Overseas student insurance: Studying abroad is an exciting journey full of new experiences and opportunities. However, unprecedented circumstances can hit the students at any time which can attract huge costs. For example, if you suffer an accident or any other medical emergency in a foreign country, the medical cost can be huge which will impact your budget badly. Due to these reasons, a lot of universities have made international student insurance compulsory.
This insurance is not just a mandatory requirement but a vital safety net that ensures peace of mind and financial security. Check out this blog and understand why it is important to have overseas student insurance to study abroad.
Table of contents
Healthcare Costs
Healthcare systems vary widely across countries and in many places, the medical expenses can be very high. In countries like the USA, Canada, and Australia, even a minor medical issue can lead to high medical bills. Overseas student insurance covers medical expenses and provides cashless facilities for doctor visits, surgeries, and even prescription medications. This provides big relief especially in case of emergencies when you are not ready to deal with financial stress.
Also Read: Planning to study in Australia? Check here for some of the best student travel insurance for Australia
Emergency Medical Evacuation
In the unfortunate event of a severe illness or injury that requires specialised treatment not available locally, emergency medical evacuation might be necessary. This is usually a very costly affair and it may cost you lakhs of rupees. If you have purchased an overseas student insurance policy, the costs associated with emergency medical evacuation are covered and you will be getting essential support during critical situations.
Accident and Personal Liability Coverage
Accidents can happen anywhere and anytime. Whether it’s a road accident or an incident on campus, it will attract huge hospital bills. Having overseas health insurance ensures that students are protected against personal injury claims or accidental property damage. Personal liability coverage included in many insurance plans safeguards students even from legal and financial matters of such incidents. The insurer covers the legal fee in such cases. However, the insurer will not cover the said expenses in case of a breach of law.
Protection Against Theft and Loss
Living in a new country means adjusting to different levels of safety and security. Insurance policies cover theft or loss of personal belongings, such as laptops, smartphones, and other valuable items. This protection is very important, especially for students who rely heavily on their gadgets for academic purposes. Also, in case of baggage loss at the airport, you will get the assured amount as the cover.
Also Read: Want to purchase an insurance policy for abroad? Check here all about Bajaj Allianz International Health Insurance
Mental Health Support
The pressure of academics, cultural adjustments, and being away from home can impact the mental health of the students. Many overseas student insurance policies cover mental health support that will offer access to counselling services and mental health professionals free of cost. This support is very important and it helps students to overcome the emotional challenges of studying abroad.
Travelling to and from the host country, as well as within the country is a part of the international student experience. Abroad insurance policies usually cover travel-related issues such as trip cancellations, delays, and lost baggage. All these events are mostly covered by all the insurance companies which provide relief while travelling and the students need to worry about unforeseen circumstances.
Compliance with Visa Requirements
Many countries mandate health insurance as a prerequisite for student visas. For example, countries Germany, the UK, Australia, the USA etc. have specific insurance requirements for international students. Securing an appropriate insurance policy ensures compliance with visa regulations. This helps to prevent any legal hurdles that might disrupt the study abroad plans.
Financial Security for Families
This is one of the most important features of the overseas insurance policies. In case of any unfortunate event, the family are the first who suffers both financially and mentally. If you are insured, the insurer will pay your hospital bills and also pay for the one-way air ticket for any attendant who wants to visit you. There will be no financial stress on your parents/family and things will recover easily.
Overseas health and travel insurance covers multiple incidents like accidents, loss of baggage, legal fees etc. Whenever you are buying overseas student insurance, compare the policies offered by different companies and then buy the one that is best suited to your requirements. Check some common FAQs regarding the importance of health and travel insurance for abroad.
FAQs
Overseas student insurance is important because it provides financial protection against high medical costs which is very expensive in countries like USA, Canada, and Australia. It ensures that students can access necessary medical treatments without facing financial stress.
Coverage in overseas student insurance includes medical expenses for doctor visits, surgeries, and prescription medications. You can also get emergency medical evacuation, accident and personal liability.
Many countries require international students to have health insurance as a prerequisite for obtaining a student visa.
Yes, overseas student insurance provides coverage for theft or loss of personal belongings such as laptops, smartphones, and other valuable items.
Many overseas student insurance policies cover mental health support and provide access to counselling services and mental health professionals at no extra cost.
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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