Lakhs of Indian students are going abroad every year for further
studies. Universities, particularly in the Schengen (15 countries in
Europe), the UK, the US and Australia, attract thousands of young
professionally oriented Indians every year.
These universities
insist that students get insurance on health , either at home or
abroad and then continue the studies. It is not practical to go
abroad to study without an insurance policy to cover the unforeseen
future. Now, Insurance is one of the most important criteria for the
Schengen visa, and many students do it before they pack their
baggage for foreign universities.
The cost factor
Students can choose to insure themselves either in India or
abroad before starting their studies. Student insurance policies
cost around $500-900 per year in the US, and around Australian $400
in case of Australia. The premium amount can change depending on the
university and insurance rules of the land. The cheapest worldwide
cover offered by insurers is $168-234 per annum and the most
expensive is $355-575 per year.
The health insurance policies offered by universities abroad
provide only medical cover; non-medical risks are not insured by the
companies. Which is why most students prefer to get insurance cover
in India itself . However, some foreign universities insist that
students take insurance policies from them and do not accept
policies taken in the home country.
What is the need of buying a health insurance policy?
Students, especially from India and other developing countries,
invariably have a hand-to-mouth existence abroad. This is due to the
unfavorable exchange rate. And medical treatment in most western
countries is very much expensive, often several times over what the
same treatment would cost if done in India. Student travel health
insurance policies offered by Indian insurers cover the risks right
from the time the student boards the flight out of India.
Hospitalization expenses are paid even if the insured person falls
sick and has to be hospitalized in some country while on his way to
pursue education in the destination-country.
What is covered under the health insurance schemes?
Apart from paying out-patient medical expenses and
hospitalization charges of $50,000-250,000 depending on the nature
policy, leading Indian insurer Tata AIG offers to bear the student's
nearest family member's round ticket cost, if you are hospitalized
for more than seven consecutive days. This company offers to pay the
costs of most direct flights for the same. Other insures have other
lucrative insurance
policies also.
by Suhani
For further information on
Life Insurance or any other kind of insurance please contact
Paisa Waisa directly on 0120-6489821 or visit at
www.paisawaisa.com
