, it is better to buy a student travel insurance plan from your home country. If you are planning to study abroad and you reside in India it is better if you buy insurance from India as it will be cheaper and will be offering more benefits.
This is one of the most important factors to consider when buying a student travel insurance policy. The cost of medical treatment overseas is quite exorbitant and can drain all your savings. And if you are a student it will be all the more difficult for you to pay off such huge medical bills. For instance, a doctor’s consultation fees in the United States can range anywhere between USD300 and USD 400 i.e. anywhere between Rs. 21,000 to Rs. 28,000. So, make sure that your student travel insurance offers adequate medical coverage. Also, make sure that your policy covers emergency dental treatment expenses as well.
Students who are travelling abroad for higher studies should opt for sum insured between USD250, 000 and USD 500,000. However, it is advisable to check your university guidelines advised to check the university before selecting the Sum insured amount. The sum insured amount and the policy premium will vary across the insurers. For a 21-year-old student travelling to the Canada for a 1-year programme, the average policy premium for a sum insured amount of USD 500,000 will be about Rs. 30,000 to Rs.35,000.
While you are purchasing a student travel insurance policy or wish to enhance the scope of coverage then you would have to pay an extra premium to get other benefits such as self-inflicted injuries, adventure sports injury, HIV/AIDS cover, maternity, and newborn cover, and pre-existing diseases cover.
While purchasing a student travel insurance plan, make compare that you compare different travel insurance plans from different insurers. This will help you choose a plan that meets your specific insurance needs and requirements. You can enhance the policy by including more add-ons. Also, make sure that your travel insurance plan covers on-campus incidents and also outside the campus.
Your student travel insurance premium is decided on the basis of your destination country. Simply put, the premium travel insurance in the UK, the U.S.A, and Canada will vary from other countries. The premium for UK, USA, and Canada will be more in comparison to other countries. This is because the cost of medical treatment in the UK, the USA, and Canada is much expensive as compared to what it is in other foreign countries.
Always buy a Student travel insurance plan that offers enough flexibility to make changes in your travel itinerary depending on the course you take up. It allows you to increase or decrease your policy duration, opt for add-ons and other coverage benefits as per your requirement. What if you have to extend your stay for a few months due to some reasons? Therefore, it is advisable to look for flexibility in Student travel insurance plans.
In a Nutshell
If you take into consideration the above-mentioned factors before buying a student travel insurance plan then you would surely be able to decide the right one. You would be in a better position to enjoy your stay overseas without any apprehensions. It is always better to make an informed decision and keep yourself protected with an appropriate Student travel insurance policy. And continue with your passion to study in an internationally recognized university. It would also keep you and your parent’s tension-free whilst you study abroad.