As the name says, Student Travel Insurance is designed to fulfil the needs of students studying abroad. The Insurance covers non-medical as well as medical emergencies with policy extension and auto-renewal features that remain active till the time a student stays in a foreign land. In other words, student travel insurance accounts for the insured’s health and travel insurance.
Situations where travel insurance comes as a handy option for a student
Student travel insurance is mandatory for students who wish to study abroad. To eliminate the financial risks during an unforeseen event that may occur, buying a student travel insurance policy is beneficial. Some of the common circumstances where travel insurance comes to rescue are:
- Hospitalization: covers any emergency hospitalization costs
- Medical bills: covers unforeseen medical expenses
- Loss of luggage: covers in case of any loss of luggage while travelling
- Travel delays: mishaps like travel delays are taken care of
- Personal liability: Medical bills, legal expenses, bodily injury or property damage are covered
- Study Interruption: Loss due to any interruption of studies
- Sponsor Protection: Covers the balance course fee in case of the death of the sponsor
- Also, covers passport Loss, etc.
Therefore, travel insurance is very significant for a student during their foreign trips for studies. If a student losses his or her passport, then the travel insurance will provide a temporary passport avoiding the mishap and taking care of the emergency situation.
What would travel insurance cost for a student?
Student travel insurance is a unique combination of health insurance and international travel insurance. It is specially designed for students studying abroad and provides any kind of financial expenses for unforeseen accidents. Indians between the ages of 16-35 years who are pursuing higher studies abroad are eligible for student travel insurance. The duration for the travel insurance ranges from 1 to 3 years.
Universities abroad have specific requirements of insurance for their students, which will be clearly mentioned on their university websites. Some universities mention minimum requirements during the admission process. Travel insurance costs a minimum of INR 1, 50, 00,000 cover for US and Canada, and INR 37,00,000 to INR 1,50,00,000 coverage for the countries like UK and others.
Does the cost vary from country to country? Does currency volatility have any impact on premium?
Student travel insurance covers every country on the globe but it does differ from country to country. They vary as per the accessibility and availability of the services and the prevailing economic conditions. For example, as the medical aid in the US is higher when compared to various other countries across the globe, and hence the coverage and premium for a travel insurance policy will be higher when compared to other countries.
The cost also varies based on the risks covered by the countries, flight expenditures, and laws and regulations of the country.
What if the insured is not an adult? Can the policy be underwritten in such circumstances? How would the conditions vary?
The travel insurance policy will also provide coverage for a child under the age of 18 under a standard travel insurance policy. It depends on whether a child is travelling alone or with family or with friends. The travel insurance policy covers:
- Theft, damage and loss of luggage – This covers for personal and baggage items during the trip
- Medical expenses – Medical expenses abroad are too expensive. If the insured is injured or falls ill during the trip, the policy covers the emergency medical expenses
- Activities and sports – Some of the selected activities and sports are covered under the policy
- Repatriation – covers the cost of getting them back to home
- Coronavirus cover – covers medical care or extended stay as a result of covid-19
Do these policies have a tenure? Is this policy a one-time purchase only during travel?
The travel insurance comes with specific tenure and also has auto-renewal option. Student travel insurance can range between the duration of 1 to 3 years. If the existing policy tenure expires then there is an auto-renewal option by the most insurance companies which can extend the stay with all medical and other coverages without any mishap.
Inclusions & Exclusions that a Student Should Be Aware Of
Student travel insurance policy offers different coverages, however, there are certain situations that are not covered (exclusions). Some of the common inclusions and exclusions of the travel insurance policy includes:
- Loss of luggage and other personal belongings: If the student loses passport/luggage/personal belongings during the foreign trip, the insurance policy will help in recovering those finances. In case of loss of passport, temporary passport will be provided.
- Medical Emergency: The policy provides aid for illness, injuries, and hospitalization. Dental treatment expenses will be minimized.
- Temporary Accommodation: In case of any natural calamities and disasters, the policy provides shelter needs and relocates the student.
- Judicial Matters: The different countries have different laws and regulations. If a student falls into judicial matters the travel insurance will provide and compensate the damages and helps in getting bail.