Insure yourself before setting out for education abroad, says BerkshireInsurance.com

It is the time of year when many Indian students are preparing in full swing to start their courses of study at colleges in various foreign locales. Together with writing the applications, competing in entrance exams, planning expenses etc, it is equally important to get oneself a suitable insurance policy.

In certain countries like the US and Schengen countries it is mandatory for students to have an insurance policy. However, even if one is studying in a country which does not have such norms, one must not neglect insurance as failure to insure one-self can result in serious financial implications, according to BerkshireInsurance.com.

Says Mr. Arun Balakrishnan, CEO, BerkshireInsurance.com " A comprehensive insurance policy takes care of several things that enable parents to stay assured of their childRs.s physical and financial security as well as continuity of education. Given the high cost of health care in many foreign countries, in case of illness or accident, a sufficient policy cover can be critical to prevent burning a large hole in oneRs.s pocket. Add-on covers for sports injuries can be taken up depending on the extra-curricular activities one intends to do."

Such policies provide coverage for lost baggage and passport - an important element given that students frequently travel home, thereby increasing the probability of such loss. Personal Liability is another cover that such a policy may include, whereby coverage is provided if the student accidentally damages a property or injures a person.

Sponsor protection cover helps to ensure continuity of education in case the person sponsoring the education dies or gets disabled and is unable to continue funding the childRs.s education. The objective of these policies is to ensure that education is not interrupted. Cover may also be provided for bail in case the student is arrested for a bailable offence, with exception of certain type of offences.

Student travel policy also provides for travel and accommodation cost for family members to visit the student in case of illness/hospitalization, if recommended by the attending doctor. Similarly these policies enable the student to visit home in case of death or hospitalization of parents.

Mr. Balakrishnan adds "One must carefully consider the various eventualities and take adequate cover for these to minimize risks to the completion of one's education. The simplest way to purchase such a policy is to assess the options available on the various online portals, get a quote, make a selection and buy at the click of a button."

Source : Equity Bulls

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