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Y Sponsor protection: Pays tuition fees in the event of example, where a US university plan cost close to $2,000,
accidental death of sponsoring person who was paying the Indian student travel insurance plan would range from
for studies. $300 to $500 for the same coverage amount.

Y Bail bond: Pays the bail amount on arrest or detention
by police for a bailable offence. The only situation in which buying travel insurance from
an overseas insurer makes more sense is if you have a pre-
Y Compassionate visit: On hospitalisation of student or existing disease.
a family member, where a family member is required
to visit student or the student is required to visit a Buying tips
family member. Accommodation for the family
Confirm beforehand whether the university you have
member visiting abroad and round-trip economy class
tickets for the student or family member are enrolled in insists on a mandatory insurance cover. It is
important as some universities like in the UK, do not accept
reimbursed.
insurance policies other than state-prescribed NHS
Y Psychological coverage: Treatment of mental and (National Health Service).
nervous disorders, including alcoholism and drug
dependency are covered. If the university offers the flexibility of buying insurance
from home country, it is advisable to check whether the
How much is sufficient? benefits offered match the university’s requirements. Avail

The university you are enrolled in will suggest the amount appropriate health covers from India with better benefits
of travel insurance you should get. If they do not, then it to be well protected. Some insurers provide a list of
is ideal for you to go for the highest cover amount you can universities that accept their insurance and also give a 30-
afford. However, you should not settle for anything less day free-look period to return the insurance if the
than $100,000 if you are going to the US/Canada. In fact, university does not accept it.
since the medical treatment costs are higher in these
countries, it is recommended to have a cover for around Also, ensure the chosen plan provides complete medical
$250,000. protection as discussed earlier along with these three key
student specific benefits – study interruption, sponsor
For studying in a European country, 50,000 euros insurance protection and bail bond.
cover is recommended; for countries like Australia and New
Zealand $50,000 is advised. Remember, these are just As a thumb rule, the lower the policy deductible and co-
sample minimum figures. You should always consider your payment, the higher would be the premium. Deductible is
needs and medical fitness before deciding the right the expense which a student bears before availing the
coverage amount. benefits of health insurance. Co-payment is the amount
that one has to pay for each time one visits the hospital.
Product options The co-payment amount is over and above the policy
deductible. Needless to say you must pick an insurance
You can buy a student travel insurance plan from any of
cover that has the right balance of the two.
the following places:
Y An Indian insurance company
Carefully scan the sub-limits which is the upper limit
Y University you are enrolled with applied on room rent, ICU expenses, diagnostic tests or
Y Insurance provider in the country you are visiting ambulance charges by the insurance companies. Choose a
plan either without a sub-limit or one that has a higher sub-
Buying student travel insurance in India is a much cheaper limit. Similarly insurers do not cover pre-existing ailments,
option as premiums are significantly lower than most but if required by the university, the insurance company
international university student insurance plans. For may provide this coverage. (Source : Business Standard)

I have made this letter longer than usual because I lack the time to make it shorter.

Life Insurance Today November 2017 25

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