Sending your child abroad for higher studies? Lots of planning to do. Keeping up with the visa department, completion of college formalities, lots of documentation, accommodation arrangements is not a simple task. The last thing which will come to the mind is an insurance policy. What you think that a student has to struggle most with, in the foreign country? Studies? No! Every foreigner has to struggle with the climatic and socio-economic changes. These may affect the health and the well being of any person. An overseas Individual Student Travel Insurance policy provides coverage for various contingent events that happen in a foreign country to a student.
University coverage vs. overseas travel insurance
Many universities provide health coverage to the students on their own while some make it necessary to arrange one. The insurance provided by the universities do not cover the personal expenses and needs outside the study period. A correct insurance policy may provide coverage against the events such as-
- Medical expenses: the cost of medical treatments very high in developed countries and that too in the powerful currency. An overseas insurance policy covers the hospitalization expenses, consultations, dental care and other expenses.
- Loss of luggage: if you are in a foreign country, you must be having many valuable gadgets, clothes in your bag and cash. The socio- economic changes put you in a compromised situation and decision making might be risky. Local laws are still unclear. Any contingency at this point of time is very de-motivating. But if covered under the plan, such losses will be reimbursed by the insurance policy and your peace of mind can be restored.
- Trip cancellations: if you are planning to return to home in the vacations but your university starts up an internship session, your pre- booked ticket expenses will not be on your head. All the sudden trip cancellation is also insured.
- Personal liability claims: a student might find himself in a situation where he is liable for undesirable legal cost. Such personal liability claims are also insured in the policy.
Many insurance policies cover tuition fees, sponsor protection also. The choice for the correct policy must be based upon – flexibility and the size of the cover, hospital network, claim settlement process and benefits apart from medical one.
While opting for such covers, one must read the terms and conditions regarding deductions and sub- limits. These are the amounts which one has to pay from his/ her own pockets. It is also advised to carefully read the insurance specifications of the university itself as many universities do not accept the insurance by some Indian insurers. While some universities provides better benefits in terms of covers and services than the insurance policy itself.
Last but not the least, whether insured or not, it is always advised to do a research about local laws and socio- economic trends of the country you visit. Any accident on the foreign laws will put you in an uninsurable trouble. Bon Voyage!