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Indian students aspiring further studies abroad often put much effort in ensuring that the expenses bound to be incurred, are minimal. Cheaper accommodation, lesser travel distances, cooking at home, etc. are some of the measures taken by most of them in minimizing costs. Surprisingly, one of the checklist items includes the purchase of ‘Student insurance’. Need of a Student Insurance: A Student insurance policy is designed for those who pursues or wish to pursue their education from a foreign university. The fundamental idea behind insuring a student is to protect them from any sort of financial stress resulting majorly due to medical reasons. Example: Average duration of a post-graduation course in US is 1.5yrs. During this period, if an insured student suffers any sort of illness and misses-out on the rest of the course, then he will claim a reimbursement for the fees paid by him for that term. Apart from this, he may also claim for the medical treatments that he undergoes, also the expenses for a visit by a dear one and costs for evacuation if required. Evaluation of a student insurance policy is a must. Different insurance companies have different add-ons to the above mentioned basic proposition. Buying a Student insurance policy from the home country saves a great deal as compared to purchasing a similar policy from the local insurance company. Most universities have made it a mandate for foreign students to have a medical insurance. Some universities have gone to the extent of including it in their fee structure. Of course they realize the benefits of insuring students who are studying abroad. In the context of the policy-terms and premiums charged, a student insurance policy differs from company to company, country to country. Needless to say, the policies booked from an Indian insurer would be cheaper as compared to those in, say U.S. Therefore, a student studying abroad is required to select the best one as per requirement. The universities that include student insurance policy in their fees may not allow refunds if you were to book a policy on your own. Thus, this also is a criterion that needs to be checked. Some universities allow hospitalization only at selected hospitals. This also may be a little troublesome during emergencies. For instance, in event of an accident, the best move is to get admitted in a nearby hospital rather than selecting a hospital from the list provided by the insurance company. Purchasing a Student Insurance policy has become an integral part of planning a study abroad. The policies are designed to reduce expenditures during medical emergencies in foreign nations. Financial security during medical emergencies being the main motive, a Student Insurance also covers various other aspects pertaining to a student’s international stay. It is recommended for all aspirants to understand the terms of insurance before purchasing. About the Author: Sahil Doshi is a senior content writer who writes article for HDFC ERGO. HDFC ERGO students travel insurance policy is designed for students to ensure their financial security in case of any emergency. For details please visit: http://www.hdfcergo.com/travel-insurance/Student-Suraksha.html
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