Expert Speaks: Is it better to get insurance from India or a foreign university when planning to study abroad?
I live in Delhi and have been admitted to a university in Singapore. The university asked me to take out insurance, including health insurance. Should I buy insurance in India or from a foreign university? What’s better?
— Devika Sharma
By Ashwini Kumar, Managing Director (India) and VP, MPOWER Funding
Having an insurance policy can be useful. Students can purchase an insurance policy from a foreign lender or a foreign insurer that has a connection to universities and by foreign, the reference is to the country where the student is going to study. Students can choose a policy according to their needs. An ideal insurance plan should cover medical emergencies such as dental, accident, evacuation and repatriation, personal liability, tuition, travel, and sponsor protection, apart from other necessary inclusions .
However, most foreign lenders fully repay the loan in the unfortunate event of death or permanent disability; there is therefore no obligation to take out insurance. Additionally, students (and/or dependents) do not always have a transparent experience with claims in a foreign jurisdiction. It is much easier to go with an insurer in the same region as your country of residence.
It also helps, in many cases, with cashless procedures, wider access to health care providers, better and easier to use systems and an important point that is much less talked about but just as important is the access to customer service in the same time zone. . MPOWER has partnered with the insurance company International Student Insurance, which meets the health insurance needs of students while studying abroad – often at much better rates.
(The opinions expressed by the investment expert are his own. Email us your investment questions at [email protected] We will answer your questions from our panel of experts)
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