Indian insurance companies have introduced new travel policies tailored for students studying overseas. These policies now include coverage for visa cancellations, job loss, and other unexpected situations. The goal is to give students more financial protection and peace of mind, according to a report by The Times of India.
More students from India are heading to countries like the US, UK, Canada, and Australia for higher education. Traditional international insurance plans are often expensive and don’t meet the specific needs of Indian students. To fill this gap, Indian insurers have created more affordable and flexible policies.
These student-focused plans go beyond just medical coverage. They include protection against visa rejection, sudden visa revocation, and unemployment after graduation. Some even pay for emergency accommodation or return travel if students have to leave the host country suddenly. The rise in such features is a response to global uncertainties and changing visa rules that have affected many students.
Radhika Saran, a 22-year-old studying in Ireland, told The Times of India, “My medical expenses were fully covered, and the process was smooth. The policy I bought in India was much cheaper than the ones offered here. I also added emergency fund access as an extra.”
Cost is a major advantage. Industry experts say Indian travel insurance can cost just one-third of what international policies do. For example, a $100,000 policy bought abroad may be far more expensive than the same coverage offered by an Indian provider.
Kapadia, head of travel insurance at Policybazaar, said more students and parents are now choosing policies with coverage ranging from $100,000 to $500,000—and sometimes even up to $1 million. “This is a big change from earlier years when students only bought the basic required coverage,” he added.
Insurance companies like Bajaj Allianz and ICICI Lombard have seen more students picking comprehensive plans. Aashish Sethi of Bajaj Allianz said, “Students are now looking for plans that include full medical coverage, trip cancellation protection, and emergency evacuation services. Students who take education loans are often advised to choose policies with higher coverage.”
Priya Deshmukh from ICICI Lombard said students can even add special coverage like maternity benefits, cancer screening, treatment for substance abuse, and sports-related injuries under premium “Plus” plans.
Still, some students prefer insurance recommended by their foreign universities because it often comes with smoother claims processing in the host country. Nikhil Jain, founder of the platform ForeignAdmits, said, “Students going to the US want policies that support them if their visa gets revoked or if they lose their job. But Indian insurers still struggle to match global providers when it comes to services and features.”
To deal with this, education consultants suggest a mix of both. Dilip Oak, who runs an overseas education consultancy in Pune, said, “Many students going to the US choose university-recommended policies for easier settlement. But Indian companies are offering discounts and more options to attract them.”
As more Indian students head abroad, insurance companies are adjusting their products to offer cost-effective, customised protection. These policies are becoming an important part of planning for overseas education, helping students reduce financial risk.
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