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Studying abroad can be a life-changing experience, offering access to world-class education, cultural diversity, and enhanced career prospects. But the costs involved may seem overwhelming.
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What if we told you that a smart financial tool like term life insurance could make this dream possible? Read on to know more that ‘how to study abroad for free and how term life insurance can secure your education plans’.
Unexpected financial challenges can disrupt your plans to study abroad. A term life insurance policy ensures that your family is financially secure, even in difficult times. If the policyholder passes away, the insurance payout can help cover tuition fees, living expenses, and other costs related to studying abroad.
The earlier you invest in a term insurance policy, the lower your premiums. Start your financial planning well before applying to international universities. This way, the policy can be a financial backup, helping you focus on your academic journey without financial worries.
You can easily calculate your term insurance premium using the term insurance calculator
While applying for scholarships and grants is the most common answer to “How can I study abroad for free?”, not everyone qualifies. In such cases, term life insurance payouts can be a safety net, covering expenses that scholarships don’t.
Premiums paid toward life insurance policies are eligible for tax deductions under Section 80C of the Income Tax Act in India. The savings from reduced tax liabilities can be allocated toward study-abroad funds, helping you get closer to studying abroad at a lower cost.
Many banks require collateral for education loans. A term life insurance policy with a high coverage amount can be used as collateral, increasing your chances of securing a study loan. This strategy can reduce the financial burden on your family.
Currency exchange rates can be unpredictable, making international education more expensive over time. If you have a term insurance policy, the payout amount remains fixed and unaffected by currency fluctuations, ensuring financial stability.
The thought of leaving home can be stressful. Term life insurance provides peace of mind, knowing that your loved ones are financially protected while you pursue your dreams abroad.
Education loans often require collateral. With term insurance for NRI policyholders, the policy can act as collateral, improving loan approval chances and reducing the financial burden on your family.
Term Plans
Here are the top benefits of studying abroad:
Global Exposure: Experience diverse cultures and gain a global perspective.
Career Growth: Access top-tier education and job opportunities.
Personal Development: Build independence, confidence, and resilience.
Networking Opportunities: Connect with peers and professionals worldwide.
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How can I study abroad for free? It’s a question many aspiring students ask. While scholarships and grants are valuable, having a well-planned term life insurance policy can serve as an additional safety net, ensuring that financial challenges don’t stand in the way of your education.
Start your journey today by exploring the best term life insurance plans. Secure your family’s future and turn your dream of studying abroad into reality—without the burden of financial uncertainty.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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