Studying abroad? Stay insured suitably By ARUN BALAKRISHNAN, BERKSHIREINSURANCE.COM As the fall season approaches, hordes of youngsters are packing their bags for various destinations abroad to pursue their educational aspirations. Much effort goes into the planning and preparatory process – visits to foreign education counselors, scouting for the right university, filling application forms, appearing for examinations and competing for scholarships, planning expenses and so forth. In the midst of the many preparations, one important point, often undermined, is getting an appropriate insurance policy. Some countries make it mandatory for foreign students to have a suitable insurance cover. While countries in the Schengen area as well as the US have made it compulsory to have a compliant medical insurance for the course duration, others like UK, Australia and South East Asian countries such as Singapore and Malaysia do not have such a requirement. However, regardless of the host country's norms, students and parents must view insurance purchase as an essential element of studying abroad. The cost of medical treatment in most foreign countries can be very high and to safeguard against serious financial implications in case of sickness or accident, a sufficient insurance cover is necessary. A student travel insurance policy provides coverage for such eventualities. Apart from hospitalisation expenses, cover is also usually provided for dental treatments, expenses for evacuation in case of medical emergency, and even expatriation of mortal remains. Some plans may also provide add on covers for sports injuries and mental disorders owing to stress.One can select such add ons depending on the nature of study and extracurricular activities one plans to take up. ----------------------------------------------------------------------------------------------------------------------- Berkshire India is a majority owned non-direct subsidiary of Berkshire Hathaway incorporated in India. It is a licensed corporate agent of Bajaj Allianz General Insurance. It sells Bajaj Allianz's products directly to retail consumers through the internet on BerkshireInsurance.com. ----------------------------------------------------------------------------------------------------------------------- Apart from medical coverage, a comprehensive student travel insurance also bundles in other important covers which helps parents stay at ease about their child`s safety, financial security and continuity of education. One must choose a policy taking into consideration the following elements and with adequate cover for these eventualities. Personal Liabilitycover is provided in case a student accidentally damages a property or causes injury to a person. The policy also takes care of lost baggage and passport. During the course of study, students typically make a biennial visit to India. Frequent travel necessitates coverage for lost belongings. In case a student`s baggage is lost he/she has to provide adequate proof of the items present – books, clothes etc to get the reimbursement. Charges for making a new passport are also covered by such a policy. Study interruption is another element of the policy. In case a student is unable to complete the course, the advance tuition fees that have been paid would be reimbursed by the insurer. The extent of coverage provided would depend upon the terms of the policy. In case the person sponsoring the student`s education dies or becomes permanently disabled, leading to inability to pay the fees, the insurer would provide sponsor protection cover. Thus the company would take care of the remaining fees, up to a specified maximum limit as per the policy schedule. The objective is to ensure that the student does not have to discontinue his education under any circumstance. An overseas student travel policy enables family members to visit the student in case of a medical emergency, without creating a big financial burden. If the student is hospitalised due to accident or illness and the doctor advises that a family member be present to attend to him/her, the insurer would cover the travel and accommodation cost of the family member. On the other hand, in case the student needs to visit owing to death or hospitalisation of parents, then too the insurer covers the travel cost. Insurance policies can even safeguard a student who happens to get on the wrong side of the law. If the student is arrested for a bailable offence, the company funds the bail. This does not apply to law breaking with criminal intent and certain offences like over speeding one`s vehicle. Considering the various impediments that a student can face while studying abroad, including those which pose a risk to the completion of one`s degree, a good travel insurance policy is a must. The simplest way to obtain one is to log onto an online portal, evaluate the options available and choose one to secure your education.