Money Today – Health & Travel Insurance for students going abroad

June 12, 2012 - PRLog -- Introduction

The decision to pursue an education abroad is one of the most important decisions of a student’s life. However, these bright prospects that the student pursues often come with possibility of adversities. These adversities can come in all forms and shapes such as medical sickness, loss of passport; personal liability libel etc. can mire the learning process and jeopardize the dreams of the student and the guardian.

http://www.tataaiginsurance.in/taig/taig/tata_aig/personal/homepage/index.html

Studying abroad

Studying abroad is a major emerging trend and India is amongst the top source of foreign student enrolments at many universities, both for undergraduate and post graduate studies. As per some latest estimates, more than 150,000 students went abroad last year. Majority of the students go to the US, UK & Australia followed by Canada, France, Spain, Russia, Singapore etc. in no particular order.

As the coursework of the university or college needs high degrees of concentration and time, the student would be well served if they or their guardians took steps to reduce the stress for them during their educational stint abroad. Acclimatization may come at a cost and it is important that timely guidance and assistance is available if one were to fall ill, or get into an issue of any sort.

This is where Student Travel Insurance can help and Tata AIG General Insurance has this product “Student Guard Plus”. This product will ensure for protection in case of health risks, accidents, loss of sponsorship and also family emergencies back home. No matter where you are, you will be reasonably protected financially against contingencies.

What does Student Travel Insurance Cover

Coverage available under student travel insurance available in the India today can be classified into three categories – viz., medical inconveniences, travel & other inconveniences and emotional stress related study disruptions.

Medical Inconveniences
•   Coverage for Medical Expenses: It covers medical expenses due to accident & sickness abroad so that the student can concentrate on studies.
•   Coverage for Personal Accident: It gives worldwide coverage against accidental death and dismemberment while one is abroad as a student.
•   Coverage for Maternity benefit for termination of pregnancy: It covers compensation for medical expenses related to termination of pregnancy.
•   Coverage for Mental & Nervous Disorders: It covers medical expenses related to treatment for mental nervous disorders on recommendation of a physician, including alcoholism and drug dependency.
•   Coverage for Cancer Screening and Mammography: It covers medical expenses related to cancer screening and Mammography examination on recommendation from a physician

Travel & Other Inconveniences
•   Personal Liability Cover: Compensation for damage to be paid to a 3rd party, resulting from death, bodily injury or damage to property; caused involuntarily by the insured
•   Baggage Delay Cover: Compensation for reasonable expenses incurred for purchase of emergency personal effects due to delay in arrival of checked-in baggage, whilst overseas.
•   Baggage Loss Cover: Compensation for loss of checked in baggage.
•   Felonious Assault: Accidental Death & dismemberment caused due to a felonious assault on the student during


Emotional stress related study disruptions
•   Study interruption cover: It reimburses fees paid in advance for the current semester, if the student cannot continue their studies due to medical reasons related to their self or death of an immediate family member.
•   Sponsor protection Cover: It pays remaining school fees in the event of accidental death or permanent disablement of the sponsor.
•   Compassionate Visit Cover: It pays for the cost of a round trip of a family member in case the student is hospitalized for more than 7 consecutive days. It also pays for the cost of a round trip, via economy class air tickets, for the student in case of death or hospitalization for more than 7 days of parents / spouse /children of the student insured.

Eligibility (http://www.tataaiginsurance.in/taig/taig/tata_aig/persona...)

Residents of India who are between the age group of 16 – 35 years can buy student travel insurance from India. They should be in India before the inception of the policy and the purpose of travel should be full time studies only.

Is it necessary?

All Universities make it mandatory for a Student to have sufficient level of Health Insurance coverage before they begin their course of study. This is to ensure that the students are adequately covered for any eventuality while studying abroad and also that no financial liability falls upon the University As part of the admission formalities, Universities have specified minimum requirements of Health insurance that the student must have to be enrolled. They give the student the option of purchasing the plan through the University or purchasing an equivalent coverage from their home country.



Points to consider while buying Student Travel Insurance
 
Procuring good travel insurance is an important activity and one must exercise due diligence before finalizing the insurance and be reasonably assured about covering all the possible risks as far as possible. Generally the offer letter from the university clearly mentions Minimum Health Insurance requirements about the insurance requirements including the period, Sum Insured level and the costs. One can also visit the website of the university or speak with the university representatives for clarifications if any. One must start early and scout the market thoroughly. Buying insurance in advance will help them save any last minute hassles. It is cheaper to buy in India than from abroad and according to experts, the cost difference could be in the range of 20 – 30% between insurance policies available in India vs those available abroad for an equivalent level of coverage. This is especially true for universities in the US.

It is important to note that some of the universities which allow students to take insurance from outside require them to get an undertaking from the insurance provider on a prescribed format known as an insurance waiver form.

Most Student Insurance polices offered in India are pre-underwritten products and come as a package or a bundle of coverage(s). Although usually there is nil or limited flexibility to pick and choose coverage, there are various sum insured levels available to pick from. On the basis of the coverage(s) selected earlier one must shortlist policies from the available pool. A thorough understanding of exclusions and deductibles will be helpful in avoiding any surprises later.

The next important point to consider is the assistance services capability of the insurance company in the foreign country. The Assistance partner must have the capabilities to work with Hospital networks in the local country and provide cashless hospitalization to the insured when the insured falls ill. They should also have 24X7 claims and assistance services through toll free facilities and have their presence in the foreign country so that they understand how the local medical industry works.

Purchase process

The internet has opened up a whole new way of purchasing and this is true even in the case of student travel insurance. A number of insurance companies today offer the option of buying Student Travel Insurance online. One may also research the options online and then contact the selected company to purchase the policy. Usual details required to get the policy are (1) Coverage /Plan; (2) Days of Travel; (3) Passport number; (4) Date of Birth ; (5) Name of the Nominee; (6) Name of the Sponsor; (7) Identity proof of the Sponsor.

http://www.tataaiginsurance.in/taig/taig/tata_aig/personal/homepage/index.html