It is almost a family’s collective dream of sending a child for further studies in a country where there’s more exposure and opportunities. Parents spend a lot of money in helping their child study in a foreign university. Where there is money involved, there’s the risk of losing it as well.
Primarily, student insurance is meant for the peace of mind of the student studying in a foreign land and the family back home. And as every insurance policy, student travel insurance is also directed towards minimizing financial losses in case of a mishap. Read ahead to know 5 benefits of buying student travel insurance.
1. Medical Cover
A family already spends a lot of money in sending their child to study abroad. In such a scenario, arranging money to meet an unexpected medical emergency can be catastrophic. The cost of treating an illness in a foreign land can be massive. A comprehensive student travel insure cover will take care of the major part of such expenses. Depending upon the nature of the policy, it will offer coverage against personal accident, traveling expenses to the nearest physician, etc.
2. Compassionate Visit
There’s usually a clause under overseas travel insurance for students that covers the cost of a family member’s visit to the country where the student is studying in certain cases. This is known as a compassionate visit. There is an option of a two-way compassionate visit as well. Here, the student can also visit the family back home in case of an emergency.
3. Personal Liability
Foreign countries have different laws. Some are extremely different from one’s country of origin. Chances are that one might break such rules and consequently cause damage to someone else. The student will be liable to compensate any third party or their property in case of damages caused. Meeting the expenses towards paying for such damages can get very expensive. Overseas travel insurance for students insures the student against such personal liabilities.
4. Interruption In Studies
Unfortunate events can derail a student’s study plans for a while. An emergency back home or an illness faced by the student can lead to a break between studies. In such scenarios, the fees for the semester can be reimbursed depending upon the clauses of the policy.
5. Basic Covers
Basic covers associated with travel insurance policies are also a part of international student insurance. Loss of baggage, theft, etc. is covered under an extensive international student insurance policy. Certain matters are best handled by experts. The student’s travel insurance company can act as an expert that provides guidance in case the student needs assistance regarding tricky situations associated with travelling and residing for a while in a foreign land.
Mandatory Insurance Cover
Foreign universities are well aware of the travel-related risks faced by their students. Therefore, as a precautionary measure, certain foreign universities have made it mandatory for students to purchase a travel insurance plan.
Universities might have tie-ups with certain insurance providers in their country. One can either opt for those insurers or choose a domestic one. Choosing an insurer from the host country as compared to a domestic one is expensive, due to the difference in currency rates. Thus, it is better to buy student travel insurance from an Indian insurer.
Factors to consider while selecting a student travel insurance policy:
- Extensive coverage at an affordable price
- Insurer with network hospitals
- Cashless claims facility
- Good user reviews
- Simple online purchase and claim process
Whichever policy you choose, make sure to read the terms and conditions carefully before purchasing it.
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