As the name suggests, this is a specially designed health insurance plan, the benefits of which can be exclusively availed of by students. Most family floater covers your children up to a specific age, which usually ranges between 21 and 25 years.
However, after that, it is essential to buy student health insurance plan to ensure health insurance coverage during higher studies and career-making periods. This article will focus on the current trends in student health insurance in India. Any student health insurance has certain unique features which certainly differ from any standard health plan.
There are several variants of student health insurance prevalent in India, and the student health insurance cost differs with its type and coverage span. Some of the most popular types of student health insurance include:
These plans specifically cater to the requirements of a particular student. They offer comprehensive coverage for all medical expenses incurred during a specific plan tenure, as per the plan terms. The students can make their individual choices according to their requirements.
As the name suggests, it covers a group of students under a single umbrella cover. These sorts of plans are offered by educational institutions for the benefit of their students. These are comparatively more affordable than individual plans and generally allow coverage for a particular academic year.
Student health insurance varies from standard health plans. Some of its salient features include
Extensive coverage: Considering the trend of student health insurance in India, it can be noted that it allows a considerably high coverage limit of up to INR 1 lakh at an affordable rate.
Hospitalisation coverage: Student health plans cover hospitalisation costs along with pre-and post-hospitalisation cover up to a specified period. In the case of accidents, it usually allows a coverage of INR 50000.
Education cover: In case the funding parent/guardian of the student passes away, the insurer will pay the dues to the university to ensure uninterrupted education.
Several payment options: You can easily pay your premium dues using several means like credit cards, debit cards, UPI, mobile wallets, online transfers, etc.
Student health insurance plans offer several advantages:
Financial protection: A student health insurance policy acts as a financial protective shield that ensures efficient financial management during medical contingencies.
Comprehensive coverage: Student health plans allow comprehensive coverage for a wide range of medical procedures including doctor’s consultation fees, surgery costs, medicine costs, etc.
Cashless treatment facility: You can get easy access to cashless treatment facilities across several network hospitals throughout the country with the aid of student health insurance.
Peace of mind: If you have the protection of a competent student health plan, you can retain your peace of mind even in the face of medical emergencies. It acts as a financial protective shield and ensures efficient financial management.
Additional benefits: Certain student health plans offer several added benefits like dental care, mental care coverage, preventive health check-up facilities, etc. encouraging the overall well-being of the students.
Medical emergencies are mostly unprecedented and may hit you as a bolt from the blue. Student health insurance plans act as a safety net offering comprehensive coverage for hospitalisation, medical expenses and other associated costs as per the plan terms.
Having competent student health insurance encourages a better focus towards career-making rather than involving in financial worries to handle medical situations.
Although the list of inclusions may vary depending on the plan terms and types, certain standard inclusions include:
Even the best student health insurance will not allow 100% coverage. Although the respective plan terms allow certain specific restrictions, certain standard exclusions are:
Some standard sets of documents essential for buying student health insurance are:
The claim process of a student health insurance policy is simple. You need to follow these few steps to complete the process:
Get acquainted with the plan terms and conditions: You must be aware of the plan terms and conditions before seeking a smooth claim settlement. Such details include inclusions & exclusions, coverage span, etc.
Intimate the insurer: In the case of any medical contingency or hospitalisation, inform your insurer at the latest. You can easily do so by using their customer helpline channels and providing them with all the relevant details as required.
Collect the necessary documents: You need to submit certain documents like the duly filled-in and signed claim form, all the medical reports, hospital bills, discharge summary, original invoices & receipts, and identity proof.
Submit the claim documents: You have to submit all the necessary claim documents to your respective insurer within the stipulated time frame as per the plan terms. Ensure to keep a copy of all the documents submitted with yourself for future reference.
Follow-up and claim tracking: You must follow up and track your claim status after submitting all the documents. This is very critical to ensure smooth and fast claim settlement.
Investing in a student health insurance policy is one of the most secure ways to ensure the physical and financial well-being of a student. It ensures easy access to quality healthcare and treatment facilities, maintaining peace of mind despite medical emergencies.
