Student Insurance in India – by Manish Jaiswal

It is Travel Season. Preparations are on for next Vacation soon. But at the same time, our future leadersi.e. Students are working over-time to get ready to go abroad for higher-studies.The heartening news is that Indian Students has taken the No. 1 Immigrant position in United States,replacing Chinese for Academics Program. Whether it is Under-Grad, Graduate or Post Graduate studies,we are now sending whooping 75,000 students every year to United States. Similarly, I am aware that UK /Canada and Australia is also competing with America to woo Indian Students as the Student Business is oneof the largest Foreign Exchange earners in all countries, besides cherry picking the best talent to fill theirresource pool (Engineers / Doctors or Management Professionals) for future. Over-all, I guess over 150,000students leave Indian shore to explore academic pursuits.I have seen some interesting articles appearing on Student Insurance in the Indian media. Even moreinteresting is to see the ensuing debate about which has better plans? Whether buying Insurance fromIndian Insurance Companies or really buying it abroad in the host Country or at University Campus. Being alicensed Insurance Broker both at India and USA, we are surely better poised to give a neutral platformfor you to take an informed decision.Before we dwell further, I wish to place some facts, which may help settle the arguments going on atvarious Blogs or media sites. Few Universal truths are:Indian Travel and Student Insurance is around 30% cheaper vis-à-vis International Plans available in US /UK or Australia. So, if you are price conscious and want to pay in INR, Indian Insurance is not bad. IndianInsurance covers all basic needs, should you encounter once you are abroad for studies pleasure orbusiness.UK NHS Scheme is good but it is a Social Scheme. You will actually meet lot of Indian Doctors in UK andyou may get treated well but since it is a Social Scheme, only emergencies are taken-up in priority. If youhave Insurance, then sure you will be treated well and on priority because being a paid customer. Thedifference is like going to AIIMS or Apollo. Both are great Hospitals in India but I am sure, you would wantto be treated at Apollo.

International Insurance from USA and UK are great as they are Cash-less and available Online. You areguaranteed for better service and claims. You could buy Indian Insurance by paying Cash or Cheque fromyour Insurance Agent or Insurance Broker but International Plans has to be bought Online through CreditCard.Since you will be abroad for atleast 2 to 4 yrs, depending on your academic schedule, you may be advisedto buy International Insurance for continuity as Indian Insurance will not cover you beyond 180-365 days.Some of the myths we encounter every season that American, Australian or Canadian Universities forceyou to buy Campus Insurance as a part of their academic program. This is absolutely not correct as inWestern World, Insurance is regulated and only licensed agent can sell an Insurance Plan. Besides, aUniversity or Campus main job is to provide education and not to sell Insurance. Yes, most of the collegesdo act as a facilitator and their Student Body generally give directions to new students about availableInsurance from participating Insurance companies in the campus. You must be warned that participatingInsurance companies pay huge marketing fee to the University hence buying Insurance plans from thecampus will not only be expensive but also with limited options.So, a prudent Student would want to compare the plans Online up-front and then buy his or her choicepolicies. InsuranceMall could be your first stop for an informed decision on Student Insurance. Actuallyyou may save over 30% or more athttp://www.insurancemall.in/.OK, so we now know that Student Medical Health Insurance Plans are available both in India as well asAbroad. As far as I am concerned all are great plans and your choice should depend on your needs, budgetand flexibility.Here is a quick comparison summary for your perusal. Will help you take an informed decision on yournext Insurance purchase:

http://www.insurancemall.in/I-Opener/post/2008/04/Student-Insurance-in-India-e28093-Players2c-Premium-and-Online.aspx

Tata-AIG / Apollo DKV / Star / Bajaj and ICICI all have great Student Insurance plans for upto 180 Days.You could Compare and Buy your choice policy Online fromhttp://www.insurancemall.in/IMG / Seven Corners / MNU have great International plans. You could Compare, Buy & Print you policiesOnline from http://usa.insurancemall.in/Trust this may help some of you to take an informed decision.