International student insurance policy: medical health insurance
Students have an increased craze to study abroad. But sometimes health problems or other problems prove to be a hindrance in achievement of their aim. Thus it is good to plan studies insurance policy if you are traveling abroad for higher studies. Let's have complete information about best student insurance.
Most of the students visit abroad like America, Britain, Australia, New Zealand, Singapore, etc. these countries give preference to insurance needs of the prospective students along with educational and financial details. Some countries lay emphasis on insurance cover for foreign students while others do not. It is beneficial for every student who is going to study abroad to have an insurance cover as these countries have very high medical expenses. Such students should prefer to purchase insurance cover from India as it is much economical here. About Students' health insurance cover
Students' insurance policy is a mixed form of travel insurance and health insurance. Indian policies present mixture of medical and non medical cover. The scope of student insurance policy is that it covers hospitalization, loss or theft of luggage and passport, and personal accident. The annual premium of student insurance policy could range from Rs. 14,000 to Rs. 18,000 depending upon the rider chosen by the student. A step ahead, Student insurance policy can also cover such health situations which are not generally found in regular mediclaim policy. Application for students' medical insurance
It is mandatory for prospective students of American and Australian universities to apply for insurance. Even schengen countries also lay emphasis on student's insurance. In actual, such universities lay emphasis to have applied for an insurance cover at the time of applying for admission in their university. If the university or the country does not lay emphasis on insurance cover, even though it is advisable to have an insurance policy as the medical expenses are very high in such countries. For example, the consolation fee of a normal physician in India is approx. Rs. 150-500. Such fee is approx. $250-$300 in some countires. Buy students' insurance life cover
Undoubtedly, the insurance cover in India is not different from insurance cover in abroad. According to insurance companies, insurance cover for foreign students is an emerging product. Insurance companies receive different requests according to every university cycle. Insurance needs of universities keep on changing from time to time. Thus insurance companies try to produce their products to meet with the changing needs of students of foreign universities.
The reason to prefer student insurance cover in India is that here you can get the cover at about one-third cost than from abroad. Insurance works on fixed margin in developed countries and the cost of capital is much higher. This increases the premium of the insurance cover. Thus it is beneficial to purchase insurance cover from India.
Students are bound to purchase expensive insurance cover if they miss to purchase it from India. There is a detailed form on the website of each university stating the insurance requirements of the university. It also explains the agreement of the university with any insurance company. Thus when a student sign on the application form then he unconsciously agrees to this condition without comparing the difference in insurance premiums of Indian companies and companies of developed countries.
Most of the foreign universities withdraw their condition of purchasing on-campus health insurance if you have any similar local insurance policy. Once you get permission from your university to purchase insurance policy from India, then compare coverage benefits on different insurance policies and purchase the cheapest policy which meets all your requirements. Once you determine the accurate insurance cover, you have to download insurance waiver form. This form is submitted in the university and then university verifies whether the insurance cover is meeting all requirements all not.