How Can a Student Insurance Policy Help Students?

A student insurance plays an important role by covering students against a myriad of risks. Here, the cover is issued in the name of educational institutions under the educational institution policy. In case, of any unfortunate event, the claim amount is payable to the parent/guardian, whose name is mentioned in the school record.

Here are some of the benefits which students can enjoy under the student insurance policy=

  1. Coverage against disability and death

Most of the time, the student insurance cover offers coverage in case a student met with an accidental death. The cover is available in case of permanent disability after the accident also. Here, the financial coverage is offered to the student to meet the medical expenses. The payout in case of death and disability is as follows=

 

Type of EventPercentage of Sum Insured
Death100%
Permanent Total Disablement100%
Permanent Partial DisablementAs decided
Permanent Total Loss of sight of both eyes100%
Permanent Total Loss of one eyesight and physical separation of or the loss of ability to use either of one hand or one foot100%
Loss of an arm at the shoulder joint75%
Loss of an arm above the elbow joint70%
Loss of a hand at the wrist50%
Loss of an arm beneath the elbow joint60%
Loss of a thumb25%
Loss of an index finger10%
Loss of any other finger5%
Loss of a leg above mid-thigh75%
Loss of a leg up to mid-thigh60%
Loss of a leg up to beneath the knee50%
Loss of a leg up to mid-calf45%
Loss of permanent loss of sight of one eye50%

Read More: What makes insurance for educational institutions necessity?

Note, the payout can vary from one insurer to the other, so read your policy document carefully.

  1. Covers medical expenses

The rising hospital expenses have made medical cost a hefty burden which is powerful enough to disturb our budget. In case, a student gets hospitalised, the student insurance policy will cover hospitalisation expenses. It means, without worrying about the medical expenses, a student can avail the best medical treatment.

  1. Pays fees

In case the parent or sponsor dies or becomes disabled after the accident, the student insurance company will pay for the education. It ensures that the studies of a student don’t get affected due to unfortunate events like death or disability of the parent.

While a student insurance cover available under educational institution policy plays a crucial role, it is necessary to understand the instances when the insurer can refuse to settle the claim. Here are some of the situations when a student insurance policy doesn’t settle the claim=

  • Accidents or injuries which arise when the policyholder is under the influence of alcohol or drugs
  • Any form of loss which arises due to mental health issues or depression
  • Accidents which arise due to own personal risks or risky behaviour like diving, adventure sports, jumping off from heights, etc.

Note, the above exclusion list is not exhaustive, and there can be other factors as well when the insurer can refuse to settle your claim under student insurance coverage. Therefore, it is necessary to have a complete understanding of the exclusion list before opting for the student insurance cover under educational institution package.

Read More: What is the scope of student safety in education package policy?

How to Purchase Student Insurance Under Educational Institution Package?

In the current scenario, where everything can be purchased in a few mouse clicks, it is feasible to buy student insurance online also with the help of SecureNow— a leading corporate insurance advisor. To get started, you would only require entering a few details about your policy coverage in order to obtain policy quotes from prominent insurance companies. In a matter of seconds, you can buy the right student insurance cover from the comfort of your home.

Further, as SecureNow has a wide network of insurance companies, you get a chance to compare multiple policy quotes so that you can pick the right one. Also, it is not at the time of purchasing the insurance policy, as in fact, you can approach SecureNow for the claim settlement as well. For any of your insurance queries, experts at SecureNow are only one call away!

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