Studying Abroad? Insurers go the extra mile to cover risks

Insurers are responding to the growing number of Indian students studying abroad by diversifying their offerings to better meet their unique needs. With around 1.33 million Indian students pursuing higher education overseas, the demand for tailored insurance products has surged, especially given the heightened risks posed by geopolitical tensions and rising healthcare costs in various countries.

HDFC Ergo is exploring customizable insurance packages for students, allowing them to select coverage that aligns with their specific situations. Meanwhile, Tata AIG has introduced a policy that offers protection for a duration of two to three years. ICICI Lombard’s plan includes coverage for accommodation and return travel costs if students are advised to evacuate due to local authorities’ directives.

In regions with greater risks, such as Israel, insurance premiums have increased by 20-25%, reflecting the uncertainties surrounding travel cancellations. This shift indicates that insurers are not only recognizing the unique challenges faced by international students but also seizing the opportunity to provide more relevant coverage options