The trend of seeking higher education at foreign institutions is not new in India. Thousands of students move overseas each year in search of better career opportunities. However, education costs in foreign countries are far higher than in India. Parents spend their fortune to ensure their child receives the best education possible. But have you ever considered what would happen if an incident required a hefty sum to deal with a problem for which you were unprepared? In such instances, student travel insurance comes in helpful.
Why Purchase Student Travel Insurance?
The following reasons will tell you why investing in student travel insurance is essential.
1. Medical Emergencies
Accessing modern healthcare facilities abroad is more expensive than in India. Assume you are studying in the United States, and one day, you have a severe stomach infection that requires hospitalisation.
The treatment invoices show $ 4500. If you do not have travel insurance and are supposed to pay these expenses on your own, you risk exhausting your account’s balance.
Travel insurance online for students covers medical emergencies by paying for hospitalisation, prescription medication, and doctor consultations. If your condition worsens and you need to return to India, coverage for this expense is also available.
2. Compassionate Visit
If your health condition worsens, requiring a prolonged stay in the hospital while you need your parents by your side, travel insurance can help. Here is how.
The compassionate visit clause in the insurance covers the travel expenses for one of your close family members to visit you. This clause applies only if the hospitalisation is for a period, usually more than seven days, and the student is not in a position where he/she can travel back to his/her home country.
3. Tuition Fee Refund
Let’s say you have enrolled in a one-year master’s program in the UK with a tuition fee of Rs 12 lakh. However, a few months into your course, you face a severe health issue, making it impossible for you to continue your studies.
In this case, the insurer will refund you for the amount spent on the tuition fee. The coverage is not limited to refunds; if something happens to your financial sponsor, the policy will cover the remaining tuition expenses for the academic year up to the limit outlined in your policy.
4. Dental Coverage
If you contract a dental infection that requires immediate attention during your stay abroad as a student, the policy will cover the costs of the treatment, including consultations, X-rays, and necessary procedures like tooth extraction or emergency root canal treatment. However, routine dental check-ups or orthodontic treatments like braces are subject to policy exclusions.
Also, if the dental procedure is related to a pre-existing health condition, you need to check with your insurer if they cover such expenses.
5. Covers Bail Amount
Suppose you find yourself in an unforeseen situation where you are accused of a bailable offence. The legal system of the country where you are studying requires you to deposit a certain amount of money, known as bail, to ensure your appearance in court for legal proceedings.
In this situation, the insurer will take care of the bail amount. However, keep in mind that this benefit applies only to minor legal issues. The policy is null and void in cases of forbidden substance consumption, trafficking, or acts of terrorism.
6. Emergency Monetary Assistance
On foreign soil, you may lose your wallet containing credit and debit cards. You may also be out of cash, and your loved ones may be unable to send you money immediately. In such cases, the policy will help by offering financial assistance.
7. Permanent Disablement
Permanent disablement refers to a condition in which you suffer from an irreversible loss of bodily functions or parts that prevents you from engaging in any occupation or work for compensation or profit. This could include the loss of limbs, eyesight, or other essential physical capabilities.
In the unfortunate event that you meet with an accident during your stay abroad and sustain injuries leading to permanent disablement, the travel insurance online provides a lump sum payment. The amount paid is specified in your policy document.
8. Trip Cancellation
A trip cancellation clause in travel insurance refers to a pre-departure benefit that reimburses you for non-refundable and pre-paid expenses, such as unused flight tickets and hotel bookings. For example, if the academic session of your university abroad gets postponed and you have already booked your flight tickets, the insurer will compensate for the financial loss.
Conclusion
Student travel insurance is a valuable financial tool for those studying abroad. It covers medical emergencies, travel cancellations, and any legal difficulties that may arise during your study abroad term.
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