Monday, Nov 28, 2022

HDFC Ergo Insuring Students Against Unforeseen Risks

Ritesh Kumar

Why is it important to have overseas travel insurance for students?

A large number of students opt for education overseas today. But, travelling overseas also exposes one to certain risks which could burn a hole into the student’s pockets. In such cases, a Travel Insurance policy is very handy for students as it covers them for non-medical emergencies such as personal liabilities, loss of passport, delay or loss of baggage, bail bond covers among others as well as medical emergencies like dental emergencies, medical evacuation, accidental death or permanent disability. Moreover, students are required to purchase a Travel Insurance as a mandatory requirement by most international universities.

Hence, a Travel Insurance is important for students to ensure they are financially secured against unexpected medical and non-medical emergencies while they travel overseas for higher education to pursue their dreams.

Student Suraksha as offered by HDFC ERGO seems to be the most popular insurance policy among Indian Students. Why are student opting for HDFC ERGO Education Travel Insurance in preference to other insurance products?

A Travel Insurance policy should provide students with financial security and peace of mind allowing them to focus on their grades while they pursue their education overseas. Hence, it is important that their travel insurance plan is comprehensive to cover them from any unforeseeable expenses which may otherwise burn a big hole in their pockets.

HDFC ERGO’s Student Suraksha Travel Plan is competitively priced and offers students the option to choose from a wide range of Sum Insured. Student can opt for a Sum Insured ranging from US$ 50,000 to US$ 500,000 depending upon which part of the world they travel for education. Any student between the age group of 16 to 30 years is eligible for the insurance and can choose to be covered for a period of 30 days up to 2 years.

More importantly, apart from covering medical and non-medical emergencies, the HDFC ERGO Student Suraksha Plus Plan offers students coverage for specific benefits which may be mandated by some universities as part of the student travel insurance policy like - Mental & Nervous Disorders including alcoholism & drug Dependency, Cancer Screening, Pregnancy treatment, or childcare benefits.

What are the provisions or protections provided under the HDFC ERGO’s travel insurance plan?

HDFC ERGO’s Student Suraksha policy covers students against medical and non-medical emergencies like:

  • Emergency Medical treatment including Evacuation and Repatriation
  • Emergency Dental expenses  Accidental Death and Disability
  • Personal liability
  • Study Interruption
  • Sponsor Protection
  • Bail Bond cover
  • Loss of Passport, Loss and Delay of Checked Baggage
  • Compassionate Visit

Also, our Student Suraksha Plus Plan covers students for specific benefits which may be mandated by some universities as part of the student travel insurance policy like:

  • Treatment of Mental & Nervous Disorders including alcoholism & Drug Dependency
  • Cancer Screening & Mammography Examinations
  • Pregnancy treatment, or childcare benefits

Is there any provision for renewal of the insurance plan?

Yes the policy can be renewed before the end of the term of the initial policy.

How does one avail of the benefits without any undue delay? 

Students should ensure the following, so that their claims are processed with ease and without any delay in case of an unfortunate event:

  • On purchasing the policy, get a clear understanding of the process for filing claims from the insurers themselves
  • Save all documentation - keep receipts, unused tickets, proof of payments, doctor’s notes, police reports, etc., these will need to be submitted along with the claim form
  • Always carry the insurance card with you so that in the event of emergency, the insurer can be contacted for necessary assistance. For cashless admission, the insured/ person speaking on behalf of claimant should inform the overseas travel assistance partner of the insurer, within 24 hours of hospitalization or at the time of discharge. Also, at that time, enquire from the overseas travel assistance partner about the documents needed to make a successful claim
  • In case of a medical emergency, request treating doctors to fill in all relevant sections in the claim form and sign it
  • Check to see if your insurer will accept scanned / facsimile copies of the claim document

Can one enhance or cancel the insurance plan?  

A Student Travel Insurance policy can only be enhanced or cancelled prior to the commencement of the travel.

What are growth potential of Student Travel Insurance in India? How do you see the future in this sector?  

Today, there is about 14 – 15% growth p.a. in students opting for education overseas. Additionally, most universities mandate that students must have a Travel Insurance policy and about 50% of the universities in USA demand that the policy must include maternity cover, cancer screening & mammography screening. Moreover, with ever increasing and extremely high cost of medical treatments in Western countries, there is an increase in the need for a Travel Insurance among students. Looking at these trends, there is huge potential for growth for the sector in the future.