For students planning to pursue higher education abroad need to look out for more than just travel itinerary, campus job options, and accommodation. You are about to live in a new country with a surrounding different than in your hometown. Initially, you will be limited on resources, at least until you settle down. In such a situation, if anything goes wrong or an unforeseen event were to happen, you should be well-prepared for it. Unforeseen events and mishaps can take a toll on your finances. Hospitalization and medical bills are hefty abroad. All this can disrupt your standard of living in a foreign country. Hence, it is essential to have an overseas travel insurance policy under your name. In this article, we will be concentrating on the importance of student travel insurance for people planning to pursue higher education in a foreign country.
So, let us begin by first understanding – what is travel insurance? Or more accurately, what is student travel insurance?
A student travel insurance policy, as the name suggests, is specially designed for students planning to study abroad. It mainly provides financial protection to them against any unforeseen events during their travel schedule.
Generally, travel insurance for students accounts for the trip as well as the child's health insurance.
Here's the eligibility criteria for seeking student travel insurance.
Any individual, between the age of 16 and 35 years can apply for a student travel insurance policy
You have to be enrolled in a course with a reputed and registered university
You should be attending the course on a full-time basis in a foreign country
Each student gets only one travel insurance policy for a specific timeframe
The student travel insurance plan has the following salient features –
Since you are flying abroad for higher educational purposes, you will be carrying your laptop, smartphone, and tablet.
However, you are bound to be stressed when traveling with these gadgets as there is a chance of losing them during transit. Furthermore, if you do lose the devices during your travel, it means that you will incur some additional expense.
Hence, it is essential to get these gadgets insured, so that you can get reimbursement in case they are stolen or lost during your trip.
Several travel insurance policies offer free of cost personal liability cover along with the underlying plan. According to this cover, in case you happen to cause any financial damage to another individual or property, you will be covered for it.
For instance, in case there are any issues, loss or damage in your accommodation abroad or the rented apartment.
The medical coverage under the student travel insurance policy covers you irrespective of the time and location. Hence, it is highly advisable for students planning to study abroad to seek a travel insurance plan that offers medical coverage.
Any unforeseen medical bills can take a severe toll on your finances, and thus a medical coverage will readily cover them for you.
Not every student in India can afford to pursue higher education abroad. In fact, many people do not even qualify for the entrance exam. But for those fortunate enough also have to face inevitable interruptions at times.
Hence, you should seek a travel insurance policy that protects you against such a situation wherein your course is interrupted due to unforeseen factors.
Most travel insurance policies for students cover the cost of the visit of the family members to the country the child is pursuing the education. It is known as a compassionate visit. On the other hand, there is also an option of a two-way compassionate visit – wherein the students are eligible to visit the family back home in case of any emergency.
The student travel insurance policy is said to cover the following things –
Emergency medical evacuation expenses to India
Medical emergencies arising when abroad
Transport expenses in case of death of the insured individual
Dental treatment and other related costs
Personal accidental cover
Loss of luggage
Loss of passport and liability incurred for making a duplicate passport
Return ticket for the family members of the insured individual, in case they are admitted in the hospital for more than seven days
Reimbursement of the paid semester fees, in case the education of the covered individual is interrupted due to medical reasons
The bail amount is paid to the concerned official, in case the insured individual is arrested while abroad
In case the tuition fees are sponsored, and the insured individual passes away due to injuries, then the fee is reimbursed
Following are some of the things that the student insurance policy does not cover –
Pre-existing medical conditions or any complications related to it
Traveling against the advice of the physician; visiting to obtain treatment
Mental disorder or nervous disorder
Sexually transmitted diseases
Serving under Military or Armed Force of any country
Any participation in felony, crime, riot or civil commotion
Being under the influence of intoxicating substances
Loss or damage due to war, invasion, revolution, insurrection, the act of a foreign enemy, rebellion, or usurpation of government
Loss or damage due to exposure of radioactivity from nuclear fuel or nuclear waste
Whether you have taken travel insurance online or in-person and have not traveled during the specified time, don't worry! Many insurance providers refund the premiums paid if the insured individual has not traveled during the policy term. All you have to do is submit a few documents. It includes –
A valid reason for policy cancellation
In case the trip is canceled due to Visa refusal, attach the copy of the Visa rejection letter
There are various insurance companies providing travel insurance for the student. In case you are looking for one, get in touch with us at Finserv MARKETS. With Bajaj Allianz Student Travel Insurance at Finserv MARKETS, you can benefit from features like fast online processing, hassle-free settlement, on-call support, and so much more.
So, why wait? Apply for Bajaj Allianz Student Travel Insurance with us, today!
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