International student travel insurance

Advertisement The recent deportation of 30 Indian students from the US for failing to clear immigration formalities has brought into focus the darker side of the overseas education dream. Students, pursuing admission in prestigious universities often ignore the risks that can wreck their aspirations. This is where an international student travel insurance policy can come in handy. Policies, with covers ranging from $50,000 to $5,00,000, are offered to overseas-bound students in the age group of 16-35 years. They cover study periods of up to two years.

However, the policies do not cover all unforeseen emergencies—a case in point being the recent deportations. "Verifying the university's credentials is the students' responsibility, as is clearing immigration checks," says Nikhil Apte, Chief Product Officer, Product Factory (Health Insurance), Royal Sundaram Alliance. So, understand the fine print before signing up for one.

Shield against emergencies

Health and accidental death or disability covers form the most critical components of an overseas students' insurance package, given that medical treatment is prohibitively expensive abroad. Moreover, most universities in the US, Canada and Australia insist on students having a health insurance policy in place—if you don't buy one in India, you will have to settle for a policy from the ones recommended by the university. Premiums of policies bought abroad are much higher, up to three to four times the cost of overseas students' policies available here.

Under these policies, students can claim compensation in case their studies are interrupted due to the death of their sponsors or adverse medical condition of students themselves. "In such cases, the policy will take care of the balance fees payable," says Sudhir Sarnobat, CEO, mediamange.com. The policies also foot the bill for students' roundtrip to India in the event of a family member's death. In tragic cases of the student's death, the policy will also pay for cost of repatriating the body to India. Checked-in baggage and passport loss make up the smaller risks covered under the policies.

Overseas student insurance also covers personal liability—compensation you may have to pay a third party if you are held responsible for injury or damage sustained by them. If you are detained for a bailable of-fence during your stay abroad, you can make a claim under the policy to arrange for the bail bond.

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