Recently, 30 Indian students were deported from the US for failing to clear the immigration formalities. This brings in focus the heartbreaking side of overseas education and the role of student travel insurance in such a scenario. Students often ignore the risks involved in the procedure of going abroad for studies.
The insurance market offers numerous student travel insurance plans with cover amount ranging from 25 lacs to 2.5 crores, for a period of up to 2 years and for the students between the age of 16 and 35 years. However, not all the unforeseen emergencies are covered under this plan, for example, deportation.
"Verifying the university's credentials is the students' responsibility, as is clearing immigration checks," — Nikhil Apte, Chief Product Officer, Product Factory (Health Insurance), Royal Sundaram Alliance.
Health and accidental death or disability covers in a student travel insurance plan saves you from unplanned and expensive medical care. Moreover, most universities in the US, Canada and Australia have made it mandatory for students to have a health insurance policy. If you neglect buying one in India, you will have to buy the ones recommended by the university; and they cost up to four times more than in India.
Overseas student insurance also covers personal liability, i.e. the amount that you are liable to pay to a third party in case of an injury or damage sustained by them. You can also claim for a bail bond under this policy, in case, you are detained for a bailable offence during your stay.