Top overseas student insurance plans for Singapore students studying abroad

1. Government-Mandated Health Insurance for Visa Application

These are mandatory health insurance plans required by the government of the country you're studying in. Students must have these in order to get a student visa. For example, you will be required to purchase OSHC (Overseas Student Health Cover) for studies in Australia and IHS (Immigration Health Surcharge) for NHS in the UK.

2. Additional Private Overseas Student Insurance

These are general international student insurance plans offered by private insurers. They are not tied to a specific country’s visa requirements but are designed for students studying overseas anywhere. This type of overseas student insurance can be an optional add-on to your compulsory health insurance that is required for your student Visa.

It typically covers additional areas that are not typically covered by most government-mandated health insurance plans. These can include personal accident coverage, travel inconvenience coverage, as well as lifestyle and safety-related coverage.

Selecting the right overseas student insurance plan means identifying key features that provide comprehensive protection throughout your study abroad journey. A comprehensive study abroad insurance plan often includes medical emergency, travel delay, study interruption, and tuition fees coverage, ensuring students are not burdened by unexpected costs.

Common types of coverage on most plans include:

*Always check the policy wordings and benefit limits to know exactly what’s included.

Here’s a quick summary of the compulsory insurance requirements of your destination country, especially as many student visa approvals depend on meeting these guidelines.

Mandatory VS Additional Overseas Student Insurance

Singaporean students planning to study abroad have several excellent options for international student healthcare plans. These can be obtained from private insurers or through school-recommended programs, ensuring a plan that suits specific needs.

Some of the most popular overseas student insurance providers in Singapore include:

• MSIG Global Study – Premier

• Income Overseas Study Protection Plan – Plan 3

• Liberty Insurance Overseas StudentCare

• DBS Overseas Student Protect – Platinum

Each offers unique benefits and coverage options, catering to diverse student needs.

MSIG Global Study – Premier

The MSIG Global Study – Premier plan is known for its comprehensive coverage tailored specifically for international students. This plan includes coverage for medical expenses, personal belongings, and study interruptions.

However, COVID-19 is not covered under this plan. Despite this exclusion, the MSIG Global Study – Premier plan remains compelling due to its extensive coverage of other potential risks and inconveniences students might face.

Income Overseas Study Protection Plan – Plan 3

The Income Overseas Study Protection Plan – Plan 3 provides strong coverage that caters specifically to the needs of international students, offering peace of mind during their studies. This plan covers essential components such as medical expenses, personal accidents, and study interruptions.

A standout feature of this plan is its sponsor protection, providing significant financial support in unforeseen incidents involving the student’s sponsor. The plan also includes theft protection for personal belongings lost or stolen overseas.

This insurance plan stands out as a reliable and comprehensive option for students studying abroad.

Liberty Insurance Overseas StudentCare

Liberty Insurance Overseas StudentCare offers a well-rounded coverage package for students studying abroad. This plan provides medical expenses coverage of up to S$15,000 following an accident, ensuring that students have access to necessary medical treatment. The plan also includes support for study interruptions, with a limit of up to S$10,000.

In addition to medical and study interruption coverage, Liberty Insurance protects personal belongings at an overseas residence, up to S$3,000. A unique benefit is the rental vehicle excess coverage, which provides extra financial protection for students who might rent a vehicle during their stay.

Discounts are also available for policies with a duration of two years or more, making it a cost-effective option for long-term students studying overseas.

DBS Overseas Student Protect – Platinum

The DBS Overseas Student Protect – Platinum plan offers extensive coverage for medical expenses, personal accidents, and trip cancellations during study abroad. This plan includes personal liability coverage and benefits for study interruptions, ensuring comprehensive safety for students studying overseas.

Key features of the DBS Platinum plan include emergency medical evacuation and sponsorship protection, providing enhanced security during the study period. Although the premium cost is higher, the extensive coverage package justifies the investment.

This depends on the following factors:

Your planned lifestyle when you are studying overseas

A big component of overseas student insurance covers leisure travel during the period of your studies. If you are planning to travel extensively or during your summer breaks, it may be a good value for money to get additional overseas student insurance. You will be covered for most of the standard travel insurance benefits, such as overseas medical expenses out of your country of study, accidental death, total and permanent disability, loss of personal belongings/travel documents, etc.

Your preference for medical care

In some study destinations like the UK. Compulsory health insurance may only cover government-provided healthcare. For example, the usage of the NHS within the UK. If you would like to have the option of private healthcare, you will need to have an additional insurance plan that will cover that. As the healthcare systems vary between different countries, having a good understanding of what your compulsory in-country health insurance covers versus what you are comfortable with will be very important.

Do note that not all overseas student insurance plans cover outpatient consultations. As such it is important to clearly read and understand the product details before purchasing.

Personal budget and finances

While overseas student insurance is not typically very expensive, plans range from about SGD200 a year to over SGD1,000, depending on the type of coverage. Planning for how this cost fits into your overall study abroad budget will be important for you.

Choosing the right overseas student insurance involves carefully assessing your coverage needs and how they align with your study program. Consider factors such as the duration of your stay, the level of medical coverage required, and any specific risks associated with your destination.

When comparing overseas student insurance, keep the following in mind:

• Destination requirements: Some countries (e.g., Australia) require specific types like OSHC.

• University policies: Check if your school mandates certain insurance providers or coverage.

• Coverage limits: Ensure medical and personal liability limits meet your needs.

• Ease of claims: Look for insurers with digital claims processing and 24/7 support.

• Cost vs coverage: Balance affordability with adequate protection.

Review specific policies to understand exclusions and limitations. Many insurance providers offer discounts or special rates for students, making coverage more affordable. Additionally, most policies allow students to extend coverage for internships or study extensions, ensuring continuous protection throughout their academic journey.

Overseas student insurance policies often have specific exclusions that can affect the validity of claims. Understanding these exclusions is crucial for international students to ensure successful claims.

Common exclusions include pre-existing conditions, certain medical treatments, and incidents arising from natural disasters or pandemics like COVID-19. Awareness of these limitations helps students make informed decisions and avoid unexpected surprises during their study abroad experience.

To qualify for overseas student insurance, prospective students must meet specific eligibility requirements set by the insurance providers. These requirements may include:

• Being enrolled in an overseas educational institution

• Maintaining a valid student status throughout the coverage period

• Residing in the country where the insurance policy is issued, ensuring that they are covered under the local regulations and guidelines.

If you need to make an insurance claim, the first step is to contact your insurance provider immediately. Most providers will have a clear process for submitting claims. Ensure you collect all necessary documentation, such as medical bills, prescriptions, and any hospital or doctor’s notes.

It’s important to follow the guidelines provided by your insurer and ensure all the required information is included. Incomplete or inaccurate claims could lead to delays. If you're enrolled in a university that offers its own insurance plan, it may have dedicated support staff to help guide you through the claims process. Always keep a copy of all documents and any communication with your insurance provider, as this will be useful in case you need to follow up on your claim.

In summary, when considering your insurance needs, first decide on if you require overseas student insurance in addition to locally mandated health insurance. With the integration of travel and personal accident components, these plans protect against unexpected financial burdens, including medical expenses, travel disruptions, and tuition fees due to study interruptions.

By thoroughly assessing personal coverage needs, understanding policy exclusions and limitations, and familiarising oneself with the claims process, you can secure comprehensive protection throughout your studies. If you are unsure of insurance requirements at your study destination or if you should purchase an overseas student insurance plan, IDP student counsellors will be able to assist you with your query. Enquire with us today for a free consultation.