Student Travel Insurance
Student Travel Insurance is a type of insurance that provides medical as well as non-medical insurance coverage to the students travelling abroad for studies. The policy remains active throughout their stay in a foreign country.
A student travel insurance policy comes loaded with unique features such as policy extension and auto-renewal facilities. The coverage under student travel insurance plan not just aids students to pay their hospital and medical bills, but also takes care of visits from family in case of emergency hospitalization, medical evacuation, repatriation, bail bond etc.
So, if you’re travelling abroad for higher education, you must cover yourself with student travel insurance to eliminate the odds of the financial risks arising out of any unpredictable and unfortunate instances.
Why Do You Need Student Travel Insurance?
If you are studying out of India and living alone, there might be possibilities for things to go wrong and you would require support or a back-up to tackle the situation. For instance, an unfortunate event leading to emergency hospitalization can burn a hole in your pocket, as medical expenses are exorbitant in a foreign country. Students living outside India may also have visitors from their families during an emergency medical condition, which requires financial backup as well. Student Travel insurance covers all such eventualities and ensures that you don't have to bear the out-of-pocket expense. Other than these, student travel insurance comes in handy in covering those non-medical expenses as well such as:
- Expenses arising out of emergency hospitalization due to an accident or illness
- Unfortunate events like loss of checked-in baggage, etc.
- Bail bonds and tuition fee
- Delay in take-off or cancellation of flight
- Loss of passport
- Compassionate visit
- Bail bond cover
*For the complete list of inclusion, kindly refer to the policy document
To those going abroad for studies, a student travel insurance policy is highly recommended to ensure that any eventuality, such as a medical emergency leading to hospitalization does not lead to a financial catastrophe.
Student Travel Insurance Policy: Inclusions?
Student travel insurance policies offer the much-needed coverage that helps neutralize travel-related risks during a student's stay abroad while pursuing his higher education. The exact coverage varies from insurance provider per insurance provider.
Here are the basic elements of insurance coverage offered:
Emergency Medical Charges
It offers reimbursement to the insured person, for the incurred medical charges, in case of an unexpected illness or accident.
Dental Treatment Expenses
Student travel insurance provides dental treatment expense reimbursement, for acute pain or injury.
In case the insured is permanently disabled due to the accident, it pays pre-decided compensation to the insured's family.
Accidental Death Benefit
In the event of accidental death, it pays pre-decided compensation to the insured's family.
It pays for the actual expenses or the pre-decided amount insured, whichever is lesser when repatriating the insured back to his/her country.
Student travel insurance pays for the actual expenses or the pre-decided amount insured, whichever is lesser in case of repatriating the mortal remains of the insured person back to his/her country.
Loss of Checked-in Luggage
In case the insured's luggage, personal documents are checked into a common carrier, reimbursement is provided to him/her for the replacement of any lost or damaged articles.
Delay of Checked Luggage
Student travel insurance offers an amount, for buying toiletries and fresh clothes, to the insured because of delay in luggage.
Missed Departure or Missed Connection
The insured person is provided reimbursement for the incurred expenses because of missed departure, or missed connections by the airline under Student travel insurance.
The insured person is provided reimbursement for the incurred expenses due to trip delay if it is delayed for more than 12 hours.
Loss of Passport
In case the insured person's passport is lost, Student travel insurance policy will reimburse the actual incurred expenses for making arrangements for a fresh or duplicate passport is provided.
Student travel insurance pays for damage(s) that an insured is legally bound to pay because of a lawsuit for property damage(s) caused by him/her. Also, it offers benefits for medical expenditures that an insured is legally bound to pay, against a lawsuit for causing an accident that resulted in causing bodily injury to someone.
In case there is any interruption in the study of the insured person due to an emergency, Student travel insurance compensates for the loss.
In case of accidental death of the sponsor of an insured person, Student travel insurance pays for insured's tuition fees.
Daily Cash Allowance Benefit
Daily cash allowance is provided in case an insured person is hospitalized for more than a specific number of days as mentioned in the policy document.
While travelling, it covers the bail amount for an insured person in case of arrest/detention by local police for a bailable offence.
In case there is a need for a compassionate visit by an immediate family member of the insured, Student travel insurance covers that compassionate visit.
Treatment for Expecting Mothers
After completion of the waiting period of 10 months, Student travel insurance covers pregnancy-related in-patient medical expenses. Again depending on the type of policy that covers the particular situation.
Some insurance providers under student travel insurance provide hospital cash allowance for childcare.
Hijack Cash Benefit
It offers a distress allowance to the insured person as mentioned in the policy. This is in case your flight has been disrupted because of a hijack.
Fraudulent Charges for Payment Card Security
In the event of the insured's payment card being stolen or lost, reimbursement is provided for the unauthorized expenses that an insured person is responsible for.
Emergency Accommodation Benefit
In case of a natural catastrophe, when an insured person is unable to stay at his/her original accommodation, the compensation is provided for additional expenses of emergency accommodation under Student travel insurance.
Student Travel Insurance: Exclusions
Every student travel insurance policy has certain situations that are out-of-the coverage list.
- Student Travel Insurance will not cover expenses incurred due to a pre-existing medical ailment unless the same condition is covered by the policy.
- Expenses incurred due to any of the following situation:
- Suicide; injuries or illnesses due to self-infliction
- Any kind of mental disorder Depression, stress, or anxiety
- Any Venereal disease
- Alcohol or drug abuse
- Expenses incurred in a situation when you are
- If the insured is travelling without the consent of his physician
- Travelling to avail a specified medical treatment.
- Suffering from a terminal disease.
- Theft, damage or loss of passport due to carelessness and negligence, or not reported to the local police authorities on time etc are not covered under Student travel insurance.
- Partial damage or loss of checked-in baggage (only complete loss or damage is covered). Moreover, precious items inside the bag are also not covered by Student Travel Insurance, unless it is mentioned in the list of inclusions.
- Any situation arising due to war or nuclear threat in the country you are travelling to are not covered by Student travel insurance.
Facts You Should Know about Student Travel Insurance
Negligence towards matters and fact related to insurance can lead you to an inadequate insurance plan. Listed below are a few facts that you should know:
You are eligible to enter a student travel insurance plan at the age of 16. However, a person above 35 years of age cannot buy such a policy. Pursuing education should be the primary purpose of your travel. This policy is valid for both domestic or international travel.
As having health insurance is a mandatory clause for students in foreign countries, almost every foreign universities offer health insurance. However, by opting for student travel insurance, the students can cover themselves for medical emergencies abroad. Some universities may also decline the admission application in case the student is not insured.
Premiums for these travel insurance plans are cheaper in case of policies bought from domestic insurance providers in India. The premiums are lesser by nearly 1/3rd of the premiums payable for the policies offered by the universities abroad.
Student medical travel insurance is provided at very affordable rates by the insurance companies in India. It is advisable to choose a plan that can substitute the health covers provided by the university but can offer better coverage. Moreover, by comparing the plans, one can save a lot on premiums of student travel insurance.
Mandatory Risk Covers
Due to the urban lifestyle in the western countries, many universities have made it compulsory for students to have coverage against specific risks like drug dependency, mental and nervous disorders, alcoholism, and other expenses related to intercollegiate sports injuries, pregnancy, mammography, cancer screening, and childcare benefits.
Waiver of Premiums
If you, as a student, have availed a health insurance plan from an insurer in India, then you can claim a refund from the foreign university as the premium is already included in the fees paid to the university.
You can continuously stay covered for the entire term of your academic course by opting for an auto-renewal of policy. You can also simplify the same with the help of online renewal and advance the extension of policy.
Any expense related to pregnancy and childbirth is not covered. However, the expenses incurred due to any unforeseen emergency, save the insured person's/child's life in case of acute complications are covered. Coverage would be provided only if the insured person has not completed 38 years of age and 30 weeks of pregnancy.
Study Interruption Cover
If you have opted for study interruption cover and you are hospitalized for a consecutive month or more due to illness, injury, or medical repatriation, then you will get a reimbursement of the tuition fee that has been paid for that period. Also the same implies, if your sponsor or an immediate family member expires, leading to discontinuation of your studies.
Claim Process of Student Travel Insurance
During your stay in the foreign land, you never know when you need to file a claim. Here is the claim process for student travel insurance.
- Immediately get in touch with your insurance provider to inform about the loss or arising of a claim. You can register it by calling on their s helpline number and provide them the claim details. In case you need any assistance, feel free to raise your doubts.
- In case of an abrupt mishap or sudden sickness; where it's not possible to notify your insurance provider well in advance before seeking medical intervention, get in touch with your insurance provider as soon as possible.If required by your insurance provider, you need to undergo a medical examination. Don't worry about the costs since it will be covered by your insurance provider.
Student Travel Insurance Cancellation Procedure
Before embarking on your journey, you can cancel your trip anytime, but you have to justify the reason. Here is the cancellation process for a student travel insurance plan in India.
- Give a written notice to your insurance provider 15 days in advance, mentioning your policy number, attaching the scanned copy of your passport and stating the reason for the cancellation. You can also cancel the plan within 7 days after the date when you were supposed to travel or the expiry date of your plan in case you haven't undertaken that trip.
- The insurance provider will verify the original passport to make sure that you didn't undertake that journey. Wait for tour insurance provider to approve your cancellation.
Premium Refund upon Early Return
There are some insurance providers, who offer a premium refund upon early return. If you end your trip before the expiry of your insurance plan and you haven't filed any claims, you can get in touch with your insurance company to get a premium refund. In case you get a refund, it will come with a few deductions.
Extension of Student Travel Insurance
There can be situations that may force you to extend your stay abroad. For instance, if your exams get postponed and are rescheduled post the expiry of your policy. Or if you get hospitalized for an illness/ accidental injury that extends your stay beyond your original schedule. In all of these situations, a need to extend your student travel insurance will arise. Luckily, all travel insurance policies allow the insured to extend their student travel insurance policies.
If your overseas stay gets extended due to reasons beyond your control, then your travel insurer will extend your policy, provided you have paid the additional premium amount applicable. Several factors determine the additional amount of premium that you would have to pay in order to extend your student travel insurance policy. The period of extension, your age, type of insurance plans, location of your university, etc. are some of the factors that influence the additional premium that you’ll have to pay.
Besides, your student policy will be extended if you meet the following conditions:
- The student travel insurance policy hasn’t expired already
- Sum insured amount remains the same even after policy extension
- No medical claims have been filed during the policy tenure
- Insured must declare that he does not have any pre-existing health conditions
- The additional premium should be paid before the policy extension period comes into effect
- The total policy period, including the original policy period and extended period, does not exceed a period of two years
- Most insurance companies allow insured students to extend the policy only once. However, the exact number of times you can extend your travel insurance depends on the policies of your insurance company. You should check with your insurance provider to find out the exact number of times you can extend your student travel insurance policy.
Make sure to inform your insurance company or the assistance provider as soon as possible so that the policy extension can be made effective on time. Also, keep in mind that the extension of your travel insurance policy depends on the sole discretion of the insurance company.
Moreover, you can extend your student travel insurance policy only if the ongoing claim is related to one of the following covers:
- Loss of passport
- Dental treatment
- Emergency financial assistance
- Loss/ delay of check-in baggage
- Trip delay
- Missed connection
- Trip cancellation & interruption
- Hijack distress allowance
Saving-Up on Student Travel Insurance Premiums
If you are looking forward to save some money on your insurance premium, here are a few things to be covered when it comes to lowering down Student Overseas Travel Insurance premiums.
- Buy Your Travel Plan Online - Purchasing a student travel insurance plan online is super easy and convenient as compared to offline modes. It helps you to save your money and fetch amazing discounts and offers.
- Analyze the Involved Risks - It is very important to assess the safety and health risks associated with the destination you'll travel to. If it's less risky, then there is no need for you to buy a higher health cover. You can go for the basic coverage based on the duration of your trip in the foreign country.
- Buy an Insurance Plan Soon After You Book Your Trip - The closer you are to the trip, the higher the insurance premium you'll be offered. When you've already secured your seat in a college, don't delay purchasing travel insurance for students. This way, you will get the lowest premiums and the maximum insurance coverage,
- Opt For The Right Deductible - The deductible is a pre-decided amount that an insured person has to pay at the time of filing a claim and the remaining amount is covered by the insurance provider. The deductible affects an insurance premium; ensure that you opt for the deductible basis on what fulfils your travel insurance expectations.
What Does PolicyBazaar Do For You?
Buying student travel insurance from PolicyBazaar can offer following benefits:
- Make an ideal choice by comparing various insurance quotes
- Choose the plan according to your specific requirement
- Complete transparency of information
- Compare and analyze the features and USPs of various plans simultaneously
- Buy the most efficient product in the least amount of time
- Quick and convenient insurance shopping
- Safety, mental peace, guaranteed end-to-end assistance
Focused on providing students with financial coverage against those travel-related eventualities, student travel insurance provides the much-needed assistance in the hour of need.
You can also opt for other benefits with your travel insurance policy to fortify the cover and make your policy a comprehensive one. These riders include provision for a bail bond, reimbursement of tuition fee under sponsor protection, compensation on loss of passport and a lot more.
Written By: PolicyBazaar - Updated: 24 September 2019