Should you get insurance against study interruptions?

Studying abroad is one of the most exciting experience ones can have the privilege of experiencing. Many have worked hard to earn the grades and qualifications to be admitted. Others worked harder still to earn the funds to do so. So when it’s time to hop on that airplane, it’s the beginning of many hopes and dreams ready to be fulfilled.

To make sure you make the most of this once-in-a-lifetime adventure, it’s prudent to consider some protection in the form of insurance. Several insurance providers offer insurance for students going abroad. These plans cover several areas, from medical insurance to life insurance.

Lesser known but equally as important is insurance against study interruptions. This usually refers to compensation in the event of one’s academic studies getting temporarily or permanently stopped due to unforeseen circumstances.

Examples of such interruptions include accident or sickness leading to hospitalisation, emergency medical evacuation or the death of immediate family members (necessitating a trip back to the home country).

Study interruptions include events like unforeseen hospitalisation. Source: Shutterstock

AIG’s package, for example, reimburses “the non-refundable portion of your tuition fees paid in advance, in the event of study interruption due for specific reasons”. For Malaysians, the sum insured goes up to RM10,000 (US$2387.95) for the Classic plan, RM20,0000 (US$4775.90) for the Superior plan and RM25,000 (US$5969.88) for the Premier plan. This is in addition to medical and personal accident cover, sponsor protection in the event of accidental death of your sponsor and access to a 24-hour Emergency Assistance Team, travel delay, etc.

Singaporeans can consider POSB’s Overseas Student Protect Plan. Regardless of the length of one’s study or experience abroad, the plan covers for study interruptions up to the amount of S$10,000 (US$7262.69) for the Standard Plan or S$20,000 (US$14525.38) for the Deluxe Plan.

Tata AIG’s plan offers similar features. Its Student Travel Insurance plan states: “In the event of hospitalisation of the insured person of more than one consecutive month from either a covered Injury or sickness or in the case of terminal sickness or in the case of a medical repatriation or in case of the death of an immediate family member, which prohibits the Insured Person from continuing his/her studies for the remaining part of a school semester for which tuition has been paid, the Company shall reimburse the Insured Person the tuition fees which has already been advanced to the educational institution, up to the amount stated in the Policy Schedule.”

It should be noted that there will be certain limitations to this coverage. For example, the policy would likely not cover routine physical check-ups or planned trips to obtain medical care which includes cosmetic or plastic surgery (unless this is due to an accident).

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