Having your child get accepted into his or his desired college can be both exciting and scary at the same time. Your natural instinct has always been to safeguard and comfort your kid. However, your responsibility does not end when your child is ready to move abroad. But how can you care for your loved one when you are thousands of miles away? Getting your kid covered with an overseas travel insuranceplan is one way to continue to provide protection and comfort.
Did you know that if you want to study at a university in the US or any other Schengen country, you must necessarily have health insurance? However, when it comes to the UK, Malaysia, and Singapore, insurance is more of a non-mandatory choice. To ensure adequate protection, choosing a complete student travel insurance plan for your kid is always important.
According to a source, by 2024, an average of 1.8 million (Source taken by ICEF Monitor) Indian students are expected to be enrolled in colleges abroad. The main goal of having an overseas travel insurancepolicy in place is to be prepared to handle accidents, unforeseen events, or medical costs incurred while traveling. Here are a few apparent benefits of purchasing student travel insurance for your advantage.
Meaning of Student Travel Insurance
As the name implies, a student travel insurance plan is curated specifically for students who want to study abroad. It primarily offers customers financial protection against any unforeseen incidents that may arise while traveling. Typically, student travel insurance covers both the travel and the child’s health insurance.
Eligibility Criteria for Student Travel Insurance
Following are the conditions to be eligible for obtaining a student travel insurance plan:
- Anyone between the ages of 16 and 35 can apply for coverage under a student travel insurance plan.
- Each student is only given one travel insurance coverage for a certain period.
- You must be enrolled in a course at a reputable and recognised institution.
- You must be taking the course full-time.
Why Getting Student Travel Insurance a Must?
Insurance companies in India granted over two billion Indian rupees worth of gross premiums for overseas travel insurance during the year 2021. Compared to the previous year, this was a whopping decline of 72%.(Source taken by Statista) However, getting student travel insurance is a necessity when moving abroad for studies.
Let’s explore some of the factors which render it essential.
- Compulsory in a few universities: Students must be covered by comprehensive travel insurance to study at certain universities. You might have to enroll in the university’s medical insurance program if you don’t have insurance. Your course fee will still be due in addition to this.
- Unforeseen Event: Several things could go wrong when relocating to a new country, from a delayed trip to losing luggage. What if you lose your passport, too? It is challenging to manage such unforeseen circumstances on your own. However, travel insurance will safeguard you from such situations.
- Medical emergency: Pursuing an education overseas takes some time. You’re likely to need medical care at some point in the future. Healthcare expenses are quite expensive in most nations, particularly the US. Merely a one-time hospital visit might force you and your family to go through your hard-earned savings. A travel insurance policy, nevertheless, can be helpful in such events.
- Other obstacles while studying: You might face other problems while studying, including prolonged illness, demise in the family, or hindrance by your sponsor. Your finances can also suffer as a result of such significant problems. However, a student travel insurance plan will assist you in these situations.
Advantages of Student Travel Insurance Plan
A student travel insurance policy has various advantages, such as:
- Coverage for healthcare costs: Paying for medical care while traveling might be too costly. However, if you choose a suitable student travel insurance plan, appropriate coverage for hospital bills, medicinal expenses, and any expenses associated with an emergency operation might be offered.
- Legal Aid: Insurance coverage can also be used to pay for legal costs should the need ever arise. In the unlikely event that your child becomes involved in a legal dispute, the additional support offered by a student travel insurance policy would always be able to aid in covering the other expenses incurred.
- Lost luggage: If your child loses their luggage, which might contain important documents, cash, and valuables while in transit, student travel insurance might be able to provide the necessary protection and assistance.
- Third-party liability: Your student travel insurance will cover the costs if you unintentionally cause a third-party loss while traveling overseas.
- Departure delay & emergency evacuations: Both departure delays and emergency evacuations may result in unforeseen expenditures. Your child would have to pay the additional money to book a different flight if the airline would not refund the ticket price. Therefore, a suitable insurance plan that aids in managing the additional expenses would always be appreciated.
- Compassionate visit: Being away from the family, mainly while being sick, is arguably the most emotionally draining part of studying abroad. An immediate family member’s travel and hotel expenses are covered in the event of hospitalization.
To choose the best overseas travel insurancepolicy for your loved one, it is beneficial to always browse around for the most affordable prices. Before picking a plan, make sure to compare different plans based on the coverage they provide and their claim settlement period. Purchasing student travel insurance online is a quick and easy process! So quit waiting and safeguard your stay abroad right away!
