Here’s all you need to know about international student travel insurance plan

As students gear up to apply admission at foreign universities in 2023-24, here is a lowdown on the factors you should consider while making this important choice on student travel insurance. Vivek Chaturvedi, CMO and Head of Direct Sales, Digit General Insurance, talks to BT about everything from coverage to pricing of such plans. Edited excerpts:  

BT: How is international student travel insurance different from regular travel insurance? 

VC: The purpose of international student travel insurance is to provide comprehensive coverage to students who are travelling abroad for higher education. The aim of this cover is to provide protection in case of medical exigencies, or during any natural calamity, political unrest or social issues, which might interrupt their studies. 

Compared to an International Travel Insurance plan that is typically taken for a shorter duration, Student Travel Insurance provides long-term coverage of up to 3 years. Since the coverage is being taken for the entire duration of the stay abroad, one should make sure it has all the necessary and important coverage.  

BT: What does student travel insurance cover? 

VC: Universities across the globe have different requirements for students’ travel insurance and they might have their own rules and guidelines based on the country you are planning to study in. Hence, check with the university you are enrolling in to see if they have any specific mandates regarding the same.  

For example, some universities might require basic medical and accidental cover, while other universities might choose to make it mandatory for the students to have some additional covers like college sports cover, cover for felonious assault, maternity cover, cover for drug abuse and mental rehabilitation, cancer screening and mammography, among others. A few universities might also choose to provide insurance to students on their own. Some insurers also offer unique liability covers or study interruption covers, among others. Compare the types of coverages insurers are offering before opting for the cover. 

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BT: What is a good sum insured? 

VC: The sum insured for student travel insurance plans typically start from $50,000 and can go up to $1 million. Since students travelling abroad usually stay for a longer period like 2-3 years, they should choose an appropriate sum insured that can give them adequate protection during the entire duration. They should also take the cost of living, medical treatment, etc., into account to pick the right cover. For example, the living expenses in the US and Canada are typically higher than other countries. 

Students must ensure that they are covered for the entire span of their course and are protected against multiple types of perils. One should provide all the right information like course details, university name, sponsor details, personal information, etc., when buying the policy.  

BT: Can you explain in detail the coverage provided by international student travel insurance? 

VC: An international student travel insurance cover provides a host of coverages to students travelling abroad. One can largely categorise them into three broad categories—health, travel protection and unique covers.  

Medical treatments overseas can be quite expensive. Under the international student travel insurance cover, the students can typically get emergency medical and accidental treatment, medical evacuation services, dental treatment coverage, and covers for personal accidental death or disability, among others.  

Travel disruptions can happen due to multiple reasons, and one may face different types of difficulties when travelling abroad. This may range from flight delay and cancellation to baggage delay, baggage damage or baggage loss to passport loss or loss of personal belongings, among others. Insurers offer specific covers for travel-related disruptions to ensure no difficulty is faced by the student when travelling abroad.  

Some insurers offer various unique offers designed to protect students from various perils. A study interruption cover helps students pay the fees for the semester in case they are unable to continue their studies due to any medical emergencies. Some insurers also provide a home country coverage so that students are protected from medical exigencies even when visiting their home country during holidays. One can also take an accident of sponsor cover in case the study sponsor for the student dies, falls sick or meets with an accident and is unable to pay your fees. Apart from this, insurers also offer personal liability covers, bail bond coverage or for compassionate family visits. 

BT: How much does it cost? 

VC: Compared to single trip travel insurance, international student travel insurance premiums are higher since it offers various unique covers as per the needs of the students and is taken for a longer duration of time. The sum insured for such covers are also higher and can go up to $1 million. Hence, if compared with the sum insured being offered, the premiums are typically not very high.  

The premium for the cover varies based on the geographic location and is usually divided into two parts—world coverage excluding US and Canada and world coverage including US and Canada. The premiums vary as the cost of living in the US and Canada is considered among the highest in the world.  

A comprehensive cover with a sum insured of $500,000 for 2 years can range between Rs 25,000-30,000 for worldwide coverage (excluding US and Canada) and Rs 45,000-50,000 for worldwide coverage (including US and Canada).