Indian students abroad are now eligible to receive insurance cover for visa cancellations and job loss

In a big move to support Indian students overseas, Indian insurance firms have introduced travel insurance that offers protection against visa cancellation, loss of job, and unexpected emergencies. The insurance is aimed at safeguarding students financially and providing them with peace of mind as they navigate foreign education, reports The Times of India.

Indian insurers have launched student-specific travel insurance policies covering risks such as visa cancellation and unemployment upon study, providing an economic and comprehensive safety net for foreign students.

As increasing numbers of Indian students make a trip abroad for higher education in the US, UK, Canada, and Australia, there is growing demand for robust insurance coverage. Traditional international insurance policies are typically pricey and not tailor-made for Indian students. Seeing this gap, Indian insurance companies have joined the race with superior, flexible, and competitive coverages.

Such fresh policy coverages extend beyond ordinary general medical cover, TOI reported. They even cover cases of visa denial, cancellation, and job loss after graduation. Some policies also offer coverage for paying accommodation fees and repatriation costs should a student need to leave the host country in urgency. The introduction of these aspects has been driven by the growing numbers of students whose studies have been disrupted due to policy adjustments and global uncertainties.

Radhika Saran, a 22-year-old student who is studying in Ireland now, talked about her experience with The Times of India, "My medical expenses were all settled, and the settlement process was trouble-free. My policy is much cheaper compared to the global insurances you find here. I purchased a flexible policy and opted for add-ons like access to an emergency fund as well."

Indian policies are another huge advantage in terms of cost-effectiveness. Industry estimates say the price of an Indian student travel insurance policy is one-third of what the global versions cost. For example, a $100,000 health insurance policy purchased abroad would cost significantly more than a similar policy from an Indian insurer.

 

Kapadia, the head of travel insurance at policybazaar, noticed the rising trend, "At Policybazaar, we've seen much more students and parents taking plans with coverage ranging between $100,000 to $500,000, and in some cases even up to $1 million. That is a pretty new shift from earlier times when students were happy with minimum basic mandatory coverage.".

 

Insurers such as Bajaj Allianz General Insurance and ICICI Lombard have witnessed an increase in students buying domestic insurance with extended coverage options from the usual basic policies. Aashish Sethi of Bajaj Allianz explained, " Several students are opting for value-added plans with greater medical cover, trip cancellation benefit, and emergency evacuation. Students typically opt for sum insured between 1 to 2 lakh under coverage plans.". But when students take loans for education, the majority of the loan-giving institutions recommend opting for plans with a larger sum insured.

 

Priya Deshmukh, head of ICICI Lombard's health products, operations and services, added further, "Students can opt for add-on covers such as maternity, cancer screening, alcoholism and drug dependency treatment, and medical coverage for inter-collegiate injuries in 'Plus' plans."

 

However, aside from the cost advantage and other features, foreign providers' university-recommended insurance remains the choice of some students due to easier claim settlement in the host nation. ForeignAdmits founder Nikhil Jain explained, "For US study, students are opting for insurance policies that cover visa revocation support and unemployment support.". They are also actively looking for assist covers which come handy in case there is a cancellation of the visa etc. Indian insurers are going through extremely rough times comparing themselves with international players on the basis of what they offer and the services."

 

To have equilibrium, education counselors recommend a hybrid plan. Dilip Oak, founder of an overseas education consultancy in Pune, told TOI, "We have a large number of students going to the US, and if they take a policy that is recommended by their university, then settling too becomes convenient. Indian insurers are offering all kinds of discounts to students."

 

As more Indian students go abroad, the insurance industry is responding to their needs with appropriate and affordable options. The new products will be part of student planning, reducing the cost involved in going abroad for education.