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Right insurance for your child going abroad for education

Lakhs of students nowadays go abroad for higher education. And once you have chosen the right university and the right course for your child, don't forget to buy the right insurance too. If fact, given the costs and risks involved, this should be done simultaneously.

Enumerated below are certain salient aspects of a typical Student Travel-cum-Medical insurance.

1. It is a mandatory requirement at many universities abroad. The admission process will not be considered as complete until an appropriate insurance policy is in place.

2. In fact, even if not compulsory, you must buy one. Expenses on medical treatment in most countries (especially US, Europe, Singapore, Australia etc. where students often go to study) is prohibitively expensive. Without an insurance policy, you would be exposed to huge financial risk.

3. Depending of the rules prescribed by the university concerned, you may have the options to buy insurance from the university itself, or the insurer of that country or from India.

4. Preferably, don't opt for the overseas insurer. Buying a suitable insurance policy from India is comparatively much cheaper... maybe at even 30-70% less cost. In fact, most insurance companies in India are aware of the requirements stipulated by the universities abroad and have accordingly tailored their policies.

5. Practically all plans are a combination of travel and medical insurance. However, the benefits offered cover a much wider scope than the normal plans and hence provide coverage for multiple types of risks. They are even more comprehensive than the policies available abroad. So that's one more reason why buying insurance in India makes ample sense.

6. Typically such plans cover hospitalization expenses including dental treatment, accident, loss of baggage / passport, two-way compassionate visits of the student / family member, study interruption, sponsor protection, bail bond, third party and much more.

7. Apart from tie-up with universities, you can also expect the Indian insurers to be associated with medical agencies abroad. This ensures that both treatment at convenient network hospitals and claim settlement are quick and hassle-free.

8. To make certain that even the travel is insured, the policy must begin from the date of travel and not from the date when the semester at the university starts. This is one more drawback of buying policies abroad; they may not cover the travel part.

9. These policies are typically available to the age group of 16 to 35.

Needless to mention, you must make a detailed assessment of the various options so that you give your child the best possible cover at the best possible price.

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