Now, students can get insurance coverage for visa revocation and job loss abroad

Pune: Rising healthcare costs, visa revocation, and travel disruptions have posed problems for students studying abroad or those planning to pursue overseas education.Insurance companies are offering tailor-made student travel policies to meet evolving needs. While some insurers allow students to choose a range of benefits and additional covers based on their needs, others provide accommodation expenses and return travel costs if the insured is advised to leave suddenly by the authorities where they are studying.Radhika Saran (22), who is studying in Ireland, opted for an Indian student travel insurance policy last year, and it was of great help to her. "My medical expenses were all covered, and the settlement was seamless. My policy is much cheaper than the global insurances available here. I purchased a flexible policy and selected add-ons like emergency fund access as well," she said.The demand for student insurance policies has seen a substantial increase over the past year, in sync with the rising number of Indian students heading overseas. The US and Canada continue to dominate as top destinations, but we've also seen exponential growth in demand for countries like the UK and parts of Europe, particularly Germany, said Meet Kapadia, head of travel insurance at Policybazaar.On average, Indian policies cost about one-third of what university-sponsored plans abroad might charge. For example, a $100,000 sum insured policy for two years might cost around Rs 33,000 in India, whereas similar plans provided overseas can easily exceed Rs 3 lakh annually, said insurers. "At Policybazaar, we've seen more and more students and their parents choosing plans with coverage between $100,000 and $500,000, and in some cases, even up to $1 million. This is a clear shift from earlier years when students settled for minimal mandatory coverage," said Kapadia.Aashish Sethi, head-agency, health distribution & travel channel, Bajaj Allianz General Insurance, said, "Many students are seeking more comprehensive plans that provide extensive medical coverage, protection against trip cancellations, and emergency evacuation services. Typically, students select coverage plans with a sum insured between 1 and 2 lakh. However, when students take loans for their education, many loan providers recommend opting for plans with a higher sum insured," he said.ICICI Lombard's Globetrotter Overseas Individual Student Travel Insurance policy offers flexible plans tailored to student needs. Multiple plan variants are available with different coverages, said Priya Deshmukh, head health products, operations & services, ICICI Lombard. "Students can get add-on covers such as maternity, cancer screening, treatment of alcoholism and drug dependency, and medical cover for inter-collegiate injuries in ‘Plus' plans," she said.Despite the economic benefits, students hesitate to take Indian policies and opt for foreign policies as suggested or mandated by universities. Nikhil Jain, founder at Foreign Admits, an overseas education consultant, said that choosing insurance and covers is country-dependent. "For study in the US, students are opting for insurance policies that provide visa revocation support and job loss support. Students are also actively looking for assist covers which come in handy in case there is a visa cancellation etc. Indian insurers are finding it very difficult to benchmark against global rivals in terms of their offerings and support," said Jain.Dilip Oak, founder of Dilip Oak's Academy, said that he recommends students take a 3-4 week overseas travel policy and then take one associated with their university of choice. "We work with a lot of students who go to the US, and if they take a policy that their university recommends, then settlement is easy, too. Indian insurers are offering all kinds of discounts to lure students," he said.Pune: Rising healthcare costs, visa revocation, and travel disruptions have posed problems for students studying abroad or those planning to pursue overseas education.Insurance companies are offering tailor-made student travel policies to meet evolving needs. While some insurers allow students to choose a range of benefits and additional covers based on their needs, others provide accommodation expenses and return travel costs if the insured is advised to leave suddenly by the authorities where they are studying.Radhika Saran (22), who is studying in Ireland, opted for an Indian student travel insurance policy last year, and it was of great help to her. "My medical expenses were all covered, and the settlement was seamless. My policy is much cheaper than the global insurances available here. I purchased a flexible policy and selected add-ons like emergency fund access as well," she said.The demand for student insurance policies has seen a substantial increase over the past year, in sync with the rising number of Indian students heading overseas. The US and Canada continue to dominate as top destinations, but we've also seen exponential growth in demand for countries like the UK and parts of Europe, particularly Germany, said Meet Kapadia, head of travel insurance at Policybazaar.On average, Indian policies cost about one-third of what university-sponsored plans abroad might charge. For example, a $100,000 sum insured policy for two years might cost around Rs 33,000 in India, whereas similar plans provided overseas can easily exceed Rs 3 lakh annually, said insurers. "At Policybazaar, we've seen more and more students and their parents choosing plans with coverage between $100,000 and $500,000, and in some cases, even up to $1 million. This is a clear shift from earlier years when students settled for minimal mandatory coverage," said Kapadia.Aashish Sethi, head-agency, health distribution & travel channel, Bajaj Allianz General Insurance, said, "Many students are seeking more comprehensive plans that provide extensive medical coverage, protection against trip cancellations, and emergency evacuation services. Typically, students select coverage plans with a sum insured between 1 and 2 lakh. However, when students take loans for their education, many loan providers recommend opting for plans with a higher sum insured," he said.ICICI Lombard's Globetrotter Overseas Individual Student Travel Insurance policy offers flexible plans tailored to student needs. Multiple plan variants are available with different coverages, said Priya Deshmukh, head health products, operations & services, ICICI Lombard. "Students can get add-on covers such as maternity, cancer screening, treatment of alcoholism and drug dependency, and medical cover for inter-collegiate injuries in ‘Plus' plans," she said.Despite the economic benefits, students hesitate to take Indian policies and opt for foreign policies as suggested or mandated by universities. Nikhil Jain, founder at Foreign Admits, an overseas education consultant, said that choosing insurance and covers is country-dependent. "For study in the US, students are opting for insurance policies that provide visa revocation support and job loss support. Students are also actively looking for assist covers which come in handy in case there is a visa cancellation etc. Indian insurers are finding it very difficult to benchmark against global rivals in terms of their offerings and support," said Jain.Dilip Oak, founder of Dilip Oak's Academy, said that he recommends students take a 3-4 week overseas travel policy and then take one associated with their university of choice. "We work with a lot of students who go to the US, and if they take a policy that their university recommends, then settlement is easy, too. Indian insurers are offering all kinds of discounts to lure students," he said.
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