Insurance
Life Risk Insurance
This insurance covers the risk due to loss of the insured’s life. Highly recommended at least for the total sum of cost of education
- Premium is very low (less than € 50 Euros a year for € 50,000 coverage)
- Secures guarantors or parents from any financial liability
- Not mandatory
Health Care
Health insurance is mandatory. Health Care is expensive in Germany; therefore a comprehensive coverage is very essential. Various options are available. Following are the factors to consider
International Mediclaim from Home Country
Not recommended for stays longer than 3 months
Advantage
- Premium is very low & based on coverage
- Compliant with most of the Universities/ Country specific Visa requirements
- Very low premium
Disadvantage
- Just in case of 3 visits to the Doctor around $ 150 is to be paid by the insured.
- Insurer deducts a fixed sum around $ 50 (in US dollars) from every claim.
- Most of the time the bills have to be sent by post to the insurer for claims.
- Delay in bill settlement & non acceptance could be a major issue
- Doctor may have to fill up a very detailed incident history & diagnostic report. So many clinics discourage patients with such insurance
- No cashless facility
- Covers maximum 2 years
- Cashless facility only in case of hospitalization
- Limited sum of coverage
German Statutory Insurance
Highly Recommended
Advantage
- Total coverage for a fixed price of € 63.38 per person per month
- Cashless facility available throughout EU & member states
- Secure
- No-claim bonus of 1 month premium
- International health insurance available
- Hospital allowance provided
Disadvantage
- Premium is moderate
German Private Insurance
Better option than home country International health insurance for periods longer than 3 months
Advantage
- Premium is based on coverage
Disadvantages
- Pre existing illness may not be covered
- Cashless facility may not be available
- Preventive remedies may not be covered
Hint: Request per email for a student starter pack which includes actual recommendations for Bank accounts, Health Insurance Service Provider, Mobile/Internet service provider, pre departure checklist, Travel agencies, Do’s & Don’ts etc.
Liability Insurance
Covers 3rd party liability insurance. Recommended.
Advantages
- Covers unintentional loss due to damage to 3rd party
- Very low premium (< € 30 a year)
- High coverage (€ 1-3 million)
