Each year a large number of student leave for higher studies abroad. While this new chapter in their lives is exhilarating and exciting, it also teaches a thing or two about responsibility. Many of these students have never left home and lived on their own. One of the significant aspects of living on your own in a foreign country is managing your finances. Hence it is essential to take steps that help these students enjoy their time overseas and make the most of it.
Why do you need to buy student travel insurance online?
The cost of living and studying in many countries abroad requires a huge amount of money and majorities of people take the help of loans. The various unfavorable incidents that may happen in the duration of the students' can add to this debt. This makes the financial safety of the students even more important so that they are able to focus all their energy on the education and learning while staying stress-free about their financial security. Today, you can buy student travel insurance online in a matter of minutes and can even compare the many insurance plans available using a plethora of insurance portals available.
What are the features of a student travel insurance plan?
A student travel insurance plan covers the essential risks of a general travel insurance plan while offering some more benefits, which are included specifically for the students traveling abroad. These are some of the features of a student insurance plan:
1. Medical Cover
When living in another country for a long period of time, you are susceptible to common illnesses such as common flu, influenza etc. In developed countries treatments for such issues can ring up to a few hundred dollars, which amounts to thousands of Rupees. A medical cover would protect you against expenses incurred in case of any medical emergency where you would need to pay the doctor’s fee, hospitalization charges, medical tests etc.
2. Accidental cover
Accidents can occur anytime, anywhere and the alarming number of accidents makes it essential that the insurance plan have accidental cover. When a person is in an accident, he/she not only has to bear the expenses for treatment of physical injuries but also for the repairs of the vehicle or any property involved in the accident. Most of the times this can come out to be a hefty sum depending on the severity of the incident. As part of the accidental cover, the student travel insurance plan bears the expenses incurred and relieves the student from the stress of paying these expenses.
3. Death or Disability Benefit
In case of the unfortunate event of the insured’s accidental death or disability, under this feature of the student travel insurance, the policy provider is liable to pay a pre-decided lump sum amount to the insured’s family.
4. Sponsor Insurance
Tuition fee for most of the foreign universities amounts to be hundred thousands of dollars which when calculated in Rupees is a great deal of money. In case the insured’s sponsor dies accidentally, under the sponsor insurance feature the policy provider pays the remaining amount of the tuition fee so that the student is not burdened by this financial stress in such time of turmoil.
5. Interruption of Studies
Many colleges require you to deposit the tuition fee in advance, at the beginning of each school year. Families take out loans to meet this need of lakhs of rupees. Interruption of studies offers the provision of reimbursement of already paid tuition fee in case the student has to leave the course in between due to a critical or terminal illness.
6. Compassionate Visit
Compassionate visit is when a member of the student’s immediate family is critically ill or die and the student needs to return to home for a short stay. In such case, the policy provider pays for the round trip in economy class of a low-cost carrier. This works the other way as well, if the insured is hospitalized for 7 consecutive days or more and requires the assistance of the family member, the family member’s airfare is borne by the policy provider. Such a cover ensures that the student has his/her family’s support and vice versa in time of need without worrying about the required finances.
7. Loss or delay of baggage
In case while traveling the student’s checked baggage is lost or delayed, the insurance plan covers the expenses incurred in obtaining the damaged or lost articles and documents. When you buy student travel insurance online make sure that the policy provides for expenses to buy fresh toiletries, clothes, and foods in such emergencies so that you have additional assistance.
8. Flight Insurance
A student travel insurance plan covers the unexpected expenses incurred in case your flight gets delayed or even canceled. The cover offers protection in case you miss your connecting flight due to the airline’s delay in the earlier flight.
9. Personal Liability
In case someone is harmed or someone’s property is damaged due to you, you could be liable to pay a large amount of money as damages. When you buy student travel insurance online, make sure that it includes personal liability so you won’t have to pay the damages in such situations.
10. Bail Bond
Certain student travel insurance plans also include the provision for a bail bond. Under this feature in case, the student is arrested under a bailable offense, the insurance covers the bail amount.
Conclusion
As a student leaving to study overseas, don’t make the mistake of equating student travel insurance with general travel insurance or skipping it altogether as this would expose you to great financial risks. Student travel insurance provides cover on risks that a student might face. It is designed in a way to include all possible eventualities and outcomes where a student might find himself/herself in a financial risk. Hence, it is crucial that you compare and buy student travel insurance online to ensure that you are protected against all risks while staying away from home. Make sure that the student insurance plan you ensures your financial safety and provides you a comprehensive cover.
For more updates and News follow Policybazaar Youtube
Why do you need to buy student travel insurance online?
The cost of living and studying in many countries abroad requires a huge amount of money and majorities of people take the help of loans. The various unfavorable incidents that may happen in the duration of the students' can add to this debt. This makes the financial safety of the students even more important so that they are able to focus all their energy on the education and learning while staying stress-free about their financial security. Today, you can buy student travel insurance online in a matter of minutes and can even compare the many insurance plans available using a plethora of insurance portals available.
What are the features of a student travel insurance plan?
A student travel insurance plan covers the essential risks of a general travel insurance plan while offering some more benefits, which are included specifically for the students traveling abroad. These are some of the features of a student insurance plan:
1. Medical Cover
When living in another country for a long period of time, you are susceptible to common illnesses such as common flu, influenza etc. In developed countries treatments for such issues can ring up to a few hundred dollars, which amounts to thousands of Rupees. A medical cover would protect you against expenses incurred in case of any medical emergency where you would need to pay the doctor’s fee, hospitalization charges, medical tests etc.
2. Accidental cover
Accidents can occur anytime, anywhere and the alarming number of accidents makes it essential that the insurance plan have accidental cover. When a person is in an accident, he/she not only has to bear the expenses for treatment of physical injuries but also for the repairs of the vehicle or any property involved in the accident. Most of the times this can come out to be a hefty sum depending on the severity of the incident. As part of the accidental cover, the student travel insurance plan bears the expenses incurred and relieves the student from the stress of paying these expenses.
3. Death or Disability Benefit
In case of the unfortunate event of the insured’s accidental death or disability, under this feature of the student travel insurance, the policy provider is liable to pay a pre-decided lump sum amount to the insured’s family.
4. Sponsor Insurance
Tuition fee for most of the foreign universities amounts to be hundred thousands of dollars which when calculated in Rupees is a great deal of money. In case the insured’s sponsor dies accidentally, under the sponsor insurance feature the policy provider pays the remaining amount of the tuition fee so that the student is not burdened by this financial stress in such time of turmoil.
5. Interruption of Studies
Many colleges require you to deposit the tuition fee in advance, at the beginning of each school year. Families take out loans to meet this need of lakhs of rupees. Interruption of studies offers the provision of reimbursement of already paid tuition fee in case the student has to leave the course in between due to a critical or terminal illness.
6. Compassionate Visit
Compassionate visit is when a member of the student’s immediate family is critically ill or die and the student needs to return to home for a short stay. In such case, the policy provider pays for the round trip in economy class of a low-cost carrier. This works the other way as well, if the insured is hospitalized for 7 consecutive days or more and requires the assistance of the family member, the family member’s airfare is borne by the policy provider. Such a cover ensures that the student has his/her family’s support and vice versa in time of need without worrying about the required finances.
7. Loss or delay of baggage
In case while traveling the student’s checked baggage is lost or delayed, the insurance plan covers the expenses incurred in obtaining the damaged or lost articles and documents. When you buy student travel insurance online make sure that the policy provides for expenses to buy fresh toiletries, clothes, and foods in such emergencies so that you have additional assistance.
8. Flight Insurance
A student travel insurance plan covers the unexpected expenses incurred in case your flight gets delayed or even canceled. The cover offers protection in case you miss your connecting flight due to the airline’s delay in the earlier flight.
9. Personal Liability
In case someone is harmed or someone’s property is damaged due to you, you could be liable to pay a large amount of money as damages. When you buy student travel insurance online, make sure that it includes personal liability so you won’t have to pay the damages in such situations.
10. Bail Bond
Certain student travel insurance plans also include the provision for a bail bond. Under this feature in case, the student is arrested under a bailable offense, the insurance covers the bail amount.
Conclusion
As a student leaving to study overseas, don’t make the mistake of equating student travel insurance with general travel insurance or skipping it altogether as this would expose you to great financial risks. Student travel insurance provides cover on risks that a student might face. It is designed in a way to include all possible eventualities and outcomes where a student might find himself/herself in a financial risk. Hence, it is crucial that you compare and buy student travel insurance online to ensure that you are protected against all risks while staying away from home. Make sure that the student insurance plan you ensures your financial safety and provides you a comprehensive cover.
For more updates and News follow Policybazaar Youtube
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