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August and September witness maximum student traffic to countries such as US, UK, Australia, New Zealand, and Singapore. The numbers could be as high as 1.5 lakh every year, say insurers.

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Besides the educational and financial details, these countries give equal importance to the insurance needs of prospective students. Some countries insist on overseas student insurance covers, while some don't.

It makes sense for every student to buy an insurance cover because of higher medical costs in these countries. Also, they should preferably buy an insurance cover in India to benefit from the lower costs.

Applying for student insurance:

It is mandatory for students applying for US and Australian Universities to apply for a student insurance. "Even Schengen countries insist on student insurance.

In fact these universities ask students to apply for student insurance at the time of application to the University itself,' says TA Ramalingam, headunderwriting, Bajaj Allianz General Insurance

Even if the university or country does not insist on insurance, it is advisable to buy a cover since the medical costs and healthcare expenses are much higher in developed countries than in India. For instance, a simple doctor consultation may cost anywhere between Rs 150 to Rs 300 in India.

The same consultation visit will cost you anywhere between $250-300 in some countries abroad. Even if the hospitals follow a relatively standardised tariff structure in the US, there are still instances of overbilling, say insurers.

Buy a cover in india:

Undoubtedly, the covers available in India are no different from the ones available overseas. Insurers say overseas student insurance cover has been an evolving product. They say insurance companies get requests that vary with every university cycle.

The insurance requirements of the universities keep changing and the Indian insurance companies are doing every bit to keep in line with the diverse insurance needs of the overseas universities. "Moreover, in India, it (student insurance) is available at 1/3rd of the cost in developed countries," says Neelesh Garg, executive director, ICICI Lombard.

To understand the nuances of different types of policies and its price, feel free to seek the help of InsuranceMall to select the right products based on your need. Or you can directly call them on +91-22-30503050

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