Studying overseas is a dream for many and the students striving to secure admission in foreign universities spend day and night preparing tirelessly to make these dreams a reality. Once the country and university are decided and the admission process is being finalized, comes the crucial point where you must buy the best student travel insurance plan. Bearing the overseas education costs is no easy feat and while you might consider avoiding student travel insurance, you should not. Many students abroad would attest to the fact that while student travel insurance premium may seem like an additional expense at the beginning, it can prove to be a blessing in disguise when the need arises.
Keeping in mind the significance of student travel insurance and the assistance it provides to students in case of an emergency, most of the universities have made it mandatory to buy student travel insurance as part of their admission applications process.
When you are looking to buy the best student travel insurance plan available, make sure that the eventualities specified by the University, if any under their detailed guidelines are covered by your insurance plan.
Generally, the following are included in the list of inclusion in a student travel insurance plan:
1. Medical Expenses: When it comes to medical expenses the best student travel insurance plans not only include the emergency medical expenses incurred such as medical tests, hospitalization etc., but also the expenses pertaining to your pre-existing medical conditions, if any, and the costs for routine medical checks and for prescription medications. Another aspect best student travel insurance plans include these days is the psychological coverage which includes nervous breakdown, drug dependency etc.
2. Study Interruption: Due to certain medical emergencies, a student might have to be hospitalized for over a month. This would result in the student to take a break from the studies and even require to travel back home. This inclusion covers the expenses incurred in such an eventuality.
3. Accidental and Disability Benefit: As is the case with a general health or travel insurance plan, if you opt for the best student travel insurance plan, it will provide coverage in an event of accidental death or disability. In such unfortunate cases, the policy provider is liable to pay the pre-decided lump sum amount to the insured’s family, subject to the policy terms.
4. Medical Evacuation: Certain medical emergencies may require the student to be evacuated immediately and transported to the home country. In such cases, the medical evacuation cover pays the expenses incurred or the lump sum amount as decided under the policy terms, whichever is less.
5. Reparation of Remains: Under this cover, the insurance provider pays for the expenses incurred or the pre-decided amount, whichever is less in case the mortal remains of the insured are to be repatriated to his/her country.
6. Sponsor Benefit: According to the sponsor benefit, in the misfortune of the insured’s sponsor’s accidental death, the insurance provider covers the insured student’s tuition fee.
7. Flight Cancellation: This inclusion covers for the expenses incurred in case the insured’s flight is canceled by the airline. This benefit might also include the expenses in case the student misses his/her connecting flight or the connecting flight is canceled by the airline.
8. Loss or Delay of Checked Baggage: In case the insured’s checked baggage is delayed while traveling through a common carrier, the insurer is provided with the expenses to purchase fresh toiletries and clothes.
If a situation arises where the insured’s baggage is lost or damaged by a common carrier, he/she will be provided with the expenses to replace the damaged or lost articles and/or documents. This inclusion is crucial as almost all students carry valuable articles and documents such as transcripts, mark sheets etc. while shifting abroad for studies.
9. Loss of Passport: While traveling and staying overseas, the passport is a very vital document for proof of nationality. If the student loses his/her passport, the best student travel insurance plan provides for the expenses incurred in arranging a fresh passport or at times the policy provider even arranges for a duplicate passport.
10. Personal Liability: Personal liability is the damages legally payable in case someone or someone’s property is harmed by you. Under this inclusion, the insurance plan covers such damages and other medical expenditures legally payable by the insured in case someone is bodily harmed.
11. Bail Bond: In case the insured (Student) is arrested/for detained by the local law authorities during the stay, this inclusion covers the bail amount if the arrest is made under a bailable offence.
12. Compassionate Visit: A compassionate visit is when the student is hospitalized for 7 consecutive days or more and requires bedside assistance of an immediate family member. Under the inclusion for a compassionate visit, the policy provider pays for one family member’s roundtrip in economy class. The best student travel insurance plans even cover the expenses incurred for the family member’s stay in such cases.
13. Identity Theft: In today’s time of technology moving at light’s pace, identity theft has become quite common. While looking for a suitable student travel insurance plan, this inclusion may seem irrelevant but it can actually come to the rescue in case of theft of credit/bank cards and/or any fraudulent charges made in the student’s name. Some policy providers even pay certain pre-decided daily allowance amount in case the student’s bank/credit cards are stolen so that they are not left in a lurch.
A student travel insurance plan offers a protection to students against financial risks while they are studying overseas. The abovementioned list of inclusion consists of just the essential benefits, you should consider while comparing the insurance plans. Many websites or friends/family members might recommend a certain plan for you but always keep in mind that the best student travel insurance plan for you is the one which meets all your needs and requirements. Another key point to always remember is to ask for the policy provider’s round the clock assistance number which the student can use to contact in case of an emergency.
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