Studying Abroad? Don't Pay $2,500 for University Insurance! Save ₹1 Lakh with Indian Student Travel Plans (Waiver Guide)

Congratulations! Your admission to a university in the US, UK, or Canada is confirmed. The visa is stamped. The bags are packed.

Then, you see the tuition bill. There is a shock waiting for you: "Mandatory Health Insurance: $2,500 - $3,000" (approx ₹2-2.5 Lakhs).

Most Indian parents blindly pay this. Stop! You are wasting money.

In 2026, you can legally opt out of this expensive plan and buy an Indian Student Travel Insurance policy for just ₹40,000 - ₹50,000. That is a straight saving of ₹1.5 Lakhs. Today, I will teach you the "Waiver" hack.

Don't Pay $2,500 for University Insurance! Save ₹1 Lakh with Indian Student Travel Plans

1. What is the "Insurance Waiver"?

Foreign universities make health insurance mandatory. However, they don't force you to buy their plan. They usually have a "Waiver Form" policy.

The Rule: If you show them proof that you have another insurance policy that meets their minimum requirements (e.g., $500,000 coverage), they will cancel their charge and let you use your own.

Indian insurers (like Tata AIG, ICICI Lombard, Bajaj Allianz) design specific "Student Plans" that perfectly match these university requirements for 1/4th the price.


2. University Plan vs. Indian Plan: The Cost Battle

Let's look at the math for a 2-year Master's course in the USA.

Feature University Plan (USA) Indian Student Plan
Cost per Year $2,500 (~₹2.1 Lakhs) $500 (~₹40,000)
Coverage Area Only on/near Campus Worldwide (Travel included)
Non-Medical Cover None Lost Baggage, Passport, Laptop theft included.
Total Saving (2 Years) - ~₹3.4 Lakhs Saved!

3. Critical Benefits Only Indian Plans Offer

Apart from medical bills, Indian Student Plans cover things that are nightmares for students:

  • Study Interruption: If you fall sick and miss a semester, the insurer pays your tuition fees for that semester.
  • Sponsor Protection: If your sponsor (father/mother) passes away, the insurer pays the remaining tuition fees so you don't have to quit your degree.
  • Bail Bond: If you get arrested (wrongly) abroad, they pay for your bail.
  • Compassionate Visit: If you are hospitalized for >7 days, they pay for a flight ticket for your parent to come visit you.

4. How to Buy Correctly (Don't Get Rejected)

Before you buy, follow these steps:

  1. Step 1: Go to your University website and search for "Health Insurance Waiver Requirements".
  2. Step 2: Note down the minimums (e.g., $500k limit, $0 deductible, Mental Health cover).
  3. Step 3: Go to an aggregator like PolicyBazaar. Select "Student Travel Insurance".
  4. Step 4: Compare plans from Tata AIG, Care, or Niva Bupa and check if they match the university list.

Final Tip: Do this BEFORE you pay your semester fee. Once you pay the university insurance, getting a refund is a headache. Buy the Indian plan, submit the waiver, and use that saved money for your living expenses!

Location: 인도

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