Insurance firms in India have launched travel policies that provide coverage for unexpected emergencies, job loss, and visa revocation to assist Indian students studying overseas. These regulations are designed to give students peace of mind and financial security while they deal with the difficulties of studying abroad.
What Do These New Policies Cover?
These student-specific travel insurance policies cover risks such as:
- Visa Cancellation: Coverage in case of visa rejection or revocation
- Job Loss: Financial protection in case of unemployment after graduation
- Medical Emergencies: Coverage for medical expenses, including hospitalization and emergency evacuations
- Accommodation Costs: Coverage for accommodation costs and return travel in case a student is required to leave the host country suddenly
- Trip Cancellations: Protection against trip cancellations and interruptions
Benefits of Indian Insurance Policies
Indian insurance policies offer several benefits, including:
- Affordability: Indian student travel insurance costs around one-third of what global counterparts charge
- Comprehensive Coverage: Policies cover a range of risks, including medical emergencies, trip cancellations, and job loss
- Customizable Options: Students can choose from various plans with different coverage options
Despite the advantages, some students still favor insurance that is advised by their universities from outside companies since it is simpler to process claims in the host nation.
Education consultants suggest a hybrid model to achieve balance. According to a source, students should follow the advice of their university as this can facilitate their adjustment.
As the number of Indian students studying abroad has increased over the past year, so too has the demand for student insurance plans. “At Policybazaar, we’ve seen more and more students and their parents choosing plans with coverage between $100,000 and $500,000, and in some cases, even up to $1 million,” said Meet Kapadia, head of travel insurance at the company. The insurance sector is changing to provide them with affordable options as more Indian students study abroad. These new options are expected to lower the financial risks connected with studying abroad and become an important component of student planning.
