All set to send your child overseas to the university of his/her dreams? We are sure you would have looked into every single detail and made all necessary arrangements to make his/her education abroad as comfortable as possible. But hey! We hope you have not forgotten an important aspect regarding your child?s overseas stay…..his/her Overseas Student Travel Insurance.
God forbid, if your child needs any medical attention owing to sickness or injury during his/her stay abroad, though you may not be around personally to take care of him/her, buying an overseas student travel insurance would be a huge support in itself. In the US, which is a preferred destination for overseas education, a doctor?s consultation fee alone can burn a hole in your pocket. The fee easily ranges between $250-$300 per visit, which, when converted to INR, roughly translates to Rs. 15,000-18,000. So, considering medical costs are far higher in developed countries as compared to India it is always advisable to buy an overseas student travel insurance plan for your child. You?ll surely thank your stars when the need arises…
There are three ways to buy this cover:-
a) From the university
b) From an insurer in the foreign country
c) From an Indian insurer.
Unless your child?s university makes it mandatory to buy the overseas student travel insurance plan through them, you can always ask for a waiver if you have a comparable health insurance that meets the university?s standards (they have detailed guidelines). That?s because buying an overseas student travel insurance from India can save you a significant amount of money as compared to the cost of buying it abroad. For instance, if we take the case of Boston University, the health insurance cost for a $5,00,000 student insurance policy as per their fee structure is $2,141, which when translated to INR work out to roughly INR 1,28,460 (calculated at INR 60/$). At INR 30,000 annual premium (the amount can vary slightly depending on the service provider and plan you choose), you can get a far more comprehensive coverage for your overseas student travel insurance from a domestic insurer that takes care of not just your medical expenses but also other unforeseen events like loss of baggage, loss of passport, accident to sponsor, family visit and other incidental expenses. This works out to almost 1/4th the cost of buying health insurance from the university campus abroad!
Spending a little money certainly wouldn?t pinch once you know that your child can avail the best medical facilities abroad, when the need arises. And remember, when choosing an overseas student travel insurance , don?t just consider a plan based on the amount of premium payable. It is more important to see the benefits available in different plans. Buy a plan that suits your requirements.
So if you haven?t bought a plan for your child yet, order one now to ensure a safe stay for your child abroad…