Student Travel Insurance – Part I

What is Student Travel Insurance |Explained With Its Inclusions

Introduction

If you are planning to study outside India and stay abroad for a prolonged period, Student Travel Insurance is must to eliminate financial risks associated with travelling as a student. In this article, we are going to discuss its significance, why it is needed and what are the key inclusions covered in the insurance in detail.

All You Need To Know About Student Travel Insurance

Going Abroad for Studies?

• Your idea to study abroad in your dream university will definitely give an edge to your future. It will open millions of opportunities for you to explore and help you carve a niche in your career.
• Studying abroad is a unique and exciting experience and is indeed a life changing decision. However it comes along with decent amount of risks and uncertainties associated with travel and life abroad.
• Thus, if you are planning to study outside India and stay abroad for a prolonged period, it is important to buy a student travel insurance to eliminate financial risks. 

What is Student Travel Insurance?

• Student Travel Insurance is a travel policy designed for students travelling abroad on student visa to pursue higher studies. The policy covers students who are going to colleges, universities or institutes in a foreign country for academic or professional courses.
• This insurance product is designed exclusively for the students who are travelling abroad for the academic purposes, keeping in mind the risks associated with them.
• It primarily covers the health and travel related risks when student is in a foreign country. It also provides additional cover for the student’s family in case of certain unavoidable situations involving the insured.
• The coverage is comprehensive and provides for expenses incurred on medical treatment, passport loss and study interruptions etc.

Why Do You Need Student Travel Insurance – Comparing with Travel Insurance

• If you are studying abroad and living alone, there might be possibilities for things to go wrong. In such time, you would require a support or back up to tackle the situation.
• For example, an unfortunate event leading to emergency hospitalization can incur a big cost, as medical expenses are exorbitant in a foreign country.
• Students living outside India may also have visitors from their families during an emergency medical condition. It also requires financial backup.
• Student Travel insurance covers all such eventualities and ensures that you don’t have to bear the out-of-pocket expense.
• Travel Insurance vs Student Travel Insurance :
  1. Duration : Travel insurance is generally for a shorter stipulated amount of time whereas student travel insurance will be spread across months or years together.
  2. Risk Covered : Travel insurance solely covers travel related risks, while student travel insurance covers travel as well as academic related risks as discussed in coming points in the article.

Policy Coverage – What is Included?

1. Medical Related Coverage

• Emergency Medical Expenses : Being a student in a foreign land, sudden sickness or injury may take a toll on your finances. The insurance will provide you cashless medical treatment in case of hospitalisation.
• Emergency Dental Treatment Expenses : It will reimburse for dental expense for any injury or acute pain.
• Medical Evacuation : The insurance will help you get out of distressing situations with emergency medical evacuation via air/surface to the nearest hospital.
• Accidental Death : It will pay the insured’s family a lump sum pre-decided compensation in case of an unfortunate accidental event leading to the death.
• Body Repatriation : It pays for the actual expenses or the pre-decided amount insured, whichever is lesser in case of repatriating the mortal remains to the home country.
• Permanent Disablement : The insurance will compensate insured’s family in case of any permanent disability in an accident.

2. Baggage Related Coverage

• Loss of Checked Baggage : In case the insured’s luggage, personal documents are checked into a common carrier, reimbursement is provided to him/her for the replacement of any lost or damaged articles.
• Delay of Checked Baggage : The insurance funds for emergency purchases in case of baggage delay.

3. Stay Related Coverage

• Loss of Passport : In case the insured person’s passport is lost, Student travel insurance policy will reimburse the actual incurred expenses for making arrangements for a fresh or duplicate passport is provided.
• Personal Liability : In a foreign land, if you are accidentally liable for any third party damage, the insurance will compensate you for the same.
• Study Interruptions : Refund of tuition fees in case your study gets interrupted due to prolonged hospitalisation or death of immediate family member/sponsor.
• Sponsor Protection : In case of accidental death of the sponsor of an insured person, Student travel insurance pays for insured’s tuition fees.
• Bail Bond : It would help you out of a legal difficulty by paying the bail amount on arrest/detention for a bailable offense.
• Compassionate Visit : The insurance will cover any immediate family member’s visit in case of hospitalisation for more than 7 days.

What is not Included?

1. Breach of Law
2. Consumption of Intoxicant Substances
3. Pre existing Diseases
4. Cosmetic and Obesity Treatment
5. Self Inflicted Injury
6. Adventure Sports