In a significant move to support Indian students studying abroad, insurance companies in India have introduced travel policies that offer coverage for visa revocation, job loss, and unexpected emergencies. These policies aim to provide students with financial protection and peace of mind as they navigate the challenges of international education, as per a report by The Times of India.
Indian insurers have launched student-specific travel insurance policies that cover risks such as visa cancellation and unemployment after study, providing a cost-effective and comprehensive safety net for students overseas.
With more Indian students pursuing higher education in countries like the US, UK, Canada, and Australia, the need for robust insurance coverage has grown. Traditional international insurance policies are often expensive and do not cater to the specific needs of Indian students. Recognising this gap, Indian insurers have stepped in to offer more flexible and affordable alternatives.
According to the TOI report, these new policies go beyond standard medical coverage. They now include provisions for situations such as visa rejection, revocation, and job loss after graduation. Some policies also cover accommodation costs and return travel in case a student is required to leave the host country suddenly. The introduction of such features has been driven by the rising number of students experiencing disruptions due to policy changes and global uncertainties.
Radhika Saran, a 22-year-old student currently studying in Ireland, shared her experience with The Times of India, “My medical expenses were all covered, and the settlement was seamless. My policy is much cheaper than the global insurances available here. I purchased a flexible policy and selected add-ons like emergency fund access as well.”
The affordability of Indian policies is another major advantage. Industry estimates suggest that Indian student travel insurance costs around one-third of what global counterparts charge. For example, a $100,000 medical insurance policy purchased abroad may cost significantly more than a similar policy available through an Indian insurer.
Meet Kapadia, head of travel insurance at Policybazaar, noted the growing demand, “The US and Canada continue to dominate, but we’re also seeing students heading to countries like Germany, Ireland, and Australia. There’s a strong shift towards comprehensive Indian policies with student-friendly features.”
Insurers such as Bajaj Allianz General Insurance and ICICI Lombard have reported an increase in students opting for domestic insurance with additional coverage options. Aashish Sethi from Bajaj Allianz remarked, “Many students are seeking more comprehensive packages that include job loss, psychological counselling, and emergency family visits.”
Priya Deshmukh, head of health products, operations and services at ICICI Lombard, added, “Students can get add-on covers tailored to their destination. We have seen a rise in uptake especially for covers that support students facing post-study employment gaps.”
However, despite the cost advantages and added features, some students still prefer university-recommended insurance from foreign providers due to easier claims processing within the host country. Nikhil Jain, founder of ForeignAdmits, explained, “For study in the US, university-mandated plans often simplify the claim process, so many students opt for them to avoid administrative hassles.”
To strike a balance, education consultants recommend a hybrid model. Dilip Oak, founder of a Pune-based overseas education consultancy, told TOI, “We work with a lot of students who purchase minimal international insurance to meet university requirements and supplement it with more extensive Indian coverage. This helps them manage both compliance and cost.”
As more Indian students head overseas, the insurance industry is evolving to meet their needs with customisable and economical options. These new offerings are set to become an essential part of student planning, reducing the financial risks associated with international education.
(With inputs from TOI)
Indian insurers have launched student-specific travel insurance policies that cover risks such as visa cancellation and unemployment after study, providing a cost-effective and comprehensive safety net for students overseas.
With more Indian students pursuing higher education in countries like the US, UK, Canada, and Australia, the need for robust insurance coverage has grown. Traditional international insurance policies are often expensive and do not cater to the specific needs of Indian students. Recognising this gap, Indian insurers have stepped in to offer more flexible and affordable alternatives.
According to the TOI report, these new policies go beyond standard medical coverage. They now include provisions for situations such as visa rejection, revocation, and job loss after graduation. Some policies also cover accommodation costs and return travel in case a student is required to leave the host country suddenly. The introduction of such features has been driven by the rising number of students experiencing disruptions due to policy changes and global uncertainties.
Radhika Saran, a 22-year-old student currently studying in Ireland, shared her experience with The Times of India, “My medical expenses were all covered, and the settlement was seamless. My policy is much cheaper than the global insurances available here. I purchased a flexible policy and selected add-ons like emergency fund access as well.”
The affordability of Indian policies is another major advantage. Industry estimates suggest that Indian student travel insurance costs around one-third of what global counterparts charge. For example, a $100,000 medical insurance policy purchased abroad may cost significantly more than a similar policy available through an Indian insurer.
Meet Kapadia, head of travel insurance at Policybazaar, noted the growing demand, “The US and Canada continue to dominate, but we’re also seeing students heading to countries like Germany, Ireland, and Australia. There’s a strong shift towards comprehensive Indian policies with student-friendly features.”
Insurers such as Bajaj Allianz General Insurance and ICICI Lombard have reported an increase in students opting for domestic insurance with additional coverage options. Aashish Sethi from Bajaj Allianz remarked, “Many students are seeking more comprehensive packages that include job loss, psychological counselling, and emergency family visits.”
Priya Deshmukh, head of health products, operations and services at ICICI Lombard, added, “Students can get add-on covers tailored to their destination. We have seen a rise in uptake especially for covers that support students facing post-study employment gaps.”
However, despite the cost advantages and added features, some students still prefer university-recommended insurance from foreign providers due to easier claims processing within the host country. Nikhil Jain, founder of ForeignAdmits, explained, “For study in the US, university-mandated plans often simplify the claim process, so many students opt for them to avoid administrative hassles.”
To strike a balance, education consultants recommend a hybrid model. Dilip Oak, founder of a Pune-based overseas education consultancy, told TOI, “We work with a lot of students who purchase minimal international insurance to meet university requirements and supplement it with more extensive Indian coverage. This helps them manage both compliance and cost.”
As more Indian students head overseas, the insurance industry is evolving to meet their needs with customisable and economical options. These new offerings are set to become an essential part of student planning, reducing the financial risks associated with international education.
(With inputs from TOI)
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