While accidents can happen at any time, children are a lot more prone to these, especially in school. Here, investing in a student cover plan is the best way to secure your child’s future from any unforeseen event.
Getting a comprehensive student cover plan helps you manage the medical expenses without any of the stress. In case of any critical requirements too, this coverage is the ideal choice as it mitigates a lot of the financial pressure of paying for costly procedures.
For more insights on the features and benefits of a student cover insurance policy, read on.
What Are Some Of The Important Features Of The Student Cover Plan?
One of the key benefits of availing this plan is its extensive coverage benefits. If your child has an accident, you can also use the cashless hospitalisation feature. With this option, any hospitalisation expenses incurred will be taken care of by the insurance provider.
Make sure that the hospital which you avail treatment at is a part of the insurance provider’s network list. If so, the company settles the medical bills directly with the hospital. So, there is no need for last-minute rush to arrange money.
The plan also covers post-hospitalisation expenses that include doctor consultations, costs of medicines and follow-up treatments. However, these benefits vary from one insurance provider to the other.
Before availing a plan, check the terms and conditions of the policy. You can also get an additional benefit with the student cover plan. Some companies cover the education expenses of your kid in case you meet with an unfortunate event.
This is a particularly notable feature as medical costs can certainly cause financial problems. Without coverage, this could affect your child’s education. Thankfully, a proper plan will help you avoid such issues altogether. With all these unique features available to you at affordable premiums, it is the best option to invest in a suitable plan today.
How Can You Avail A Student Cover Plan?
You can buy this plan for your children if they are between 5 and 18 years of age. Simply find an insurer that offers the service and apply. Keep in mind that some insurers may have a different age requirement based on the product offered.
Generally, you will have to submit your kid’s ID proof and age proof documents to avail the cover. If required, you may have to submit your bank account statement as income proof. The application process is simple, and can be done from the comfort of your home.
Once completed, you may have to submit a few forms with your information as well. Finally, you will have to pay the required amount and submit the documents. Do note that this process may vary based on the insurer, and some may even need additional paperwork.
What Are The Inclusions And Exclusions Of The Student Cover Plan?
Before you zero in on a specific plan, it is important to understand inclusions and exclusions. While you get an extensive coverage for hospitalisation in case of unexpected events, your out-patient charges are also included in the cover.
However, medical expenses that are not mentioned in the plan will not be included. Moreover, only the medical expenses incurred for the care of your child will be covered. Even though the premium is nominal for a student cover plan, it has an extensive coverage limit.
Some insurance providers provide a coverage of up to ₹1 Lakh with a year’s validity. What’s more, you can choose your convenient payment methods like NEFT, UPI or even a bank transfer.
With minimal documentation process and attractive features, make sure to invest in a suitable student cover. As a parent, it is the right step toward securing the well-being of your child in case something unfortunate were to occur.