Student Travel Insurance policies in India compared

Thursday, March 17, 2011, 7:55 by Business Editor

We tell you what student travel insurance policies are, and which are the best ones available for Indians

The budget is usually tight when one is travelling abroad for studies. Any unplanned expenditure, therefore, has the potential to seriously damage your financial situation.

Since healthcare costs are prohibitive, falling ill can lead to huge bills. That’s where travel insurance plans targeted specially at students come in handy. These policies provide a comprehensive cover for up to 2 years for Indian students travelling to study abroad. It covers much more and cost much less than the medical covers available in abroad. There are plans available without medical cover in case the university/college provides health cover itself.

Some of the student travel insurance plans for Indians even provide following extra benefits which are sometimes required for by a university:

•    Treatment for mental and nervous disorders including alcoholism and drug dependency
•    In-patient medical expenses related to pregnancy
•    Medical expenses for inter-collegiate sports injuries
•    Cancer screening and mammography expenses
•    Childcare benefits

Common Student Travel  Insurance Policy Features

Eligibility
Most of the companies provide cover from 16 years to 35 years.

Policy Duration
Most of the Insurance Companies provide coverage for 365 days but there are plans available up to 730 Days.

Policy Maximum (Coverage Amount)
Various coverage options are offered in the range of US $50,000 to US $500,000.

Max Trip per Policy
Multiple trips per policy period are often covered.

Pre-existing diseases
Pre-existing ailments and maternity are generally excluded. There are few companies which provide coverage in case of life-threatening situations i.e. until the insured’s heath is stable.

Additional Coverage
Bail Bond, Study Interruption, Sponsor Protection, 2 Way Compassionate Visit, Dental Treatment, Medical Evacuation, Repatriation, Baggage Loss/Delay, Trip Cancellation and Interruption, etc. are also offered by different plans.

Medical Check-up
No medical check-up is required.

Renewal
Policy can be renewed in case there is no claim in the expiring policy.

Premium
Plan Premium depends on the country you are traveling to, coverage amount, age and duration of the trip.

Exclusions
General physical checkup, pre-existing conditions, vision-related expense (Eye Test, Eye Glasses, and Contact Lens) are not covered by most of the plans.

TATA AIG Student Guard Plus Travel Insurance Plan

TATA AIG Student Guard Plus is a travel insurance plan is aimed at students going abroad to pursue higher studies. Students between the age of 16 and 35 years of age can insure themselves using this plan. Also read: Travel insurance policies in India

Salient Features

  • There are three plan options – Plan A, Plan B and Ultimate with Accident & Sickness Reimbursement limits of $50,000, $100,000 and $250,000, respectively.
  • The policy cover includes Study Interruption, Sponsor Protection, Compassionate Visit (2-way) apart from Accident & Sickness Reimbursement and Personal Accident.
  • More comprehensive covers include Maternity Benefits for Pregnancy Termination, Mental and Nervous Disorders, Cancer Screening and Mammography.

Benefit Details

Benefit Details (Sum Insured in US$)
Medical Insurance Plan A Plan B Ultimate
Accident & Sickness Medical Expenses Reimbursement $50,000 $100,000 $250,000
Deductible $100 $100 $100
Emergency Evacuation* Included Included Included
Repatriation of Remains* Included Included Included
AD & D 24 Hrs $10,000 $25,000 $25,000
Felonious Assault (AD&D) $5,000 $5,000 $25,000
Travel Inconvenience
Baggage Loss (CHECKED) $500 $1,000 $2,000
Deductible 10% / 50% 10% / 50% 10% / 50%
Baggage Delay (After 12 hours only)# $0 $50 $150
Loss of Passport $250 $250 $250
Deductible $30 $30 $30
Personal Liability $100,000 $100,000 $500,000
Deductible $200 $200 $200
Study Interruption $7,500 $7,500 $15,000
Sponsor Protection $10,000 $10,000 $20,000
Campassionate Visit (2-Way) $1,500 $5,000 $7,500
Bail Bond $500 $1,000 $5,000
Maternity Benefit for termination of Pregnancy only $0 $500 $1,000
Treatment for Mental and Nervous Disorders : Including Alcholism and Drug Dependency $0 $500 $1,000
Cancer Screening and Mammography Examinations $250 $500 $1,500
Red 24 Services Included Included Included
Assistance Services Included Included Included
Relocation Services (Applicable only for Students covered on 365 days Including Americas Plan)

General Exclusions: Some of these are:

If the insured person is travelling against the advice of a physician or is on a waiting list for receiving specified medical treatment or is travelling for the purpose of obtaining treatment; or has received a terminal prognosis for a medical condition.

Any pre-existing condition

  1. Suicide, attempted suicide (whether sane or insane) and Acquired Immune Deficiency Syndrome (AIDS), Human Immune deficiency Virus (HIV) infection; or
  2. Serving in any branch of the Military or Armed Forces of any country.
  3. Is under the influence of drugs, alcohol, or other intoxicants.
  4. Has participated in an actual or attempted felony, riot, crime, misdemeanor, or civil commotion.
  5. Operating or learning to operate any aircraft, or performing duties as a member of the crew on any aircraft.

Bajaj Allianz Student Elite Insurance Plan

Bajaj Allianz Student Elite Insurance Plan can be purchased online conveniently using a credit card, a debit card or a cheque.

Salient Features of Bajaj Allianz Student Elite Insurance Plan

  1. Reimbursement of the tuition fee paid in advance for the current semester (up to a maximum limit), if the insured discontinues school owing to medical conditions requiring hospitalization; or due to serious injury / death of either parent.
  2. In case the sponsor meets with an accident resulting in death / permanent disability during the policy period, the company shall reimburse the remaining school fee subject to the maximum limit allowed.
  3. In case the insured is hospitalized due to accidental injury/sickness covered in the policy and the attending physician advises the necessary attendance of a family member, the Company will reimburse the actual cost of economy class transportation by the most direct route via a common carrier subject to maximum sum insured (Family means spouse, parent, sibling and in-laws of the insured)
  4. In addition to the sum insured in the Personal Accident section, the company will pay the sum insured specified in the schedule, if the insured sustains accidental bodily injury during travel by a common carrier; and the same takes place within 12 months of the date upon which it was sustained and resulted in the insured’s death / loss of two eyes / loss of two limbs / loss of one limb and one eye.
  5. In case the insured is arrested for inadvertently breaking the law during overseas travel, the Company will pay the amount as per the schedule, towards the bail amount for release except when the insured has been charged with breaking the law with criminal intent or for over speeding in a vehicle.

Benefit Details

Standard Silver Gold Deductible
Coverages Sum Insured US $ Sum Insured US $ Sum Insured US $ Sum Insured US $
Medical Expenses, Evacuation and Repatriation 50000 100000 200000 100
Emergency Dental Pain Relief included in (1) above 500 500 500 100
Personal Accident 25000 25000 25000 Nil
AD & D Common Carrier 2500 2500 2500 Nil
Loss of Checked Baggage** 1000 1000 1000 100
Bail Bond Insurance 500 500 500 50
Tuition Fee 10000 10000 10000 Nil
Accident to Sponsor 10000 10000 10000 Nil
Family Visit 7500 7500 7500 Nil
Personal Liability 100000 100000 100000 200

Benefit Details

Standard Silver Gold Deductible
Coverages Sum Insured US $ Sum Insured US $ Sum Insured US $ Sum Insured US $
Medical Expenses, Evacuation and Repatriation 50000 100000 200000 100
Emergency Dental Pain Relief included in (1) above 500 500 500 100
Personal Accident 25000 25000 25000 Nil
AD & D Common Carrier 2500 2500 2500 Nil
Loss of Checked Baggage** 1000 1000 1000 100
Bail Bond Insurance 500 500 500 50
Tuition Fee 10000 10000 10000 Nil
Accident to Sponsor 10000 10000 10000 Nil
Family Visit 7500 7500 7500 Nil
Personal Liability 100000 100000 100000 200

General Exclusions: Are similar to those in other policies.

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