By Dr. Santosh Puri

We are living in an era of globalisation and an interconnected world, and therefore studying abroad is no longer a preserve of just a select few in India. According to a report using data from the Ministry of External Affairs, over 1.3 million students from India were pursuing their education in 79 countries in 2022. According to a report, Australia, Canada, the UAE and the US are the most popular choices for Indian students looking for educational degrees outside the country.

While students want to venture overseas to achieve their dreams, a rounded student travel insurance policy is vital. It gives students and their families peace of mind to focus on their academic pursuits and cultural experiences, knowing they are protected against medical and trip-related unforeseen circumstances during their study abroad.

High healthcare costs, university-specific requirements coupled with the recent spike in healthcare expenses due to COVID-19 have become key reasons that drive students travelling abroad to secure their trip with the right student travel insurance.

Some of the critical tips a student and parents should remember while choosing insurance coverage are:

Make the most with specialised insurance

Very frequently student or their parents tend to get confused about whether to buy international travel insurance coverage exclusively meant for students or leisure travel insurance which is of short-term duration.

Considering the risks posed to the students abroad and the duration of study courses extending beyond 1 year, it is pertinent that one should go for a specialized student travel insurance policy.

Students face unique challenges, like health emergencies, unexpected trip delays, loss/delay of baggage and even legal issues can disrupt their educational experience, that warrant specialised insurance coverage.

Standard domestic insurance offered by players in the destination countries might not provide the necessary protection there and hence a dedicated student travel insurance cover comes into play.

Apart from providing coverage against the usual needs like lost baggage and medical emergencies, a travel insurance policy also reimburses costs if one is forced to interrupt studies due to a medical emergency. Also, in terms of premiums, Indian insurers offering such student travel insurance policies are more reasonable.

Choose wisely on a comprehensive plan that will cater to your concerns, rather than the usual coverage, according to your specialised needs, with a customised cover.

Travel insurance or health? Get the best of both worlds

When choosing between international student health insurance and travel insurance, a student travel insurance policy purchased from India is recommended. Such a policy combines medical and non-medical covers for trips, baggage and other contingencies, providing better holistic coverage and benefits.

Benefits of student travel insurance

Student travel insurance offers advantages designed for specific needs, encompassing protection in case of study interruptions, personal liability including property damage, emergency evacuation, trip delays, etc.

Unlike standard travel policies intended for leisure or business purposes, which have a maximum coverage period of 180 days, student travel policies provide coverage beyond 1year.

It is advisable to secure an appropriate level of coverage that aligns with the length of one’s stay, ensuring adequate protection during the time abroad.

Indian Insurance packages over the general university packages

With Indian student travel insurance plans, students can clearly understand the scope of coverage they will receive, ensuring no surprises or misunderstandings during the claim settlement process.

Another significant advantage of opting for an insurance policy from India is its comprehensive coverage. While university plans may only cover medical and related expenses, Indian insurance plans provide additional benefits such as trip and baggage-related covers. It is always advisable to check insurance requirements meeting the needs of the university where one intends to pursue studies abroad.

Legal assistance and liability coverage

Student travel insurance often includes legal assistance, offering the policyholder with guidance on attorney for legal representation. Additionally, liability coverage can prove invaluable if a student is held responsible for accidental damage to property or injury to others.

Choosing the Right Policy

Selecting the right insurance policy demands careful consideration. While buying a student travel insurance policy, compare different plans offered by various insurers on the website of insurance aggregators. It will help one choose a plan that caters to specific needs and requirements and make the policy much more comprehensive by attaching required add-ons. Emphasis should be laid on the insurance coverage meeting the requirements as per university as mentioned above.

Also, assessing the insurance provider’s claim-settlement ratio before finalising a plan is crucial, as a higher-than-average percentage could signify seamless and trouble-free claim processing.

Additionally, consider location-specific factors, as the scope of travel insurance coverage differs from country to country.

Lastly, it is also important to give significant weightage to the brand of the insurer which has been dominant in the travel insurance space and also has a global footprint.

Embarking on an international educational journey is an investment in one’s future. Just as students invest time and effort into their studies, they should also invest in their safety and well-being by securing proper insurance coverage. As the saying goes, it’s better to have it and not need it, than to need it and not have it – a sentiment that blends in with the essence of insurance.

(Author is Senior Vice President – Health Product & Process, Tata AIG General Insurance)