There is no exaggeration if we would say that educational institutions are facing more risks than what they were facing a few years before. It is true, keeping the safety of students while offering a conducive learning atmosphere and managing your institution’s reputation is imperative for the success of your school.
Therefore, it is essential for all educational institutes to have an education package insurance policy which offers wide coverage against various both natural and man-made risks like earthquake, fire, theft, riot, storm, etc.
The policy comes with a student safety cover under which you can extend your insurance coverage to your students and covered them against various risks and damages also.
The student safety insurance is available for schools, colleges and any other educational institutions. Further, the policy is issued in the name of the institute. In case of any unfortunate events like death, temporary disability, permanent disability, etc.; happen with the student, the claim amount would be paid to the parent/guardian, whose name would be mentioned in the school register.
For instance, some of the education package policy makes the following payout under student safety insurance in case of any unforeseen situation-
- Death (Capital Benefit): Rs 10,000/-
- Loss of two limbs, two eyes or one limb and one eye: Rs 10,000/-
- Loss of one limb or one eye: Rs 5,000/-
- Permanent total disablement from injuries other than those mentioned above: Rs 10,000/-
- Permanent partial disablement (percentage of benefits as given below on the capital benefit of Rs 10,000/-)
- Limit up to Rs 500/- (covers only one accident in one policy tenure)
Though the student safe insurance policy covers all the registered students, including the additional students at an extra premium, no deletions would be allowed.
Situations when claim can get rejected
While the purpose of student safety insurance is to offer coverage to students and their families against various losses or damages, there are certain circumstances when the insurer can refuse to settle the claim, like=
- Death, injury or disability happen due to intentional self-injury, suicide, attempted suicide, etc.
- Injury happens under the influence of alcohol and drugs
- Injury or death happen while engaging in aviation, ballooning, or any other adventure activities
- Death or disability arising directly or indirectly due to childbirth or pregnancy
- Consequential loss of any nature
- Death, disability or injury which arise due to civil war, arrests, revolution, military, mutiny, hostilities, power seizure, etc.
Note, there can be other events also when the education insurance policy can refuse to settle the claim. Therefore, it is inevitable to carefully read your policy document to get more clarity on this.
How to File a Claim Under Student Safety Insurance?
As soon as an unfortunate event happens, it is essential for the educational institute to inform the insurance company and submit the documents like duly filled claim form, medical bills, police report, two-months attendance list, etc. In case of death, post-mortem or death certificate is also required.
How to Buy Student Safe Insurance?
There are various insurers which are offering student safe insurance policies under the education package insurance policy. To get your students covered under the policy, you would have to give a brief account of your students along with their parents. It can be as following=
|Details of Students to be Covered|
|A total number of students to be covered under the policy||Total number of earning parents of the students to be covered||Sum insured for each earning parent and total sum insured (in Rs.)||Sum insured per student and total sum insured for group personal accident cover (in Rs.)||Sum insured per student and total sum insured for accidental hospitalization in Rs.)|
Considering the terms and conditions involved in student safe insurance, you can also take the help of SecureNow, a leading corporate insurance advisor who would carefully review your requirements and suggest an apt policy as per your needs. Further, you would be given policy quotes which you can compare to find the best student safe insurance policy as per your needs.