Role of Insurance while studying abroad
The role of study abroad insurance in protecting your investment in your education and how it can be funded with an abroad education loan.
Many Indian students want to pursue further education in developed nations like the United States, the United Kingdom, Canada, Australia, etc.
While relocating to a new nation while you’re young is exciting, challenges are involved. Be sure to purchase a study abroad insurance policy and all the other things you need to arrange for.
- What is a study abroad insurance?
- Why get study abroad insurance?
- How can you select the best travel health insurance plan?
- How can study abroad insurance be funded with an abroad education loan?
- Where can you get study abroad insurance?
What is a study abroad insurance?
Travel insurance for studying abroad might help if something goes wrong while you’re away from home. You’ll need to get a separate medical insurance policy to cover these, as most policies do not cover medical problems. Travel insurance for students may provide coverage for the following:
- Theft or loss of your personal belongings
- The cost of the course if you have to drop it
- Destruction to your place of residence
- missing passports
- Certain things, such as musical instruments
- Flights being canceled
Why get study abroad insurance?
Even though studying abroad ought to be amazing, things might go wrong. With a strong insurance plan, you can recover any money you lose due to theft or other unavoidable events.
Be sure the insurance coverage you choose provides adequate protection to cover your possessions. It’s also crucial that you thoroughly study the policy so you know what you’re covered for.
Look for additional coverage, for instance, if your laptop is worth £1,000, but your electrical equipment is only insured up to £100. Most plans include exclusions, which means that you won’t be protected in some situations. For instance, if you wreck property while intoxicated or if you leave your lodging unlocked.
Most policies have exclusions that mean you won’t be protected under certain circumstances. For instance, if you damage property while under the influence of alcohol or if you forget to lock your accommodation.
How can you select the best travel health insurance plan?
The institution, a foreign insurance company, or a local insurance company can help students purchase their chosen insurance plan.
Notably, domestic insurers charge around one-third less for premiums than colleges or insurers in other countries do. The following are the different ways to choose the best travel health insurance plan:
1. Selecting the right policy
Make sure you add up all the criteria given by your university and the visa because, occasionally, they might vary significantly depending on the program level.
2. Compare terms and conditions
All insurance companies differ in at least a few respects. Make sure you meet their agents or compare them online to acquire crucial information regarding claims. With Policybazaar, you may compare several insurances as well.
3. Make a checklist
Be sure that your policy recognizes and covers those areas if your institution or visa requirements have any particular criteria (often for the amount insured and covered); otherwise, it won’t be helpful.
4. Do not skip policy wording
Although it may be tedious, knowing any situations or conditions your insurance will not cover is crucial. This will ensure clarity along the road.
5. Check for add-ons
If your university has any unique criteria, you can satisfy them by comparing the extra coverings you can purchase for a small charge.
By choosing a more costly comprehensive insurance plan, you can personalize your coverage while saving money.
How can study abroad insurance be funded with an abroad education loan?
The insurance coverage should cover the student’s life for the length and amount of the loan when you apply for financial aid for college.
If the applicant so chooses, the loan amount may include the cost of the insurance premium.
Where can you get study abroad insurance?
It is good to compare prices to find the best bargain. Don’t, however, pick the least expensive choice. Verify the insurance terms, what it covers, and that it is appropriate for you.
You should consider the following places for overseas study insurance:
- Banks: Several banks pair student bank accounts with study insurance.
- Internet insurers: There are several websites on the internet devoted to studying abroad insurance.
- Universities and colleges: Several colleges provide insurance to visitors who want to study there.
- Private insurers: Study abroad insurance is available from several specialized insurers. Try high-street insurers and travel agencies.
Although several insurance companies provide study abroad education insurance policies, it is important to pick the one that is ideal for you.
Compare the coverage, benefits, premiums, inclusions, exclusions, exemptions, and other aspects of various policies.
Finally, thoroughly read the policy wording and its terms and conditions before purchasing study abroad education insurance coverage, whether you do it online or in person.