In Unit Linked policies, the investment risk in the investment portfolio is borne by the policyholder.
Health insurance for students who study abroad
08th April 2019
These days, pursuing a degree from a university abroad is very common affair and every year, thousands of Indian students from different parts of the country opt for a foreign degree. A foreign degree adds to the core competent value of a student’s resume and acts as a career-booster in the long run. As such, many parents yearn for sending their children abroad so that they can pursue a career of their choice in any respective field. However, while choosing to send their children abroad, one important factor that must be kept in mind is having a specific health insurance plan for your child in place. In fact, many universities have mandatory rules for ensuring that every student has a compulsory health insurance plan for coverage. In such cases, where the student is mandated to be under the coverage of a health insurance plan, it is very essential that you choose carefully, as there is an additional option of seeking health insurance from abroad. Therefore, the first option that you, as a responsible parent, have to consider is whether to seek foreign insurance or domestic health insurance.
When it comes to choosing between these two options, one important and core factor that goes in favor of domestic insurance is the cost of the plan. The payable premium rates vary by a huge margin between these two options and hence, it is very essential that you consider the costing factor carefully before taking a step. The domestic health insurance offers extensive coverage and the premium rates are extremely cheap when viewed in comparison with what foreign insurance has to offer. Seeking a foreign insurance is an extremely costly affair that requires you to pay hefty amounts as contribution towards the policy. Therefore, it is better to choose a domestic health insurance plan for your child before sending her/him abroad for studies.
There is an additional factor of carefully analyzing and evaluating the coverage features in the plan. In simple terms, if your child is going to study in a university where it is mandatory for students to have the local insurance cover, you can choose to opt for the local primary base healthcare cover and for additional features or rider option like coverage against critical illnesses, pre and post-hospitalization benefits, ambulance, nursing, lodging facilities and any additional requirements, you can opt for the domestic plan options that offer these rider-option. This allows you to have a balanced insurance portfolio and helps you enjoy the benefits of both the primary as well as additional benefits of the plans at reduced costs.
Before opting to choose a particular policy, you must keep in mind the scope of coverage that is being offered by the insurance provider. This has to include additional benefits like waiver of tuition fee in case of any long-term absence due to medical reasons, travel expenses incurred in case of any travel requirements or family-visits during any illness, etc.
HDFC Life offers various healthcare plans that seek to secure your finances and allow you to retain your saving-corpus during any health-related contingency. For details, click on the mentioned link: https://www.hdfclife.com/health-insurance-plans.
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