Can students Pre-pay their Loan?

    When students prepay their loan after 6 months of the disbursement date, then no charges will be levied for early closure of the education loan.

    How is the disbursement made?

    Loan is disbursed in INR and transferred to the co-applicant’s bank account or the college/university directly, as per the requirement.

    What security do can I show in order to avail Secured loan?

    Following can be shown as security or can be mortgaged for availing loan:

    1. a) Residential Property i.e. House/Flat/Apartment/Plot
    2. b) Life Insurance with surrender value equivalent to required security coverage
    3. c) Fixed Deposit

    When student can apply for loan?

      Student can apply for loan after getting i20 from the college/university. However, there are some advantages of getting loan before getting i20 which are mentioned below: –

    1. a) Student can check beforehand whether they would be eligible for loan or not
    2.  b) When eligible for loan, student does not need to worry for funds at the time of visa application
    3. c) Loan before i20 can give almost 100% assurance from the university for admission as whole amount of the funds is shown.

    Am I eligible for loan even if co-applicant is already having any other loan?

    It totally depends upon the profile, co applicant salary and the EMI he pays every month for the outstanding loan amount.

    To simplify the process students only need to submit the loan application to us and we would check for loan eligibility and try our best to get the maximum loan amount at affordable interest rate to the student.

    Do banks/loan companies give preference or benefits to students having admit from good colleges/universities?

    Yes. Students with admission from good colleges/universities get preferences such as desired loan amount and reduced ROI even if they have not impressive financial profile.

    Who all can sponsor me as a co-applicant? Anyone working abroad can sponsor or become a co-applicant?

    Any following person can be a sponsor if they are either salaried and self-employed: –

    1. a) Father, Brother, Mother, Sister
    2. b) Maternal Uncle or Aunt
    3. c) Paternal Uncle or Aunt
    4. d) Cousin Brother

    Yes, anyone working abroad can be a sponsor or become a co-applicant.

    When does the Loan EMI start and what is the maximum tenure for loan repayment?

    Loan EMI starts after the course completion and the grace period of 6 months or 1 year.

    Maximum Loan repayment tenure is 10 Years.

    When to avail Education Loan?

    Education Loan can be applied for or taken in different stages of the process of preparation for Study abroad.

    1. Loan before the admission: Education Loan can be applied at the time of getting the final admission letter from the university as receival of the same is based on the availability of funds.

    This is mainly opted by the students going to U.S. Universities. Loan can be taken for receival of I-20 for which loan amount should be the total of tuition, living expenses, expenses on dependents, health insurance among other things laid down by the University.

    1. Loan before the Visa: Education Loan can also be applied after the receival of final admission letter for the purpose of showcasing funds for student visa. This amount varies from countries to countries

    For e.g. Student Visa for U.S. requires a student to showcase funds 1.5 times more than the amount shown for I-20.

    1. Loan after the Visa: Education Loan can also be applied for the purpose of paying fees for forthcoming semesters in case where student has reached the destination country through self-funding but there is a need of more money supposedly.
    2. Balance transfer on existing loan: Education Loan can be transferred from one loan provider to another once student has paid the University fees through the first education loan. This option can be availed even if the student has reached destination country as well.

    Why to opt for Unsecured Loan?

    Student having a property (residential or commercial) in India and putting the same as security or mortgage for the purpose of education loan in order to avail the loan for a lesser ROI is not so beneficial in the long-run and more so when there is an option of unsecured loan i.e. loan without property upto 50 Lakhs (depending upon student’s academic and financial profile).

    Unsecured loan offers upto 50 lakhs loan with ROI of only 2%-3% higher than offered under secured loan. This difference in ROI does not concludes very much in the long run and importantly unsecured loan does not have the risk of losing the mortgaged property in case of non-repayment of the loan for some reason.

    What is Insurance?

    Insurance is a policy document which gives guarantee to pay (partly or in full) for expenses incurred by a person buying it for particular events such as medical or health problems, travel expenses, car expenses, marine expenses, death among other things. In return that person pays an amount periodically or one-time for it which is called Insurance Premium.

    What is the difference between International Health and Travel Insurance?

    International Health Insurance

    International Health Insurance is also known as Overseas Medical Insurance by many people. It is a policy document which gives guarantee to pay (partly or in full) for the medical expenses incurred by a person buying IHI for a longer period of time and in return that person pays an amount periodically or one-time for it which is called Insurance Premium. This type of insurance is specifically designed for people living like locals in a foreign country for a longer period of time and it may be required by them as a mandate. It includes coverage for the expenses incurred due to following medical and related problems: –

    1. Chronic illness
    2. Medical surgery
    3. Emergency illness and injuries
    4. Medical evacuation and repatriation
    5. Dental and Vision injuries
    6. Hospital and OPD expenses

    among other things.

    International Travel Insurance

    Travel Insurance is a policy document which gives guarantee to pay (partly or in full) for any expenses incurred during travel from one country to another country by a person buying the insurance policy and in return that person pays an amount periodically or one-time for it which is called Insurance Premium. This type of insurance is specifically designed for people going to foreign countries for short term period for specific purposes and it may not be required by them as a mandate. It includes coverage for the expenses incurred during their travel: –

    1. Medical expenses
    2. Trip cancellation and delay
    3. Loss of passport and baggage
    4. Financial Emergency Assistance
    5. Medical evacuation and repatriation
    6. Personal accident

    among other things.

    As it can be seen above that International Travel Insurance not just cover the insured for the expenses during the travel or related to travel but also any medical or health problems during the travel or within the period of the Insurance policy. However, in this type of Insurance, the coverage for medical expenses is very limited as compared to the coverage offered in a pure International Health Insurance plan.
    Both Indian and American Insurance companies offer both kind of plans and it is upto the person to choose the plan best suited to his circumstances.

    Who needs Insurance?

    Any person who is leaving India or home country and travelling to any other country needs International Travel/Health Insurance.

    Who is eligible to buy Insurance?

    Any person with a valid visa in order to travel abroad is eligible to buy our Insurance plans.

    What to look for when buying Insurance?

    Students going to U.S. on F-1/J-1 visa:

    1. University Insurance waiver criteria
    2. Premium
    3. Maximum coverage amount
    4. Out-of-pocket limit
    5. Preferred provider network
    6. PPACA compliance

     

    For Individual travellers:

    Following features of any Insurance plan should be taken into account: –

    1. Premium
    2. Maximum coverage amount
    3. Coverage sub-limits
    4. In-patient and outpatient coverage
    5. Claim assistance & ratio
    6. Network of Hospitals

    How to use Insurance?

    Please visit the following link: –

    How to identify plans which fulfil the waiver requirements of a University?

    Almost every University in U.S. has some criteria to waive out their own Health Insurance plan. Students going to a University should choose those external Health Insurance plans which fulfil the requirements or criteria of the University Insurance waiver.

    These criteria can generally present in the brochure of the external Health Insurance plans which can be further compared with that laid down by University. Following are some of the examples: –

    1. External Health Insurance plan should have no limit on the maximum coverage
    2. Plan should be ACA compliant
    3. Plan should not have an Out-of-pocket limit of higher than $6,350.
    4. Plan should cover for both In-patient and out-patient in a particular state or city.
    5. Plan should have cover for Medical Evacuation and Repatriation.

    among other criteria.

    When to buy Insurance?

    It depends upon various factors as to when to buy International Health and Travel Insurance Generally, it should be bought at least 15 days prior to the travel date.

    Students going to U.S.:

    Students going to U.S. on F-1 visa should carefully plan as to when to buy the Insurance plan. Students who are planning to opt for an external Health Insurance plan so as to waive the University Insurance, they can buy the insurance plan as when the University Insurance waiver system get activated which is almost 1 month before the college starts.

    For other students, they can buy the travel insurance plan before 15 days of travel date

    Students going to other countries:

    For some countries Travel Insurance is mandatory for tourist or study visa, so for that purpose Insurance should be bought before applying for the Visa. Some people buy it as a packaged deal with the Air ticket which is not advisable as there is limited option buying through this way and customer tends to lose on benefits or reasonable cost which they might get with other insurance plans.

    Cancellation and Refund policies?

    Insurance plans can be cancelled when requested and refund of the whole premium upon cancellation are subject to fulfilment of specific conditions.

    Indian Insurance plans:

    Insurance plan can be cancelled in following two conditions: –

    1. Insured should have a valid reason for cancellation
    2. Preferably policy start date should not be crossed

    Note: Insured should contact the Student Cover concerned executive for further enquiry for cancellation. In case where, policy start date has crossed refund of the premium would be done on pro-rata basis.

    International Insurance plans:

    Procedure and conditions for Insurance plans from International companies can differ depending upon their specific cancellation policies.

    Plans from U.S. Insurance companies:
    Students on F-1 visa who have taken the plan for the purpose of waiving University Insurance should meet following either of the following conditions to cancel the plan: –

    1. Student have been selected into the armed forces.
    2. The Insurance plan is rejected for the waiver of the University Insurance
    3. Student has revoked the admission for particular college/university and not travelled to the destination country.

    Note: Insured should contact the Student Cover concerned executive for further enquiry for cancellation. In case where, policy start date has crossed refund of the premium would be done on pro-rata basis.

    How to choose between Indian and International Insurance plans?

    Students can choose between Indian and International Insurance plans on the basis of following factors: –

    1. Destination Country: – In various countries students does not need mandatory Insurance plan for a longer period of time, they can avail a short-term Travel Insurance which can be a plan from any of the Indian Insurance companies.
      In U.S. it is mandatory to have Health Insurance at all times which is required by University, so in this case if University accepts Indian Insurance then students can take the same otherwise they have to take plan from a U.S. Insurance company suitable to them.
    2. Personal requirement: – Some students require a full-fledged Health Insurance plan irrespective of the country or mandatory requirements of University as they want to secure themselves for all expenses incurred due to medical problems. Some students may want only Travel Insurance which has good travel benefits but limited coverage for medical expenses either for short term or for a year.
    3. Visa Requirement: – Student or study visa for some countries require applicants to have mandatory short-term Insurance plan in their visa application.
    4. University requirement: – Universities in some countries require students to be insured under Health or Travel Insurance during the whole study period as there is no public health schemes available for foreign students.

    In Australia, students can only take plans from the Australian Insurance companies which are recommended by University only. They cannot take plans from any of the Insurance company.

    What are the coverage under different Insurance plans?

    Indian Insurance plans: –

    Following are the common features and benefits under majority of plans from Indian Insurance companies:

    1. Medical Expenses
    2. Emergency Dental Pain Relief
    3. Medical Evacuation and repatriation
    4. Personal Accident
    5. AD &D Common Carrier
    6. Loss of Baggage
    7. Bail Bond Insurance
    8. Accident to Sponsor
    9. Family Visit
    10. Personal Liability
    11. Loss of Laptop
    12. Loss of Passport
    13. Study Interruption starting

         Note: These plans have no Co-insurance or Co-pay but a Deductible of only $100. Apart from above benefits, there are other benefits which may not be included in the standard cover package but come as optional covers. These benefits are such as Maternity/Pregnancy expenses, Mental and Nervous disorders, Substance abuse, Suicide, HIV and AIDS cover, Pre-existing covers etc.

    International Insurance plans: –

    Health Insurance:

    1. Room and Board Expense
    2. Intensive Care
    3. Hospital Miscellaneous Expenses
    4. Routine Newborn Care
    5. Inpatient and Outpatient Physiotherapy
    6. Inpatient and Outpatient Surgery
    7. Anesthetist
    8. Inpatient and Outpatient Physician’s Visits
    9. Medical Emergency Expenses
    10. Diagnostic X-ray Services
    11. Radiation Therapy
    12. Laboratory Procedures
    13. Tests, Procedures and Injections
    14. Chemotherapy
    15. Prescription Drugs

    Travel Insurance:

    I. Hospital Room and Board
    II. Intensive Care Unit
    III. Local Ambulance
    IV. Emergency Room Co-payment – Claims incurred in U.S.
    V. Urgent Care Center – Claims incurred in U.S. For each visit
    VI. Outpatient Physical Therapy and Chiropractic Care
    VII. Emergency Dental (Acute Onset of Pain)
    VIII. Acute Onset of Pre-existing Condition
    IX. Terrorism
    X. Emergency Medical & Political Evacuation
    XI. Repatriation of Remains
    XII. Local Burial or Cremation
    XIII. Crisis Response – Ransom
    XIV. Optional Crisis Response Rider with Natural Disaster Evacuation
    XV. Emergency Reunion & Bedside Visit
    XVI. Return of Minor Children or Pet
    XVII. Trip Interruption
    XVIII. Accidental Death & Dismemberment
    XIX. Lost Checked Luggage
    XX. Travel Delay
    XXI. Natural Disaster – Replacement
    XXII. Hospital Indemnity
    XXIII. Personal Liability

    What are Insurance terminologies?

    General terminologies:

    Sum-insured – Sum Insured indicates the maximum coverage under Insurance contract in terms of financial amount which Insurance company is liable to pay in case of an equivalent loss to or expenses incurred by the insured.

    Premium – It is the amount paid by the insured in return for the coverage provided under Insurance contract.

    Pre-existing disease – It is the type of ailment which Insured have suffered from before the start date of the Insurance contract.

    Deductible – Is one of the cost-sharing element under the Insurance contract. This is the amount paid by the insured as part of the covered medical expenses incurred.

     

     

    Indian Insurance plansDeductible is paid as part of the medical bill generated on each treatment/injury.
    International Insurance plansUnder some plans deductible is paid as part of the medical bill generated on each treatment/injury.
    In other plans amount of deductible is paid upto an Annual limit which is irrespective of the medical treatment or injury.

     

    Co-insurance – Is one of the cost-sharing element under the Insurance contract. This is the percentage of covered medical expenses paid by the insured.

     

    Indian Insurance plansNo Co-insurance element is present under any of the Indian Insurance plans.
    International Insurance plansIn all the plans Co-insurance is paid as part of the medical bill generated on each treatment/injury. It can range from 10% to 40% depending upon the Insurance plan and type of provider insured has taken the treatment from.

    Co-pay – Is one of the cost-sharing element under the Insurance contract. This is the amount paid by the insured as part of the covered medical expenses incurred.

    Indian Insurance plansNo Co-pay element is present under any of the Indian Insurance plans.
    International Insurance plansIn all the plans Co-pay is paid as part of the medical bill generated on each treatment/injury mostly for Emergency room, outpatient treatment and prescription drugs. It can range from $10-$150 depending upon the Insurance plan, type of provider and. treatment.

     

    Accidental Death and Dismemberment (AD&D) – AD&D refers to loss of Life, Limb or Sight. Limbs and Sights are regarded as “Members”. Following benefits given in case of dismemberment.

    Indian Insurance plansCovered amount is fixed for loss of life and dismemberment.
    International Insurance plansCovered amount may vary for loss of life and dismemberment

     

     

     

     

    Indian Insurance terminologies:

    Personal Accident – Any expenses incurred due to accident during a trip abroad. Accident means sudden, unforeseen and involuntary event caused by external, visible and violent means.

     

    Emergency Dental Pain – Expenses incurred on acute anaesthetic treatment of a natural tooth or teeth during a Trip abroad but not exceeding the Sum Insured for the coverage as mentioned in Part I of the Schedule hereto

    Coverage for the same is present in some of the Indian Insurance plans.

    Personal Liability – In case of insured becomes legally liable to a third party under statutory liability provisions in private law for an incident which results in death, injury or damage to the health of such third party or damage to his/her properties.

    Coverage for the same is present in some of the Indian Insurance plans.

     

    Bail Bond –  Bond to be paid to the appropriate authority/court as the bail amount towards the arrest or detention for a bailable offence by the police/judicial authorities of the place at which he has specified in the proposal form whilst.

     

    Coverage for the expenses thereof upto the maximum specified against this benefit is present in some of the Indian Insurance plans.

     

    Sponsor Protection – Protection of the expenses paid by the sponsor, in the event of death of the sponsor due to any injury. These expenses are related to tuition fees paid for the University/college.

    Coverage for the expenses thereof upto the maximum specified against this benefit is

    present in some of the Indian Insurance plans.

     

    Family Visit – Immediate Family Member is needed to be at his bedside for the duration of his stay in the hospital where Insured is hospitalized for more than 7 consecutive days, and his medical condition forbids his shift to home country.

    Coverage for the expenses thereof upto the maximum specified against this benefit is present in some of the Indian Insurance plans.

     

    Mental illness and alcohol disorder – Illnesses related to Mental health and disorders related to substance such as alcohol.
    Coverage for the expenses thereof upto the maximum specified against this benefit is present in some of the Indian Insurance plans.

     

    Loss of baggage and passport – Total loss of checked-in baggage and passport during travel.

    Coverage for the expenses thereof upto the maximum specified against this benefit is present in some of the Indian Insurance plans.

     

    Trip Cancellation and delay – Cancellation or delay of the flights. The reason of Flight cancellation and delay should not be from the passenger’s side.

    Coverage for the expenses thereof upto the maximum specified against this benefit is present in some of the Indian Insurance plans.

     

    Financial Emergency Assistance – Assistance in terms of financial amount in case of any emergency.

    Coverage for the expenses thereof upto the maximum specified against this benefit is present in some of the Indian Insurance plans.

     

    U.S. Insurance terminologies:

    Out of Pocket maximum:

     

    This the amount of Covered Medical Expenses that must be paid by the Insured Person before covered medical expenses will be paid at 100% for the remainder of the Policy Year according to the policy Schedule of Benefits. The following expenses do not apply toward meeting the Out-of-Pocket Maximum, unless otherwise specified in the policy Schedule of Benefits:

    1. Deductibles
    2. Copays
    3. Expenses that are not Covered Medical Expenses

    Preferred or In-network provider – These are referred to providers such as physicians, hospitals and other health care providers who have contracted to provide specific medical care at negotiated prices. Preferred Providers in the local school area are: United Healthcare Options PPO(Preferred Provider Operators).

    Preferred allowance – This the amount a Preferred Provider will accept as payment in full for covered medical expenses.

     

    TITERS – Medical tests related to immunizations and undertaken as mandated by the University or under any other criteria. Example of TITERS are medical tests for Polio Virus Immune status, Varicella-Zoster AB, IgG, Hepatitis B surf AB, MMR, Hep B, Hep A, Tdap and Rubella

    Coverage for TITERS is present in all the ACA compliant U.S. Health Insurance plans.

     

     

    Preventive care services – Preventive care is the heath care precaution taken to eradicate any potential health problems before its onset. Preventive care includes immunizations, lab tests, physical exams and prescriptions.

    Coverage for the preventive care services is present in all the ACA compliant U.S. Health Insurance plans.

     

    Prescription Drugs – Drugs or commonly known as medicines which are prescribed by a physician or any other doctor treating any injury or sickness for the insured. These have the following tiers:

     

    Tier 1 – This includes the generic drugs and some branded drugs which are available at the lowest costs. These should be used under plans with lowest out of pocket limits.

    Tier 2 – This includes mainly the preferred branded drugs which are available at mid-range costs. These should be used under plans with reasonable out of pocket limits.

    Tier 3 – This includes mainly the non-preferred branded drugs which are available at the highest costs. These should be used under plans with highest out of pocket limits.

    Coverage for prescription drugs is present in all the U.S. Health Insurance plans with an applicable co-pay amount.

     

    Network Area – the 50-mile radius around the local school campus the student is attending. In case of absence of any preferred provider in the Network Area, all the provider will be treated as a preferred provider.

    How to purchase different Insurance plans?

    Indian Insurance plans: –

    Students can purchase Indian Insurance plans through following options:

    1. Cash deposit or NEFT to the following current account:

    BANK NAME           – UNION BANK OF INDIA
    ACCOUNT NAME    – STUDENT COVER
    ACCOUNT NO.       – 691001010050060
    IFSC CODE            – UBIN0569101
    BRANCH ADD         – KAROL BAGH
    ACCOUNT TYPE     – CURRENT

    1. Students willing to directly pay to the respective Insurance company, can request to generate a payment link through they can pay the required Insurance premium online through Net banking or Debit/Credit card.
    2. Plans for some Insurance companies can be viewed and paid from the separate link created specifically for Student Cover.

    International Insurance plans: –

    Students opting for plans from International Insurance companies can pay through the following options: –

    U.S. Insurance plans:

    Payment for the plans from U.S. Insurance companies can be paid on a separate website https://www.intlstudentcover.com/Enrollment. A form has to be filled asking for personal, university and financial details.

    Students can also ask for specific purchasing steps from the Student Cover executive.

    Other International Insurance plans:

    Payment for the plans from other International Insurance companies can be paid through separate links asking for personal, university and financial details.

    Students can also ask for specific purchasing steps from the Student Cover executive.

    How to select U.S. Universities?

    Most important thing at the time of making applications to the Universities is “to match your future academic goals with your academic profile”.
    In order to do so, you should be able to answer to the question that which universities would accept your profile for admission and are those universities fit in your academic goals such as research-based academics, practical-based academics etc.

    Your profile includes following details:-

    • Score of the academic and English language tests
    • Previous course study and CGPA (if going for Graduate degree)
    • Work experience and projects undertaken thereof.

    What is SOP and LOR?

    Your University application acceptance also depends upon two other important which are vital in your overall evaluation as prospective student for admission which are as follows:

    • SOP – Statement of Purpose is a long essay, usually about 1000 words, highlights the candidate’s life events in terms of academic and related work experience. It also expresses the motivations for the chosen career path and his/her goals aimed at convincing the reader of the student’s enthusiasm to get associated with the university for learning and training purposes. The Universities could ask question-based essays or simply to present your statement of purpose. A standard SOP must include: –
      # Goals

    # Academic progress
    # Past and future career path

     

    • LOR – A letter of recommendation provided by a faculty member of your previous college or university. Usually, US universities ask for 2-3 LORs from your previous college or university. This could be your teachers from your schools in case of undergraduate courses and professors from your college in case you are applying for masters’ programs. A LOR requires the professor to highlight the applicant’s accomplishments as a student of the course.

    Monetary Funds required for i20?

    i20 is a document provided by U.S. Universities to the students who are selected for the admission in the same. Before i20 document student receive an admit after they apply to a University. After getting the admit students need to apply for i20 with showcasing certain amount of funds required by the University.

    This amount is generally the total of four particulars for a period of mostly 9 months which are tuition fees, living expenses, health insurance, expenses for dependents among other things.

     

    This amount can be shown either through self-funding i.e. having required amount in the bank account of student or any family member or through Education loan (sanction letter or amount disbursed from it)

    Q1 WHAT IS THE DIFFERENCE BETWEEN INDIAN AND INTERNATIONAL INSURANCE PLANS?

    Insurance as a concept is universally accepted with similar terms and conditions.

    There might be some changes in the fine T&Cs put in by the respective country’s insurance regulatory authority depending upon factors such as: Geography, Population, Economy etc.

     

    The above statement constitutes the difference between a overseas health insurance plan from a local or domestic company and the health insurance provided by an international insurance company.

     

    In the context of difference between US or American health insurance plans and Indian health Insurance plans for students traveling on American non-immigrant visa below are some of the major pointers which differs in both type of plans:

     

    ParticularsIndian InsuranceAmerican Insurance
    Maximum Coverage$25,000 – $1,000,000$100,000 – Unlimited max.
    Cost sharing termsAvg. Deductible – $100Deductible: upto $2,000
    Co-insurance: upto 30%Co-Pay: upto $300
    Out-of-pocket maximum: upto $8,000
    Claim Process modesDirect billing
    Reimbursement
    Direct billing
    Reimbursement
    Travel coverageAll standard travel benefitsOnly few of the travel related benefits

    Q2. HOW TO CHOOSE BETWEEN INDIAN AND INTERNATIONAL INSURANCE PLANS?

    Students can choose between Indian and International Insurance plans on the basis of following factors: –

     

    1. Destination Country: – In various countries students does not need mandatory Insurance plan for a longer period of time, they can avail a short-term Travel Insurance which can be a plan from any of the Indian Insurance companies.
      In U.S. it is mandatory to have Health Insurance at all times which is required by University, so in this case if University accepts Indian Insurance then students can take the same otherwise, they have to take plan from a U.S. Insurance company suitable to them.
    2. Personal requirement: – Some students require a full-fledged Health Insurance plan irrespective of the country or mandatory requirements of University as they want to secure themselves for all expenses incurred due to medical problems. Some students may want only Travel Insurance which has good travel benefits but limited coverage for medical expenses either for short term or for a year.
    3. Visa Requirement: – Student or study visa for some countries require applicants to have mandatory short-term Insurance plan in their visa application.
    4. University requirement: – Universities in some countries require students to be insured under Health or Travel Insurance during the whole study period as there is no public health schemes available for foreign students.

     

    In Australia, students can only take plans from the Australian Insurance companies which are recommended by University only. They cannot take plans from any of the Insurance company.

    Q3. FACTORS TO CONSIDER BEFORE PURCHASING INDIAN INSURANCE PLANS.

    A student should consider following factors before purchasing Indian Insurance plans:

    1. Waiver acceptance: The insurance plan should fulfil all the requirements put in by the University to waive its own insurance fees.
    2. Premium: Student may consider choosing a plan with a reasonable premium(purchasing cost of the insurance plan). They should avoid choosing a plan with the lowest premium as it may have minimum coverage benefits.
    3. Sum Insured: Insurance coverage maximum amount or sum insured is generally part of University Insurance fee waiver requirements. So, a plan with the required sum insurance may be chosen. However, if student thinks that a plan with a higher coverage may fare better for them due to some reason such as: past medical condition, difficulty in adapting to a new environment etc.
    4. Cost sharing terms: A health Insurance plan always has a nominal amount which is to be paid by the insured after which insurance covers the remaining amount. This amount is referred to as a
    5. Exclusions: Student should choose a plan only after checking the exclusion list under insurance in case the student requires any particular coverage to avail in the insurance duration.

    Q4. HOW DEDUCTIBLE WORKS IN INDIAN INSURANCE?

    A health Insurance plan always has a nominal amount which is to be paid by the insured after which insurance covers the remaining medical bill amount. This amount is referred to as a Deductible. This is applied on every treatment i.e. sickness/injury. The standard deductible amount is $100 per sickness/injury.

    Student pays the deductible from his/her pocket first and then Insurance may start covering the remaining bill amount.

    Q5. AM I COVERED FOR BOTH HEALTH AND TRAVEL BENEFITS?

    Yes,  under Indian Insurance plans, insured is covered for both medical expenses and Travel related expenses. Following are some of the travel related coverage benefits:

    • Total Loss of Checked-In Baggage
    • Delay of Checked-In Baggage
    • Loss of Passport
    • Hijack Distress Allowance
    • Missed Flight Connection
    • Political Risk and Catastrophe
    • Repatriation of Remains
    • Trip Cancellation and Interruption

    Q6. IS THE INDIAN INSUANCE CASHLESS?

    Indian Insurance plans are deemed to be cashless or follow direct billing procedure for claim settlement, as it does not involve a reimbursement procedure for medical treatment for major illnesses or injuries which require hospitalization and may incur heavy costs. Insured are not supposed to pay anything except a nominal deductible fees at the time of the medical treatment.

    For other medical problems which may not incur relatively higher costs, for them the insured can afford to pay from his/her pocket and then get the reimbursement for due amount from the insurance company.

    Q7. WHAT IS THE CLAIM PROCESS?

    Please refer to the answer of the question no. 6.

    Q8. HOW DOES INDIAN INSURANCE WORK IN FOREIGN COUNTRIES?

    The Indian Insurance companies offering plans to be used abroad use the services of a local company which is called claims administrator. The administrator does all the necessary activates to settle a medical claim as similar to the activities done by a TPA for the claims of their own country.

    Q9. CAN I RENEW INDIAN INSURANCE WHILE ABROAD?

    Yes, Indian insurance plans can be renewed or extended whilst abroad after fulfilling some basic criteria. Please ask your insurance representative for the same.

    Q10. IS INDIAN INSURANCE BETTER THAN INTERNATIONAL INSURANCE?

    Every Insurance plan when compared within India or from the plans from international insurance companies, has some advantages of its own and some relative downsides. Insurance is a product taken to minimize financial losses from future risks. So a person has to choose between the kind of risks he/she can afford to take with a particular insurance plan.

    For example, If the person wants to buy a plan with a cheapest premium he/she should be ready to take the risk of dealing with minimum medical coverage benefits.

    However, if that analogy is not to be weighed upon much, then Indian Insurance are better than international insurance in terms of financial returns from insurance.

    Q11. MY PARENTS ALREADY HAVE INDIAN INSURANCE, WILL I BE COVERED THERIN?

    No, existing pvt. Insurance plans in the home country whether that of the parents or self, would not be valid abroad.

     

    Q12. HOW I CAN FIND HOSPITALS WHICH TO VISIT FOR TREATMENT?

    Under Indian Insurance plans, an insured is free to visit any medical provider deemed suitable for the required medical consultation or treatment. It is always advisable to consider certain factors before choosing to go to a medical provider such as:

    1. Proximity
    2. Availability of direct billing facility to the insurance company
    3. Awareness of the estimated cost of the consultation or the treatment.

    Q1. WHICH INSURANCE COMPANY GIVES INTERNATIONAL INSURANCE PLANS?

    There are lot of Insurance companies which have plans that work all across the globe. Following are some of the popular global insurance companies:

    1. H&W Indemnity
    2. Llyod’s
    3. IMG
    4. Sirius
    5. Crum & Forster
    6. Aetna
    7. Blue Cross

    Q2. AM I ELGIBLE TO PURCHASE INTERNATIONAL INSURANCE?

    There are many categories of insurance plans for which there are certain eligibility conditions so as to get enrolled in the particular plan. Some plans require a student to have a valid F-1 visa and other plans require a student to have a F-1 OPT declaration on their visa. There certain plans which are only for visitors of the foreign land who require a travel visa.

    Q3. HOW WOULD I KNOW THE INTERNATIONAL INSURANCE IS ACCEPTED IN MY UNIVERSITY?

    Every US university has some criteria to consider an alternative insurance plan for waiving the fees of the insurance plan sponsored by the university. So, a student having an admit of that US university should check whether the alternative insurance considered by him/her is fulfilling the concerned criteria. Only then that alternative plan should be opted for otherwise the student will end up buying two insurance plan which is waste of money unless student uses each of the insurance plan for different purposes.

    To be completely sure about the eligibility of the alternative insurance plan, student should consult the Student Cover insurance experts before buying any insurance plan.

    Q4. HOW TO FIND PREFERRED MEDICAL PROVIDERS?

    Every International insurance company especially American insurance has a list of certain medical providers which have been assigned under their network where the insured get treatment at a negotiated cost with better insurance coverage as compared to other medical provider.

    The list of In-network medical providers can be accessed through an online portal. The insured has to enter the particular zip code where he/she requires the medical attention and the list of In-network medical providers in and around 20 miles of that zipcode can be accessed.

    Q5. WILL INTERNATIONAL INSURANCE COVER 100% OF MY MEDICAL EXPENSES?

    International insurance work on a principle of cost-sharing which refers to the structure of medical coverage wherein medical expenses of the insured are shared by the insurance company and the insured. The ratio at which this cost is shared makes the insurance company liable for the major portion of the expenses.

    So medical care is never free on the insured’s part but there are some plans where there is a limit to the share of the insured. After this limit is reached insurance covers 100% of the medical expenses. This limit is called the Out-of-pocket limit.

    Q6. IS INTERNATIONAL INSURANCE CASHLESS?

    International Insurance plans follow the direct billing procedure for claim settlement. Insured under these plans are only supposed to pay minimum portion of the shared medical expenses and remaining expenses(major portion) of the medical care are directly billed to the insurance company by the medical provider.  The only condition is the concerned medical provider should be associated with the insurance company as a In-network or preferred provider. So, in a way the claim settlement process of these plans can be considered as Cashless with certain conditions.

    In absence of fulfilment of that condition, insured has to pay the amount for his medical expenses and get the reimbursement of the due amount.

    Q7. WILL INTERNATIONAL INSURANCE ELIGIBLE FOR A TAX REFUND?

    Certain international insurance plans are not eligible to provide a tax form in order to provide a proof of insurance. This may lead to a state where the concerned insured may not get a related tax refund.

    Please consult a concerned professional for the safeguarding the interest in question.

    Q8. CAN I TAKE INTERNATIONAL INSURANCE AFTER I GRADUATE?

    Yes, there are variety of international insurance plans which can be taken by students abroad after they graduate or complete their course.

    Consult Student Cover insurance experts to get an accurate guidance for the same.

    Q9. HOW TO ENROL OR PAY FOR INTERNATIONAL INSURANCE?

    International insurance plan premium has to be paid in the local currency of the geography where the medical claims are supposed to be generated. Mostly plans can be paid in the US dollars as it is a globally accepted currency.

    The payment can be made through following modes:

    1. International credit or debit card
    2. Foreign exchange card*
    3. International Bank Transfer

     

    * FOREX card is the recommended mode of payment

    It is suggested that student should consult the concerned representative before making the payment so as to be aware of all the related conditions.

    Q10. HOW TO ACCESS THE INSURANCE ID CARD?

    Insured can access all the insurance related documents including the ID card through online account on either insurance company website or on the website from where the plan has been purchased. Physical copy of the insurance ID card may also be ordered through the same website.

    Q11. WILL OVER THE COUNTER MEDICATIONS COVERED UNDER INTERNATIONAL INSURANCE?

    As a general principle, over the counter medications are not covered under international insurance plans. Please check with the Student Cover insurance experts for the same.

    Q12. WILL INTERNATIONAL INSURANCE COVERED ME IN MY HOME COUNTRY?

    As a general principle, no coverage is provided in the insured’s home country under international insurance plans. There may be some plans that might offer this coverage, so please check with the Student Cover insurance experts for the same.