Kathmandu. Neco Insurance Limited has launched ‘Student International Health Plus’ ‘ for the TAG_OPEN_em_33 TAG_OPEN_a_34 convenience of students going abroad for higher studies.
Launched amidst a function held at Royal Singi Hotel in Kamaladi on Friday, this ‘special’ insurance plan includes risk cover for the parents of Nepali students going abroad for higher studies.
In the general health or accident insurance plan, the insurance company will only bear the cost of hospitalization and treatment. The insurance scheme covers tuition fees, lunch and residential expenses, accident insurance, hospital treatment expenses, etc.
Apart from this, Neco Insurance will bear the tuition fee up to $ 50,000 (Rs 71.59 lakh) by the insurance company itself in case the parents are unable to send additional expenses for higher education abroad due to an accident. This amount is much higher than the insurance claims issued by the airlines in Nepal’s domestic flights.
This insurance scheme will also provide relief to the parents who fulfill the desire of the students for higher education by taking a bank loan. According to the insurance company, the bank will provide compensation up to $ 150,000 (21.4 million 80 thousand) to repay the installment of the loan in case of death or complete disability of the parents who have taken the loan for the purpose of paying tuition fees for the students.
Similarly, the insurance company will provide up to 2500 US dollars (Rs 358,000) to the parents to stay abroad, eat and pay rent to continue their higher education.
Key Features of the TAG_OPEN_span_32 Insurance Plan:
Tuition fee cost: up to $50,000,
Cost of living: up to $2500,
Hospitalization and treatment costs: up to $25,000,
Personal Accident Insurance: Up to $25,000,
Cost to recover the body: $2,000,
To repay loan installments: Up to $150,000,
Personal Accident Insurance for Parents: Up to $50,000
Neco Insurance will bear an additional $25,000 (Rs 35,80,000) for hospitalization and treatment if the insured student falls ill. In case of death or disability, the student will be compensated with $25,000 (Rs 35.80 lakh).
The insurance company will provide up to 2,000 US dollars (Rs 2,86,000) as funeral expenses to cover the cost of bringing the dead body back to Nepal in case of untimely death while studying abroad.
Chief Executive Officer (CEO) of the insurance company, Ashok Kumar Khadka, said that the new insurance scheme has been brought with the objective of resolving the major problems facing Nepali students studying abroad for higher education through a single policy.
According to the company, the annual premium for this insurance has been fixed at $ 160 ($ 22,911).
