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A Quick Guide to Student Travel Insurance

By Finserv MARKETS - Aug 22,2019
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Student Travel Insurance Guide

What is Student Travel Insurance?

Pursuing higher education abroad is a dream of many students. While the prospect of securing admission in a foreign university is an exciting prospect, studying abroad entails various risks. Medical emergencies, accidents, loss/theft of baggage, etc. are some eventualities that can put a severe financial strain on a student studying abroad. It helps eliminate the financial risks of studying abroad in a simple and affordable manner. Here’s a quick guide to student travel insurance:-

What does student travel insurance cover?

With Bajaj Allianz student travel insurance, you can secure the following coverage:-

  1. Emergency hospitalization
  2. Loss of baggage
  3. Family visit expenses during an emergency
  4. Bail Bonds
  5. Loss of Laptop coverage
  6. The tuition fee for an additional semester in case of a medical emergency
  7. Loss of passport
  8. Emergency dental care

Important things to know about student travel insurance:

  • Compulsory Clause

Most foreign universities make it mandatory for students to have an insurance cover. Some universities may even decline an application for admission if the student is not insured.

  • Cheaper Premiums

It is cheaper to buy a student travel insurance from domestic insurance providers as opposed to foreign insurers in universities abroad. Student travel insurance is provided at reasonable rates in India. Hence, it is advisable to go for the plan from an Indian insurance provider.

  • Mandatory Risk Covers

Some universities may also require students to get insured against specific risks such as sports injuries, mental disorders, drug dependency, etc. If your college requires specific coverage, you can talk to your insurance provider about the same and get it included in your insurance policy.

  • Waiver of Premiums

If you already have a the plan from India, you can claim a refund from the foreign university as the premium is generally included in the fees paid to the university.

  • Auto-Renewal

While most plans have to be renewed yearly, you can ensure that you stay covered for the entire term of your academic course by opting for auto-renewal of your policy. These days most insurance companies also offer easy online renewal facility.

  • Study Interruption Cover

In case you are hospitalized for a consecutive month or more due to illness or injury, you will get a reimbursement of the tuition fee that has been paid for that period.

As you can see, the benefit of travel insurance policy is that it saves you from the burden of unexpected financial emergencies while studying abroad. So if you are a student planning to study abroad or a parent planning to send your child abroad, make sure to buy Bajaj Allianz Student Travel Insurance online with Bajaj Finserv MARKETS.

Bajaj Finserv MARKETS, from the house of Bajaj Finserv, is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment, and exclusive EMI store, all under one roof- anytime, anywhere!

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522