Every year, thousands of Indian students travel to other countries for higher education. According to the Ministry of External Affairs, over 1.3 million Indian students are studying in 79 different countries around the world.
This time of the year is considered crucial when these students leave their homes to begin their studies abroad.
If you have planned to travel for your studies, it’s essential to prepare a checklist before boarding your flight, and this checklist should include student travel insurance.
Some people think about buying insurance in the country they are going to, but it’s often better to get it from India. Why? Because it can save you more money.
Why Choose Student Travel Insurance from India?
Amit Chhabra, Head of Travel Insurance at PolicyBazaar.com, says that buying student travel insurance from India is advantageous.
This is because it financially protects students from both medical and non-medical emergencies that may occur during their stay abroad.
Additionally, this insurance plan covers unexpected risks like laptop loss, flight delays, medical expenses, legal fees, and more.
Furthermore, it helps you save money because the cost of insurance purchased in India is almost one-third cheaper compared to policies bought abroad.
For instance, if you are registered for a graduate program in the USA with an annual fee of around 1.2 million rupees, the cost of insurance from India will only increase your total expenses by 1%, which is approximately 12,000 rupees.
Healthcare Costs Abroad
Compared to India, getting medical treatment in other countries can be much more expensive.
For example, a doctor’s consultation in the US can cost around $100-200, which translates to roughly 7,000-14,000 rupees.
Consulting a specialist can cost $250-$300, which is around 20,500-27,000 rupees in Indian currency.
Without insurance, sudden medical issues can become a financial burden. Insurance covers doctor visits, emergency room charges, excluding medication costs.
Travel Protection
Experiencing issues like delayed baggage or flight delays during travel is common. Being prepared for these inconveniences is wise.
Travel insurance policies for students help cover expenses that may arise due to such problems, ensuring that students are financially protected.
It includes covering checked-in baggage delays, passport loss, and expenses incurred while obtaining a new passport.
Accommodation
If a student has already paid the fees for the current semester but has to return home due to health problems, insurance with “stay” coverage can take care of the student’s fee.
It also covers the cost of immediate family visits or any travel costs incurred due to family emergencies, ensuring that the student’s travel expenses are covered.
University vs. India Insurance: What’s the Difference
Amit Chhabra advises that if you purchase insurance through your university, the medical coverage is often limited to the university’s facilities.
In contrast, buying insurance from India provides comprehensive coverage that includes both medical and travel aspects.
It also covers travel to nearby places, which may not be covered by university-provided policies.
For example, if a student studying in the USA plans a trip to Mexico and faces a medical emergency there,
insurance purchased from India may cover in-patient and outpatient treatments, X-rays, and other diagnostic tests.
Premium Savings
According to Amit Chhabra, insurance premiums are lower when purchased from India. This is because the policies offered by universities tend to be more expensive.
The Indian policies are often available at about one-third the price of international alternatives.
Moreover, student travel insurance purchased in India often includes cashless medical care at network hospitals.