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Students may be able to save a lot on premium by buying an insurance cover in India. But check with the foreign varisty

 

It is almost time for many students to pack their bags for foreign universities in the US, UK and Australia. In the backdrop of a fast depreciating rupee and gloomy economic scenario, some penny pinching would be a wise thing to do even before embarking on an exciting journey. A health insurance policy is a great place to start your money-saving efforts, as you can buy a student health insurance cover in India with one-third of the premium you would pay for a similar cover in a foreign country.

Additionally, Indian travel cover ensures that students are covered round-the-clock for all in-patient and out-patient treatments when they are abroad. This is unlike many universities who only cover them within the premises. The cover offered by some universities restricts students to a specific list of hospitals.

Most universities insist on health insurance cover for their foreign students, but many of them allow the students to buy the health cover in their home country. Universities make it mandatory for students to have medical coverage. Some universities insist on certain specific requirements such as a minimum medical sum insured, coverage of mental and nervous disorders, drug and alcohol abuse and inter-collegiate sports injuries.

Before buying a policy, however, take a close look at your admission letter. Studying your course fee structure closely would be a good idea. It will help you ascertain whether the cost of health insurance is included in the fees. Next, you need to figure out whether your university allows you to replace this built-in cover with a health policy, that is, student cover from an Indian insurer of your choice.

Buying a student cover is an easy affair. General insurers such as ICICI Lombard, Bajaj Allianz and Tata-AIG allow students to buy the cover online, circumventing the need for extensive documentation.

They can fill up the online proposal form and provide their admission, visa and other details asked for and make the payment online. This means that you can complete the process even if you have just a few days to go before you fly to your destination country.

Remember, you have to buy the policy before you leave the country — your parents or relatives cannot buy it on your behalf later. If you need to extend your stay, the policy can be renewed. First, check with your university if you can buy a cover from India. If you can, shortlist Indian general insurers which offer overseas student insurance policies. Some of the companies which offer travel insurance specifically for students travelling abroad, include ICICI Lombard, Bajaj Allianz and Tata-AIG General. PSU insurers like New India Assurance and Oriental Insurance, too, sell overseas mediclaim policies. Third, check whether the insurance company or its partner has a good presence in the country of your university.

Next, check what it covers and what it does not.

Depending on the variant and insurer you have chosen, these policies cover in-patient hospitalisation and out-patient treatment expenses, dental treatment, personal accident, checked-in baggage loss, sponsor protection and study interruption. Preexisting diseases are usually not covered under overseas student policies. Similarly, out-patient treatment expenses may be excluded in some policies.

However, youmight be able to obtain a cover for dental treatment under certain high-end variants.

Some policies also prescribe deductibles, that is, the initial amount of expenses (say, around $100) to be borne by the insured before the insurer pays the bills. The sum insured offered ranges from $50,000 to $5,00,000. The annual premium for a $50,000-cover (for students traveling to the US) could amount to . 10,000-20,000, again, as per the product chosen by you.

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