MSIG Insurance revamps overseas study insurance
MSIG Insurance revamps overseas study insurance | Insurance Business Asia
Insurance News
MSIG Insurance revamps overseas study insurance
Promo introduced as part of revamp
Insurance News
By
Roxanne Libatique
MSIG Insurance has revamped its Global Study Insurance, aiming to cater more effectively to students engaged in international education programs.
The enhanced policy now includes augmented medical coverage for hospital stays abroad, including specific provisions for COVID-19 treatment, alongside added benefits for trauma counselling and coverage for leisure travel incidents.
Offering three plan levels, the insurance is designed to match a wide range of financial considerations, with initial term lengths from one to six months for newcomers. This framework also accommodates the renewal of policies for up to a year, adding a layer of adaptability for prolonged academic engagements.
MSIG Global Study Insurance key improvements
Highlighted improvements feature comprehensive medical benefits, with coverage extending up to $50,000 for both overseas hospitalisation and COVID-19 related treatments.
For students grappling with psychological distress from traumatic incidents, the policy now includes up to $2,000 towards trauma counselling services. It also provides up to $300 for both leisure travel and entertainment ticket cancellations, should the policyholder be hospitalised.
The insurance covers up to $5,000 for the loss or damage of personal belongings at the student’s foreign residence due to theft, fire, or natural calamities. In a scenario where a student’s sponsor is incapacitated or deceased due to an accident, the policy safeguards against financial loss, covering up to $30,000 for unpaid tuition fees.
The Child Guard aspect assures up to $10,000 for travel costs for a guardian to escort the insured student back to Singapore if necessary.
Importance of insurance for students abroad
MSIG Singapore’s senior vice president of retail distribution, Steven Leong, stressed the importance of comprehensive support for students abroad, particularly in times of unexpected hardships.
“Studying abroad offers new experiences and the opportunity to expand one’s horizons. Yet, it can be overwhelming when emergencies hit. We recognise the challenges that customers may encounter and have enhanced our policy to take care of those unexpected moments. With our benefit-rich coverage, our policyholders are assured of dedicated support as they embark on an exciting chapter in their educational journey,” he said.
To further entice potential customers, MSIG is currently offering a 20% discount on these Global Study Insurance plans.
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