New IPMI Plan for Indian Students Overseas by HDFC Life International

In this iPMI Global plans and products article, iPMI report author and market analyst Ian Youngman, takes a look at news, that HDFC Life International has launched a new IPMI plan for Indian Students overseas.

• HDFC Life International has launched a US Dollar Student Health Insurance Plan.
• Global Student Health Care is for Indian students who are pursuing higher education abroad or aspire to pursue higher international education.
• Cover offers worldwide access to medical facilities outside the home country, with an extensive network of hospitals, clinics, doctors and professionals.
• The plan enables customers to access private medical facilities and services while avoiding the conventional hassle of going through lengthy appointment wait times.
• A cashless facility makes the claims process convenient for the student.
• The Global Student Health Care plan includes routine check-ups, dental cover, home doctor visits, alternate medicine, and more.
• The age range is 12 to-40 years.
• It is for international students, scholars, executive-education seekers and exchange programme participants. 
• The plan has four options.
• Cover is up to USD 3 million.
• Length of cover is from 3 months to 1 year.
• There is an E-membership card encompassing all necessary information in a single swipe.
• The plan caters to dependent family members.
• It provides inpatient treatment with options for private as well as parental accommodation.
• HDFC Life International is located at Gujarat International Finance Tec (GIFT City) - IFSC, India.
• HDFC Life International is the overseas branch of HDFC International Life and Re, a life and health reinsurer based in Dubai.

Analysis

• This Indian insurer has beaten IPMI rivals by niche targeting of a growing sector.
• 32 million Indians are studying overseas.
• USA, Canada, Australia, UK and Germany are the largest markets.
• According to the U.S. Department of State’s Bureau of Educational and Cultural Affairs 269,000 Indians were in the USA in the 2022-2023 academic year.
• The need is the escalating costs of medical care and that many universities demand overseas students must have health insurance.
• Cover is wider than international students.
• Short-term cover for 3 months plus is what many competitors do not offer.

What Next?

• Rivals need to rethink their target markets and length of cover.
• The international student market is booming.

About the Author

Ian Youngman is an independent writer and researcher specialising in insurance. He writes regularly for a variety of magazines, newsletters, and on-line services. He publishes a range of market reports, and undertakes research for companies. To read his latest report, International Health Insurance 2023, please click here, or visit the REPORTS section of iPMI Global.