Indian students who have been accepted to universities in other countries will start getting ready to leave the country in the coming weeks so they can go to school in those countries.
Students and their parents can expect the next two months to be extremely hectic, what with applications for admission, loans, visas, and other paperwork that needs to be completed. In the midst of the time crunch to check off all of these items on your list, you will give any thought to the possibility that you will become ill while you are away from home.
The danger, on the other hand, is very real; consequently, once students arrive on campus, the majority of educational institutions demand that they be covered by one of the local health insurance policies sold by local insurers.
You will come out ahead if you purchase a cover for your textbooks, even if your school does not require you to do so. In the event that you become ill while traveling outside of the country, your standard medical coverage will not assist you in any way.
You will be spending a greater amount of time abroad in comparison to business or leisure travelers, and it is highly likely that you will require medical treatment at some point during your trip.
You have the option of purchasing health insurance once you arrive on campus, which is something that your university would also prefer, or you can purchase a travel insurance policy for international students before you depart India.
Your university now has the ability to insist on being covered under the policies of local insurers, which is a disadvantage with regard to the overseas policies offered by Indian insurers. On the other hand, university-facilitated health insurance comes with some limitations.
For instance, they do not cover baggage loss or trip delays, and they do not cover staying during midterm breaks. Additionally, university-facilitated health insurance tends to be more expensive.
Moneycontrol’s Preeti Kulkarni spoke with Nikhil Apte, Chief Product Officer, Product Factory (Health Insurance), Royal Sundaram General Insurance, to gain a better understanding of the specifics of an overseas student health insurance policy and how to make the best decisions.
The following is a list of important lessons learned from this episode of the Simply Save podcast:
“Students who study abroad face a very high level of medical danger.” A viral fever or typhoid fever, for example, can require a hospital stay of up to one week and cost up to fifty thousand dollars to treat. Therefore, payment other than cash is essential. “
Because of this requirement, universities in certain countries, such as the United States and Australia, for example, require their students to have health insurance.
“A student may find themselves traveling alone on multiple occasions, which exposes them to a number of hazards, such as the possibility of their luggage being delayed, the loss of their passport, and the cancellation of their trip. Such losses can be compensated for by purchasing a student travel insurance policy. As an illustration, the maximum amount of compensation for lost baggage is $500.
Student travel policies have a term of one year and can be renewed after that period of time. This is in contrast to regular leisure travel policies, which are only valid for up to 180 days.
“They cover mental health, nervous disorders, termination of pregnancy due to medical reasons and other things that leisure travel policies do not pay for,” etc. “They cover everything from mental health to termination of pregnancy due to medical reasons.”
“Students are typically pressured by educational institutions to purchase insurance policies offered by local companies.” Nevertheless, for one thing, risks associated with travel are not covered by such policies. In contrast to the Indian policies, they will not pay for your trip back home if your parents become ill, nor will they pay for your evacuation back to India if that becomes necessary.
Also, they won’t be able to help you if you have to travel to other countries for work or if you need medical coverage outside of the state where your university is located.
“Indian overseas student policies don’t cover treatment for alcoholism or injuries caused by adventure sports,” and “Indian overseas student policies don’t cover injuries caused by adventure sports.”
As a student, you have the option of attempting to persuade your university that your Indian overseas student policy satisfies the requirements of the institution, even if doing so requires a significant amount of correspondence with the officials.”
Even if they insist on having coverage from a local insurer, it makes sense to purchase an overseas student travel policy in order to protect yourself from the travel risks that it covers. Additionally, you are eligible to make a claim on your Indian policy for the amount that was not reimbursed by university-facilitated coverage (due to deductible or co-pay clauses).