International Student Insurance: Know How to Purchase Policy

International Student Insurance
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Moving to a foreign country is a life-changing experience for Indian students aspiring to study abroad. The thought of new opportunities, exploring different places, and meeting people from diverse backgrounds is incredibly exciting. However, it’s very important to anticipate unprecedented challenges and be well-prepared for them.

One of the best ways to safeguard against unforeseen circumstances is by having a comprehensive plan for overseas health and travel insurance. Most of the international student insurance policies cover travel and health aspects. Let’s understand how to get the best international student insurance policy.

What is International Student Insurance?

International student insurance policies are especially for students who are planning to study abroad. In most of the cases, overseas student insurance is mandatory for the applicants. The policy offers both travel and health coverage. Travel insurance protects against risks related to loss of baggage, medical emergencies, trip disruptions, and other travel-related issues. Student health insurance plans are comprehensive and affordable and are designed to meet visa requirements and university requirements like mental health, maternity, and sports. Also, in case of death, the insurer provides cover for repatriation of the remains.

Also Read: Check out the difference between Life Cover under loan insurance and Life Insurance Policy.

How to Purchase International Student Insurance?

Purchasing an international student insurance policy is simple these days. You can get it in minutes with various online agents like Policy Bazar, Acko etc. You can also visit the official website of the company from which you want to buy the policy. Check below the steps that must be followed in order to purchase international health insurance:

  • Look for different insurance companies that offer international student insurance Tata AIG, HDFC ERGO, Bajaj Allianz international students, Reliance etc and compare their plans and benefits.
  • Make sure you understand the insurance requirements of the country and university where you are going to study. This might include specific coverage for health, travel, or both.
  • Check various plans to see what each covers like medical expenses, travel issues, and additional benefits like mental health or maternity coverage.
  • Request quotes from different insurance providers to see how much each plan will cost.
  • Look for reviews and ratings of the insurance companies to understand the reliability and have good after-sale service.
  • Once you’ve selected the best plan for you, follow the insurance company’s process to purchase the policy.
  • Select the policy, enter the required details and make the payment. If you face any issue at any step, request a callback from the agent.
  • After purchasing, keep all documents related to your insurance policy like the policy number, coverage details, and contact information for the insurance company.

Also Read: Know all about the details of why education loan insurance is important. 

Top Companies for Overseas Student Insurance

Some of the major companies providing abroad insurance to students are HDFC ERGO, Tata AIG, Reliance General Insurance, Bajaj Allianz, ICICI Lombard etc. All these companies are regulated by IRDAI (Insurance Regulatory and Development Authority) and are famous for processing claims faster. Check the major features of these companies below:

Insurance CompaniesFeatures
HDFC ERGOCovers Emergency Medical Assistance
Covers travel-related problems and baggage-related hassles
More than 1 lakh cashless hospitals
TATA AIGIf you are hospitalised for more than seven consecutive days, your student travel insurance policy will cover the expenses for a family member to fly down and be with you.
Hijacking Cover
Low price than other insurance companies 
Bajaj AllianzMultiple policy schemes are offered like Travel Plan Student (Silver and Gold), Student Elite Plan, Study Companion Plan etc.
Easy to purchase through online mode or through a phone call
Easy claim process and wide range of coverages

Important Tips

Buying an insurance policy while studying abroad is a mandatory process. However, you must buy the policy for travel and health coverage even if the university doesn’t make it mandatory. Also, when buying a policy, you must check and compare all the terms and conditions. Know some of the important tips below:

  • Always check each and every detail in the contract of insurance
  • Try to understand the events that will not be covered by the insurance company
  • The terms and conditions shall be properly understood by the insured so that it will be easy to understand how and when to file for claims.

This was all the major details regarding international student insurance. Check some of the common FAQs on the same below:

FAQs

What is International Student Insurance and why is it important?

International Student Insurance is a policy specifically designed for students planning to study abroad. It provides coverage for both health and travel-related issues, such as medical emergencies, loss of baggage, and trip disruptions. This insurance is often mandatory for visa and university requirements and ensures students are protected against unforeseen circumstances while studying overseas.

How do I purchase an International Student Insurance policy?

Follow the below-mentioned process for purchasing international health insurance:
– Research different insurance providers and compare their plans and benefits.
– Understand the insurance requirements of your destination country and university.
– Check what each plan covers, including medical expenses and additional benefits.
– Request quotes from various providers to compare costs.
– Review ratings and feedback on the insurance companies.
– Select the best plan, complete the application, and make the payment.
– Keep all related documents, such as the policy number and coverage details.

What are some of the top companies providing Overseas Student Insurance?

Some of the top companies offering Overseas Student Insurance include HDFC ERGO, Tata AIG, Reliance General Insurance, Bajaj Allianz, and ICICI Lombard. These companies are regulated by the IRDAI and are known for their reliable services and fast claim processing.

What should I consider when choosing an insurance plan?

Consider the following while purchasing a policy:
– Ensure the plan meets the specific requirements of your destination country and university.
– Check the coverage details, including medical expenses, travel issues, and additional benefits like mental health and maternity coverage.
– Compare quotes from different providers to find an affordable plan.
– Read reviews and ratings to ensure the insurance company has good after-sale service.
– Understand the terms and conditions, including any exclusions and the claim filing process.

Is Bajaj Allianz good for international insurance?

Bajaj Allianz is one of the best companies for international travel and health insurance.

To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.

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About Shekhar Suman

Shekhar is a versatile writer with a passion for sharing knowledge and creativity. With expertise in crafting informative blogs on study abroad and finance, Shekhar helps readers navigate the complexities of education and financial planning. Most of his writings blend the practicality of finance and the beauty of language, making a meaningful impact in both spheres. Beyond his professional pursuits, he finds solace in the writing Shayari.

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