Shield Your Future

Before Anuj Karan Sharma left for higher studies in Australia, he had to make a small extra arrangement: Buy insurance. In 2016, after securing admission in Torrens University’s three-year Bachelors of Business Administration program in Information Technology, the 21-year-old immediately bought a $ 1,600 (Rs 1,08,800) overseas student health cover from NIB, an Australian insurance company. The insurance covers medical costs, doctors’ visits, prescription medicine, pathology tests and accidents. Sharma’s plan will expire three months after he completes his course in August next year. “I am happy that I bought the insurance. I paid the premium and the insurance firm will pay the rest in case of a medical emergency,” he says. Student insurance has become a critical component of overseas education expenses. Today, many foreign universities do not admit students...