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During early 80’s or 90’s the Indian population was still discovering its feet when it’s comes to studying abroad. The phenomena of venturing out for higher education was mostly restricted to students either passing out from top tier engineering colleges, medical colleges or those who were going as a part of their family tradition/legacy.

However due to advent of globalization,over the last 15 yearsIndian students have been able to reap the benefits of the world-class faculty, extensive research platform, better job opportunities and other exciting perks that forms an essential part of studying abroad. As a result of this annually large number of students from various parts of India goes to different counties like USA, UK, Australia, Ireland, New-Zealand, Canada & more.

The number of Indians studying overseas was 189,472, according to Unesco figures for 2012, the latest figures available. Piyush Agarwal of Abroad Education Consultants gets almost half his business from students seeking admission in undergraduate schools abroad. "The aspiring middle class wants to send their children abroad for undergraduate studies, especially in the north of the country, which wasn't the case until three years ago. Though, in the south of India, 80% still want to pursue post-graduate studies abroad," said Agarwal.

While studying abroad, students also become a vital part of the crucial aspects relating to revenue generation, research development, contribution in economy while doing a job and so on and so forth.

Through this article let’s understand why does travel insurance makes a significant contribution for students travelling abroad for higher studies.However, one of the key parameters to achieve academic excellence while studying abroad is through a peaceful and a stable mindset. Along with doing preparations for scholarships, filling forms, calculating expenses, travel insurance plan is not to be overlooked as it protects from both medical and travel contingencies that you may face while being away from your homeland.

The health benefits/Medical expenses

a. Travel insurance in India is cheaper as compared to developed countries. Large number of Indian students travels to USA, UK, Australia, Canada etc., where the cost of medical expense is any day higher as compared to India. Travel Insurance forms an essential part of most of the universities abroad. However, surprisingly, large number of Indian students going abroad forgets to opt for a robust travel insurance plan and ends up paying double/triple the cost in case of a medical emergency.

b. Medical treatments as we all know are very expensive in a developed nation. A case of medical treatment, even smallest of it can leave a person particularly a student in a vulnerable situation compelling him/her to exhaust all savings or even indirectly get trapped in the vicious cycle of debt.

c. As compared to regular health inclusions, health benefits under the travel insurance plans give you a wider coverage. It considers dental, mental, maternity cover and nervous disorders cost in its purview. Many renowned online travel insurance companies like HDFC ERGO provides efficient and well-thought out travel plans keeping in mind the ongoing challenges faced by the student fraternity abroad.

The Travel benefits

a. Travel insurance comes handy in providing adequate assistance in cases relating to loss of passport, baggage, flight cancellation and financial instability. The insurer gives you the best of financial, emotional and on call assistance. However, the nature of monetary aid would definitely vary as per the terms & conditions mentioned in your policy.

b. Cancelling or delaying a plan to due to a sudden emergency without any fault of yours can surely leave you both emotionally and mentally drained. Travel insurance in such situations would typically cover the cost of travel and program expenses.

c. In circumstances, where without any fault of yours the circumstances are such that you had to discontinue with the course. The insurer would reimburse cost of your tuition fee, giving you academic assistance when needed the most. 

d. In cases relating to natural or man-made calamity, the insurance company takes the onus of immediately evacuating you to medical centers with higher quality or preferred medical care.

Other important parameters to be taken into account buying the policy:

1. Travel insurance plans may vary depending on the country you chose to study in.

2. There are multiple companies selling multiple travel policies. After a thorough research, pick the one that suits your needs and provides best cover and facilities.

3. Never buy in a hurry, instead asked your preferred insurance company to send you insurance quotes designed especially keeping in mind your agenda and goals abroad.

4. Apart from many other factors, peace of mind should also be a reason for purchasing a student travel insurance policy. Along with aspirations to excel academically, students undergo cultural, emotional and environmental challenges which can make them susceptible to emotional and physical stress leading to birth of a medical complication.

5. Complete knowledge of the policy that you purchase is very important. Talk to family and friends living abroad and then make a final move.

Getting admission in a good university abroad is definitely a matter of joy and pride. After all it is a result of your dedication, hard work and years of austerity. On one hand while studying abroad you get access to world of opportunities; it also has its own share of drawbacks, which should also be well researched upon. During your student years a travel insurance plan acts as your armor in battling any medical or travel related complicacies. Thus, to avoid any situation that might hamper your ambitious projects in a distant land, it’s imperative to travel, but with a travel insurance plan.


Published by

Rajveer Khanna
(Finance Professional)
Category Others   Report

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