For countless young people, the idea of studying abroad is a dream come true. Students from across India are fascinated by the desire for international education, exposure to foreign cultures and the opportunity to spread their academic wings on the global stage. In fact, data from the Ministry of Education shows that the number of Indians studying abroad will surge by nearly 70% in 2022. This number is expected to rise further in 2023 and beyond as COVID-19 becomes a thing of the past.
However, as exciting as this adventure may be, it is not without risks and challenges, especially when you are away from the comforting embrace of family and familiar surroundings. Picture this: you have just stepped out of your comfort zone and arrived in a foreign country with full expectations and ambitions, only to find that your luggage and the necessities of your academic journey are missing.
Or worse yet, your trusty laptop, your digital companion for countless research papers and presentations, has disappeared without a trace. These misfortunes can not only disrupt your studies but also have a huge impact on your finances.
And then there’s the ever-present possibility of medical issues. Getting sick in a foreign land, using a foreign healthcare system, and incurring huge medical bills can be overwhelming, to say the least.
However, there is a silver lining to these challenges – student travel insurance. As more students flock to international campuses, it becomes increasingly important to emphasize the importance of student travel insurance.
One of the most important reasons why securing student travel insurance is crucial is that medical costs in developed countries are often exorbitant.
What seems like a routine doctor’s visit or unexpected medical emergency can quickly escalate into a financial nightmare. In countries like the United States or the United Kingdom, medical expenses can leave a hole in your pocket.
However, this loophole can be perfectly bridged with student travel insurance. Don’t forget that if you happen to lose an expensive gadget, or worse, your passport, things can go wrong in an instant.
A comprehensive student travel insurance plan can provide cover for such losses, ensuring you don’t get stuck while studying.
Why from India?
It’s not uncommon for universities to offer bundled insurance to students. Now, you may be wondering why it is beneficial to purchase travel insurance from India when you are traveling to foreign shores. Well, the devil is in the details. Student travel insurance plans purchased in India have a unique advantage – taking into account currency exchange rates, they are much cheaper than policies offered by universities, especially when compared to developed countries. Suppose you are going to study a two-year master’s course in the US with a total tuition fee of Rs 25-30 lakh, student travel insurance will cost you only 1-1.5% of the amount but will provide you with a strong security cover. An unknown land.
During popular holidays around the world, such as Thanksgiving, many students make travel plans to nearby areas. When you get student travel insurance in India, it is not only valid in your college area but also in nearby places, making it more comprehensive than a college plan.
Additionally, unlike regular travel policies which are usually issued for up to 180 days, student travel insurance plans offer extended terms of one or two years with the option of renewal. This aligns perfectly with the extended timetable of academic courses and provides an ongoing safety net throughout the course.
In addition to these tangible benefits, student travel insurance can also help you in more complex ways. This isn’t just about protecting your health and property; it’s about ensuring your education. Some policies even offer the option of a tuition refund, covering disruption to your studies due to unforeseen events. This means that if unforeseen circumstances force you to pause or alter your academic journey, you can recoup the financial investment you have made in your education.
Additionally, sponsor protection is an invaluable feature, especially for those who rely on financial support from Indian sponsors. In the event of an unforeseen crisis, these policies can reduce stress for you and your sponsor by ensuring that your sponsor’s financial contribution to your education is protected.
Therefore, if you are planning an international academic trip, purchasing India student travel insurance may be the wisest decision you make for a successful trip. It will ensure that your academic journey is uninterrupted, your health is protected, and your finances are protected from unexpected shocks.
(The author is the head of travel insurance business at Policybazaar.com)