The student insurance plans are like a global travel policies which are meant for the students going abroad for the further studies; as per Universities abroad it is mandatory for students to be insured.
Some Universities in Canada and New Zealand include insurance charges in the tuition fee while on the other hand Universities in U.S. and U.K. accept the insurance bought at the home country while approval of the University for the Coverage Amount is needed.
In India companies like TATA AIG General insurance, Bajaj Allianz and ICICI Lombard offer student plans mostly for the students between 16-30 years of age; policies offered by latter are accepted by U.S. Universities; students plan may cover or not cover the America. Few of the products provided by Indian insurers are listed at the end.
Students’ policies provide the accidental death and dismemberment cover of $ 10,000 to $ 50,000 and medical cover of $ 50,000 to $ 250,000 at times $ 500,000; depending on the policy dental expenses may be covered.
Some plans also provide additional cover such as:
- Treatment of mental and nervous disorders including alcoholism and drug abuse.
- Travel related aspects such as loss of baggage or passport.
- These policies also cover studies interruption due to illness in such case insurer will reimburse the tuition fee paid for the semester.
- Sponsored protection: in the case of the death of the guardian insurer will pay the fee upto the specified limit.
- Compassionate visit – If you get hospitalize for more than seven days than insurer will pay return air fair for one parent and vice versa.
It is advisable to buy the student policy from Indian insurers as they are not only cheaper but also provide additional benefits than the policies provided by the Universities. For the cover of $ 100,000 or more for two years a policy provided by University will cost you $ 600-800 per year while the same will cost you Rs 7,000-19,000 from Indian insurer.
Common exclusions to the student plans are:
- Expenses incurred if you are travelling against the advice of physician,
- Pre-existing ailments and complications arising out of them,
- Suicide or attempted suicide,
- War, terrorism, illegal acts, dangerous sports etc.
Some of the Student insurance provided by Indian insurers are listed below:
ICICI Lombard Overseas Student Travel Insurance.
Key features of this plan are as follows:
- It has global tie ups with United Health International, The global arm of United Health Group.
- It provides medical and non medical coverage during your study abroad including study interruption cover, provision for two way compassionate visit cover for parents.
- Other expenses covered are repatriation of remains, checked in baggage loss, passport loss, sponsor protection, treatment of mental and nervous disorder, Childcare benefits, Dental treatment, Cancer Screening, maternity benefits, personal accident, personal liability and few other expenses.
- It has three sub categories, Gold Plan, Plus Plan and Bronze Plan.
- Database of over 500 policies and issuance of instant digitally signed policy.
- Quick cashless settlement through vast network of hospitals across the globe.
TATA AIG Student Guard Plus.
Key Benefits are as follows:
- 3 plan options, Plan A, Plan B and Ultimate with Accident & Sickness Reimbursement limits of $50,000, $100,000 and $250,000 respectively.
- Cover includes Repatriation of remains, Study Interruption, Sponsor Protection, Compassionate Visit (2-way) apart from Accident & Sickness Reimbursement and Personal Accident.
- More comprehensive cover including Maternity Benefits for Pregnancy Termination, Cover for Mental and Nervous Disorders, Cancer Screening and Mammography.
- Relocation Support Program for the 365 day (including Americas) plan option.
Bajaj Allianz Student Companion Plan:
What all is covered under this plan is given as follows:
- Current semester tuition fees reimbursement subject to maximum limit mention in case the insured is unable to continue the school semester due to serious medical condition of the insured requiring hospitalization or death / serious injury requiring hospitalization of either of the parents during the policy period.
- In the event of the sponsor mentioned in the policy meeting with an accident during the policy period, resulting in death or permanent disability the company shall reimburse the remaining school fees.
- In the event of the insured becoming hospitalized as a result of an accidental injury or sickness covered under the policy and the attending physician advises necessary attendance of a family member, the company will reimburse the travel cost for the visit (Family members include spouse, parent, sibling & in-laws).
Bajaj Allianz Student Elite Plan:
Key Features are:
- Reimbursement of the tuition fee paid in advance for the current semester (maximum limit mentioned), if the insured discontinues school owing to medical conditions requiring hospitalization; or due to serious injury / death of either parent.
- In case the sponsor named in the schedule meets with an accident resulting in death / permanent disability during the policy period, the company shall reimburse the remaining school fee subject to the maximum limit mentioned.
- In case the insured is hospitalized due to accidental injury / sickness covered in the policy and the attending physician advises the necessary attendance of a family member, the company will reimburse the actual cost of economy class transportation by the most direct route via a common carrier subject to maximum sum assured. (family means spouse, parent, sibling and in-laws of the insured)
- In addition to the sum insured in the Personal Accident section, the company will pay the sum insured specified in the schedule, if the insured sustains accidental bodily injury during travel by a common carrier; and the same takes place within 12 months of the date upon which it was sustained and resulted in the insured’s death / loss of two eyes / loss of two limbs / loss of one limb and one eye.
- In case the insured is arrested for inadvertently breaking the law during overseas travel, the Company will pay the amount as per the schedule, towards the bail amount for release except when the insured has been charged with breaking the law with criminal intent or for over speeding in a vehicle.
Bajaj Allianz Student Guide and Brilliant Minds Plan:
Key features are:
- The Brilliant Minds policy covers hospitalization expenses due to accident while sickness cover is excluded.
- Personal Accident: In case the insured meets with an accident resulting in death and permanent disablement, during the policy period, the company would reimburse the remaining school fees as per the maximum limit mentioned in the schedule
- AD & D Common Carrier: The company would pay the sum insured specified in the schedule in addition to the sum specified under the personal accident section, in case the insured sustains accidental bodily injury resulting into death/permanent disability, while traveling in a common carrier, such as rail, bus, tram or aircraft during the course of the journey.
- Loss of Checked-in-baggage: Covers total and complete loss of baggage checked in, by an international airline.
- Personal Liability: Covers the legal liability attaching in a private capacity, during the course of overseas travel
- Bail Bond: Subject to all other terms and conditions if you are arrested for any inadvertent law breaking during your travel overseas, the company would pay the amount mentioned in the schedule towards the bail amount for your release, excluding for any bail amount where you have been charged with breaking the law with criminal intent or for over-speeding in a vehicle.
- Tuition Fee: Reimbursement of the tuition fee paid in advance for the current semester, (maximum limit mentioned in schedule) if the insured discontinues school owing to medical conditions requiring hospitalization or due to serious injury / death of either parent. (Subject to policy Terms & Conditions.)
- Family Visit: In the event of the insured becoming hospitalized as a result of an accidental injury or sickness covered under the policy and the attending physician advises attendance of a family member, the company will reimburse the travel cost for the visit (Family members include spouse, parent, sibling and in-laws).
- Loss of Passport: Covers the reasonable and necessary expenses to obtain a duplicate passport or a valid travel document.