Student travel insurance plans bought from India are often significantly cheaper than those offered by foreign universities. (Representative image)
An unexpected medical emergency would be the last thing any student would want to come across.
By Meet Kapadia
Going abroad to study is a dream for countless Indian students. It’s a goal that requires years and years of hard work and dedication. The allure is not only of a better and world-class education. The idea of studying abroad brings with it an opportunity to experience a new culture and immerse oneself in it. It also comes with the promise of a bright career and a better quality of life in a developed country. Due to all these reasons, a large number of young Indians aspire to explore international shores for their higher education.
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A testament to this fact is that there has been a huge increase in the number of Indians studying abroad — a nearly 70 per cent spike in 2022 as per the Union Education Ministry. And it is only likely to go here. More and more Indian youngsters will look to Europe, the US, Canada, Singapore, Australia and other countries in the coming years.
The cost to fund this dream
This dream of international education comes with steep costs. First, there is tuition which can cost tens of lakhs of rupees. Then there are costs of accommodation, other living expenses, and not to forget travel costs, which can be substantial. Families often exhaust their entire savings to send their children abroad. Some even borrow to help their children fulfil their dreams. And more often than not, even the students take educational loans to fund their studies.
In these circumstances, an unexpected medical emergency would be the last thing any student would want to come across. Already under tremendous financial stress due to the heavy cost of international education, such an emergency can rip their finances apart. And add to that the stress of navigating a complex and expensive healthcare system in an unfamiliar country.
The good news is that most colleges abroad understand these risks and make it mandatory for students to get medical insurance. However, most students opt for policies that are either provided by their colleges or are recommended by them. While these policies may be comprehensive, they may not be ideally suited for foreign students — Indians and others.
Why College-Provided Medical Insurance Might Fall Short
Policies provided or recommended by colleges abroad typically cover students for medical emergencies faced within the campus or the immediate surroundings. At most, they will cover the student within their country of residence. However, a student living abroad is not going to restrict himself/herself only to the campus. They are going to take this once-in-a-lifetime opportunity to explore.
During semester breaks, these students are going to explore neighbouring countries. At least once or twice during their course, they may also travel to India to see their families on important occasions like festivals, weddings in their families and so on. What happens if they face medical emergencies during these travels?
In most cases, college-provided policies do not cover the student in such situations. This will leave them in a vulnerable situation as they would have to meet the expenses out of their own pockets amid the already high expenses of their education.
A Student Travel Plan from India To Your Rescue
This is where buying Student Travel Insurance from India can come to their rescue. These are long-term travel insurance policies that are tailored to suit the unique needs of Indian students studying in another country. These insurance policies can help them fill the gaps left by their college’s insurance plan. Such a plan would not only cover them when they visit India but also during their travels to other countries on holidays. Moreover, apart from covering their health, student travel insurance plans come with other travel-related coverages as well.
For example, if they lose their baggage during their travel, or if their passport is stolen, a student travel insurance plan would cover the financial loss. Even in cases of trip cancellation, these plans can come to the rescue of the students. Many of these plans also cover compassionate visits, where a family member can travel to their country of residence in case of a critical illness. You cannot put a price on the comfort and relief of having a family member close in such a situation.
Many student-specific plans cover sponsor protection too, ensuring their education isn’t disrupted in case something happens to their sponsor.
While all that is good, students studying abroad are already under significant financial pressure. So won’t these policies cost a lot? The good news is that student travel insurance plans bought from India are often significantly cheaper than those offered by foreign universities. One can buy a decent plan by paying just one per cent of their total education cost, sometimes even less than that. And think of all the benefits we listed. It is worth it and all students must go for it.
After all, by adding this plan to your medical insurance, you can ensure that your academic journey does not get interrupted under any circumstances and your financial stability remains intact. Go for it and your future self will thank you for it.
-The author is Head of Travel Insurance, Policybazaar.com. Views expressed are personal.
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