Health Insurance For Students - All You Need To Know

A student's life revolves around studies and career aspirations, along with fun and adventure. In today's times, with increasing globalization, numerous career options, and the peer pressure to excel in studies, students barely have the mental space for health concerns. Moreover, the students entering college are more excited about their first step into adulthood as well as adapting to the new study environment.With all this, the thought of health insurance may never cross a student's mind. However, a health insurance policy for students is essential, be it a school or college student living in the home country or students pursuing overseas education.

It has become a universal truth that every individual requires health insurance to cover common health problems and unexpected illnesses. And purchasing appropriate health insurance becomes a pressing need with the rising inflation rate and subsequent increase in healthcare costs. When it comes to protecting one's health, the young and old need equal attention.The youth is susceptible to common infections and diseases, chronic physical and mental illnesses , harmful effects of drug and alcohol abuse, unplanned pregnancies, sexually transmitted diseases. Besides, there might be possibilities of bodily injuries and unforeseen accidents. In all these cases, a health insurance policy for students can be of great help.Overseas education comes with huge expenses. Depending on the country the student is living in, the cost of medical treatment may be higher. Even an over-the-counter medicine or a small medical procedure can cause a considerable dent in the student's finances. So, for students living away from their parents, a health insurance policy becomes even more important.

Like any other policy, choosing a student's health insurance needs extra attention. The following aspects should be taken into account while selecting a student’s health insurance: the sum insured, the list of illnesses and accident type covered, the tie-up with hospitals, medical care facilities, pre and post-hospitalization benefits, and the insurance company's claim settlement track record.Many Indian parents are unaware of the health insurance policy for students and its coverage. They send their child for overseas education without a proper health insurance. Later, they are forced to pay a hefty amount for the treatment of their child in case they’re diagnosed with a disease while studying abroad.Besides the coverage, the health insurance policy for students living aboard should include other benefits such as tuition fee waiver in case of absence on medical grounds, travel expenses of family members for visiting the ill student, etc.

All in all, it's a wise decision to invest in a health insurance policy for students. Though initially, it may seem like an additional expense, students should consider it as a valuable instrument that will safeguard their finances in case of a medical emergency.

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.