5 Features to look for when Buying Travel Insurance for Students
Travel insurance for students is a necessary investment when they are studying abroad. It not only covers their medical expenses but also provides cover for events, such as loss of baggage, loss of passport, personal liability cover, etc.
If you are someone studying abroad for education, you must consider adding travel insurance to your overall travel plan. It will come in handy if you are faced with eventualities like a medical emergency or an accident, among other things.
Some insurance policies will also provide cover for pre-existing illnesses, cancer screening, maternity cover, etc. Student insurance policy is for students who are travelling abroad for their higher studies. This policy is designed to not only protect you from unpredictable events but it also meets foreign university requirements.
However, with so many companies offering travel insurance for students, it can be difficult to choose the right product. But don't worry, this article will share some tips to help you make an informed purchase decision.
1) University insurance policy
First, when you plan to buy travel insurance for student, you must acquaint yourself with the university insurance requirements. The mandate will mention if you must take the insurance cover from the university itself or whether you have the flexibility to buy it from your own country. In addition, most countries in Europe have made it mandatory for students to get travel insurance for visa eligibility.
If your university accepts Indian travel insurance for student, then you must check the university’s requirements and make your decision accordingly. Needless to say, the premium paid for an Indian insurance cover will be much cheaper than the policy bought overseas.
According to financial experts, it is advisable to buy a policy even if the university mentions no specific requirement to carry an insurance cover. It is for your safety and protection!
2) Check the pricing
This has been mentioned before; an insurance policy bought from an Indian insurance provider will be much cheaper than the insurer abroad. The difference between the two can be significant. Therefore, one may be tempted to buy a policy that promises wide coverage at a low premium. But the students should avoid falling for these marketing gimmicks and read the policy document carefully to know what is included and excluded from the coverage amount. Don't just get attracted to the low cost of the insurance premium. But suppose the cost is a big decision-making factor. In that case, you must consider buying your insurance cover at home to enjoy equal benefits at a much lower price, if permissible by your university.
3) Deductibles and co-payment clause
This is an out-of-pocket expense that the student would have to bear before the benefits of their insurance policy are made available to them. Co-payment is a certain percentage of the total bill that the student is liable to pay before the insurer releases the payment. When comparing travel insurance for students, make sure that the policy you buy has the lowest co-payment and deductible. However, the premium may go up in that case, so be sure to keep that in mind. Students need to do proper due diligence to balance the two when choosing an insurance cover.
4) Sub-limits and pre-existing illness cover
This is one of the most important factors to consider when buying an insurance policy. Sub-limits are a limit applied to certain expenses, such as room rent, consultation fee, diagnostic tests, ICU expenses, etc. Students should look for a policy that comes with a sub-limit or has a higher sub-limit. Additionally, most insurance policies will not cover pre-existing diseases. However, if it is a university requirement, your insurance provider may offer it, albeit at a higher premium.
5) Claim settlement ratio
You can check the insurer’s credibility by checking their claim settlement ratio. The higher this ratio, the more trustable they are. CSR is defined by the number of claims settled in a given year. For example, Care Insurance has a CSR of 95.2%. It means that the company has settled more than 95% of the claims raised in a given year.
Travel insurance for students is an added layer of protection you can give to your children. Read these points and keep them in mind before making an investment.
