Indian Going Abroad For Studies? Read This Before Buying Your Student Medical Insurance

Devanshi Kothari asked:




If you are an Indian student going abroad for your studies, you definitely know the importance of health insurance. Student Medical Insurance is mandatory for all the universities worldwide, especially when you are an international student.

But the question is, whether you should buy it from your home country, or from the university itself? All universities offer a medical plan for their students. However, they also waive it if the international student could get any other insurance policy meeting its requirements.

Should you buy your student insurance from India itself?

Actually, it does make sense when you buy insurance from India for a simple fact that it falls cheaper. Buying insurance in Indian rupees costs you approximately 1/3rd of buying in U.S. dollars. You can choose an insurance policy that is university complaint and thus get the same benefits at a much lower price.

Students from developing countries, like India, have to face the consequences of the unfavorable exchange rate. As a result, sustaining themselves abroad in more developed countries, such as US, UK, Australia etc, falls more expensive on their pockets. It is a well known fact that medical services are quite expensive in most countries abroad.

Moreover, most universities offer just the medical cover. But as you are staying in a completely different country all alone, it is wise to get covered for other non-medical risks also. These may include personal liability, luggage damage, passport loss, bail bond, Study interruption, Repatriation of remains, Sponsor protection etc.

Here are a certain things you need to keep in mind while buying your Student Health Insurance from India -

Consider the cost factor but prioritize coverage over costs.

We know that buying form India falls cheaper. But do evaluate the domestic options available. However, do not let cost take priority over coverage. Be smart when evaluating various options. Do not go in for an insurance company only because it has the lowest premium! Also consider the coverages offered to you. You might as well choose a company with a higher premium but with better covers.

Ensure it is University Compliant.

Your University would give you a waiver only if the insurance policy is compliant with the university’s requirements. So be sure that all your insurance needs are compiled with.

Protect yourself against non-medical risks also.

As mentioned before, most universities may require only medical coverage. But you should get covered for other non-medical risks also, as even if they are not mandatory, they are extremely important.

Always check out the third party tie-ups.

You do not ant to be stuck in a claim. To ensure a smooth claim in future, always check the Third Party Administrator tie up of the company you are buying insurance from. Check the hospital network of the area/ country you are going for studies.

Buy online

Always prefer buying your insurance online. It is not only convenient but is faster and safer. While buying it online, you are not dependent on anybody else and can check all the facts for yourself. Thus chances of frauds are less. Also, when you buy online, the digitally signed policy generated is a legal document and can be accessible online anytime, anywhere in the world.