After securing admission in foreign universities insurance is a critical expense for Indian students
In 2016, after securing admission in Torrens University’s three-year Bachelors of Business Administration program in Information Technology, the 21-year-old immediately bought a $ 1,600 (₹1,08,800) overseas student health cover from NIB, an Australian insurance company. The insurance covers medical costs, doctors’ visits, prescription medicine, pathology tests and accidents.
Sharma’s plan will expire three months after he completes his course in August next year. “I am happy that I bought the insurance. I paid the premium and the insurance firm will pay the rest in case of a medical emergency,” he says.
Student insurance has become a critical component of overseas education expenses. Today, many foreign universities do not admit students without travel and health insurances while some countries have already made it mandatory for obtaining visa. Countries that require insurance for filing visa application include the US, the UK, Canada and Australia, among others. There are, of course, institutes that do not require students to buy insurance, but experts say it is advisable to buy one even if there is no mandate for compulsory coverage.
According to Bhaskar Nerurkar, Head of Bajaj Allianz General Insurance, many countries prefer insurance cover for their overseas students. “This saves a large amount of medical bills, besides providing several additional covers,” he says. Medical cost difference for treatments between India and developed markets can be as high as three to four times.
Apart from medical emergencies, insurance is available for baggage loss, pre-existing illness, cancer screening, and mental illness more benefits.
This story is from the August 2018 edition of Outlook Money.
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This story is from the August 2018 edition of Outlook Money.
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