Planning to Study Abroad? Don't Skip Indian Student Insurance Options

Indian student travel insurance plans are a better option for students travelling overseas for study, as they typically provide wider coverage compared to university-mandated global insurance. University-mandated insurance is typically restricted to one region where the university is situated, and mostly only includes medical expenses or academic emergencies.

For exclusions, Indian students' travel insurance plans typically cover pre-existing diseases and high-risk activities. University-mandated global insurance typically only covers medical emergencies and does not provide comprehensive coverage for the entire stay abroad, including baggage loss, fraudulent charges, and many other benefits. "In terms of premiums, Indian insurance plans are much more affordable than university-mandated insurance. University insurances are almost 15 times more costly than Indian plans," says Amarnath Saxena, Chief Technical Officer, commercial, Bajaj Allianz General Insurance.

Broader Coverage, Lower Premiums

Indian student travel insurance provides various benefits, including coverage for medical emergencies. It provides coverages such as accommodation costs in emergencies, baggage loss, personal accidents, study interruption, and even repatriation of remains in the event of unfortunate circumstances. Along with comprehensive benefits, it comes with lower premiums, making it more affordable for Indian students.

The claim process is easy, and it becomes easier because of familiarity with the language and processes. Whereas, considering limitations, Indian insurers may have a lesser global presence or fewer tie-ups with healthcare providers compared to what university-mandated plans offer. Also, a limited number of insurers offer job loss protection after completing studies and visa cancellation, which may be important for some students.  So, it becomes essential to review the details of the policy and then decide on a suitable plan.

Know What To Check 

Indian travel insurance acceptance varies by country and institution. Most Indian companies offer insurance that meets the requirements of Schengen countries (typically requiring a minimum coverage of €30,000). "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 RIA (Registered Investment Advisor).

Many foreign universities accept Indian travel insurance plans if they meet specific coverage requirements. However, some may strictly require students to purchase their mandated global insurance policy.  "Before opting for a university-provided plan, students should look for adequate medical coverage, including hospitalisation, outpatient treatment, and coverage for pre-existing conditions, and be aware of exclusions and evacuation costs in the destination country," says Saxena.

One should also check that the policy remains valid for the entire duration of the study program. Some universities also have specific requirements, such as coverage for risk-based activities, etc. "Therefore, one should ensure that they meet all the requirements. The plan should also provide coverage in the country where you are studying and in other countries you plan to visit. Understand the policy and all its requirements in detail, and then make a final decision," says Saxena.