Indian Student Travel Insurance Overseas: Affordable, Widely Accepted, But Comes With Caveats

Indian student travel insurance is widely accepted by all foreign universities. These plans are designed to comply with international standards and are often customised for students studying abroad. It’s a useful addition to their university’s on-campus plans, which often have limited coverage. “Campus plans often don’t cover students when they are off-campus or travelling, which is a major limitation. Indian student travel insurance effectively bridges that gap,” says Meet Kapadia, travel insurance head, Policybazaar.

Indian Travel Insurance Could Be Cheaper 

However, it is important to remember that Indian travel insurance acceptance varies by country and institution. Most of the Indian companies offer insurance which meets the requirements of Schengen countries (typically requiring a minimum coverage of 30,000 Euros). For countries outside the Schengen region, requirements may differ. 

“It’s essential to check with the specific country’s embassy or consulate to determine if Indian travel insurance is accepted. Some universities may have their own insurance requirements for international students,” says Saurabh Bansal, founder, Finatwork Investment Advisor, a Sebi-registered investment advisor (RIA). 

Typically, travel insurance purchased from India is much cheaper (generally two or three times cheaper) than in-country insurance. Travel insurance usually covers medical emergencies, loss of passport, loss of baggage, and personal liability. “Equally, local insurance purchased while studying abroad could provide broader mental health coverage, regular checkups, and coverage of pre-existing medical conditions (which a few Indian plans do not cover). That means choosing is always a cost versus coverage issue,” says Kunal Varma, CEO and co-founder, Freo. 

However, It Is Important To Read The Fine Print 

There are no exclusions as such. Even though these plans are more affordable, Indian insurers maintain comprehensive coverage. They cover hospitalisation, outpatient treatment, medical evacuation, repatriation, and non-medical benefits such as personal liability, loss of passport, or checked-in baggage. Many of these plans are also tailored to meet the specific criteria set by foreign universities, making them a practical supplement to on-campus insurance.

However,  there could be a catch. Typical Indian travel insurance is only suited for short periods vis-à-vis emergencies, and not for ongoing healthcare needs. For students attending school abroad for 1 year or more, limitations could include no coverage for regular doctor visits, no coverage for vaccinations, and no coverage for chronic conditions management. “Claims processing could also take longer because it’s cross-border insurance. If the university requires a specific plan, or the student wants more localised care, buying insurance when abroad might be the best option,” says Varma. This is a decision that needs to be made based on the available duration and scope of coverage. 

Also, claim procedures may be more complex for international students, and some policies may require documentation in specific formats.