Personal Finance

Term of the week

Bavadharini KS | Updated on April 07, 2019 Published on April 07, 2019

Sponsor protection cover

Sponsor protection is a cover offered in almost all student travel policies by insurance companies. It is available for students going outside India for studies.

Sponsor here would mean an individual, usually parents of the student, responsible for paying tuition fees of the insured persons (student) for his or her full-time studies in an educational institution outside India.

One can claim on the sponsor protection cover when the sponsor meets with an accident which results in his or her death or permanent disability due to which he or she is unable to pay the tuition fees of the insured. In such a situation, the insurance company would reimburse that proportion of the tuition fees (to the extent of sum insured) for the remaining period of the student’s education. This feature is there in policies of Bajaj Alliance General, Tata AIG and Apollo Munich Health Insurance, among others.

Note that, a student cannot claim both under sponsor protection and study interruption (where a student is unable to continue his/her studies) for the same reasons.

Published on April 07, 2019

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