The cost of any medical treatment in most developed countries is quite high, especially for Indians due to the currency exchange rates.
Students planning to go overseas for higher studies will know that nearly all universities abroad have a rule requiring international students to possess medical insurance.
In fact, most universities abroad do not allow admission if the student is without an insurance policy.
Most universities have basic insurance requirements that cover medical expenses due to hospitalisation and personal insurance.
These policies take care of the student`s medical expenses, such as inpatient and outpatient treatment, with some universities even covering specific care, like dental treatment and pre-existing conditions. In addition to buying a comparable insurance cover in their own country, students have an option of buying medical insurance from either the university or a recognised healthcare provider within that country.
You need to consider the conditions, legal and personal safety cover and the basic insurance requirements set by your college.
Before you pick a student insurance, examine the benefits of each insurance provider in order to make an informed decision.
The primary reasons why you should opt for student medical insurance from India are: It is available at almost a fraction of the cost of a similar insurance cover bought abroad; coverage begins the moment you enter the airport to embark on your journey, the premium for the policy is paid in Indian currency, but the compensation paid by the insurance company is in the foreign currency concerned.
While the coverage offered by the university is enough, it only covers medical expenses. Consider situations like when you need assistance with a non-medical emergency - like loss of passport; situations that your student health insurance does not cover. What would you do?
This is why you need to search for an insurance provider that provides the best coverage.
Search for the insurer with the diligence you searched for the university for your course. Pay attention to the sum insured and coverage required. There are several coverage details that you need to consider when looking for student medical insurance in India.
Comprehensive coverage: Get the maximum medical coverage, including medical evacuation and repatriation costs in case of accidental death abroad; with add-ons available for dental treatments, medical expenses due to sports emergencies, treatments for psychological and nervous disorders.
Non-medical coverage for emergencies like loss of checked-in baggage, passport loss, missed connecting flight, trip delay and cancellation, legal liability and sponsor protection should also be on your checklist.
Study interruption: This is important, as it provides you coverage against study interruption in case you miss a semester on medical grounds, and takes care of the medical bills and the tuition fee for that semester.
Compassionate visit: Research for a policy that provides your parents with a two-way compassionate visit cover in case you are hospitalised.
Tie-ups with leading healthcare providers: Search for an insurance company that is associated with reputed hospitals, so that you can avail of quality medical treatment.
Online renewals: Try to find an insurance provider who allows you to renew your policy online. This helps to get an extension instantly.
Easy claims settlement: Your health insurance is only as good as the company`s claim servicing. Choose a provider that offers cashless hospitalisation facility.
(The author is Director-Retail, ICICI Lombard GIC)
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