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Ref. No. KLI/22-23/E-BB/492
Read this article to know the important things one should know about health insurance for students studying abroad.
A rising number of Indian students now move abroad for completing their higher education. One of the requisites in most foreign countries is for the international students to have a valid health insurance policy throughout their course duration.
In most cases, the students can purchase a health plan from India or an insurance provider in a foreign country. While it is not a mandatory requirement in some countries, it is still advisable to have a health insurance policy as the healthcare costs in most foreign countries are significantly high.
1. What is a Student Health Insurance Policy?
Student health insurance, also known as a student overseas plan or student travel insurance, is a unique insurance product exclusively designed for Indian students moving to a foreign country for higher education.
Apart from the standard medical coverage, the policies generally come loaded with additional features such as family visits in case of a medical emergency, repatriation, medical evacuation, sponsor protection, and more. As such events can have huge financial consequences, it is wise to purchase a student overseas health plan.
2. Does a Student Travel Insurance Come with Cashless Hospitalization?
A few popular student overseas health plans come with cashless hospitalization. With this feature, the student can receive the best medical care in foreign countries without worrying about bill payments as the insurer will directly settle the bill with the hospital.
But just like in India, insurers have their network hospitals in foreign countries. This cashless facility is generally only available in network hospitals. When selecting a student health plan, ensure that the insurance provider has multiple network hospitals in the country you are planning to visit.
3. How to Renew or Extend a Student Overseas Health Insurance?
If the course duration is extended or exams are delayed for some reason, the health plan should be extended accordingly to ensure that the student remains covered throughout their stay. To eliminate the renewal hassles, most student health plans come with automatic renewals. If the tenure of the current policy expires, it can be renewed automatically for enhanced convenience.
In case of delays, the policy can also be easily extended to ensure complete protection throughout the foreign stay.
4. How to Cancel a Student Overseas Health Plan?
Students are advised to go through the insurance requirements of their university and the foreign country they are planning to visit before purchasing health insurance. Most countries and universities have basic criteria that a health plan should fulfil to be valid.
But if you have purchased a student health plan that the foreign country or university does not accept, it can be easily cancelled. Insurers also refund the premium on a pro-rata basis.
Facing emergencies on your own when you are thousands of miles away from your family and friends can be challenging. The financial security offered by a student overseas insurance can make it easier for you to tackle such challenges and focus on building a brighter future.
Compare the top student health plans to know more about their features and choose one that best meets your expectations and the mandatory criteria of the foreign university and country.
Ref. No. KLI/22-23/E-BB/2435