Indian Students Abroad to Get Insurance Cover for Visa Cancellations and Job Loss

By Kai May 24, 2025
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In a major development for Indian students studying overseas, insurance companies in India have launched new travel insurance policies offering coverage for visa cancellations, job loss, and emergency expenses. These student-centric plans aim to provide a stronger safety net for young Indians pursuing education in countries like the United Kingdom, United States, Canada, Australia, and more.

Traditional international insurance plans often come at a steep cost and fail to address issues specific to Indian students. In response, Indian insurers such as Bajaj Allianz General Insurance and ICICI Lombard are introducing flexible and affordable policies with features tailored for studying abroad.

Beyond the usual medical coverage, these new plans cover visa rejection or revocation, post-study unemployment, and even costs related to sudden accommodation exit or emergency travel. Add-ons include psychological counselling and family emergency visits.

The move comes amid rising concerns over visa delays and shifting immigration policies in top education destinations. Students facing disruptions now have access to more robust financial support.

Insurance purchased from Indian providers is estimated to cost nearly one-third of similar policies abroad. For instance, a $100,000 medical cover bought overseas can be significantly more expensive compared to one from an Indian insurer.

While some students still opt for university-recommended plans due to simpler claims processing, education consultants suggest a hybrid approach: minimal international insurance for compliance, combined with extensive Indian coverage for better protection and cost efficiency.

With increasing numbers of Indian students choosing to study abroad, this shift in the insurance landscape is expected to become a vital part of international education planning.

Source: THE ECONOMIC TIMES

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