Travel Insurance
Travel Insurance
“We travel not to escape life, but for life not to escape us”
Travel Insurance is a shield that offers protection against the risks involved in your travel. The main purpose of travel insurance is to provide coverage against a range of contingencies like medical expenses faced while travelling, cancellation charges, lost luggage, and injuries during travel, flight accidents, passport loss, trip delays, personal accidents etc. It is an important document while travelling as it provides security against unwanted expenses and losses during the travel and makes your travel experience a pleasant one.
Types of Travel Insurance
1. Domestic Travel Insurance
Domestic travel plan is beneficial when you’re travelling within the Indian borders. It protects from unforeseen circumstances. Benefits of this plan include personal accidents, loss of passport, loss of baggage, etc.
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Senior Citizen Travel Insurance Plan
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Student Travel Insurance
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Individual travel insurance
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Multi trip Travel Insurance
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Family Travel Insurance
Insurance companies offer comprehensive travel for senior citizens and additional benefits for people between the ages of 61 to 70 years. Benefits like dental treatment coverage, cashless hospitalization, etc are offered by most insurers.
Student travel insurance plan offers a coverage and support for students studying abroad. A student might come across unforeseen circumstances like medical emergencies, financial difficulties, etc and student travel insurance would cover such emergencies.
Travelling alone can be stressful in itself and protection in the form of travel insurance is necessary. Individual travel insurance plans cover accidental emergencies, baggage loss, passport loss, accident death, etc.
This plan is made for people who travel often or more than once a year. It covers round trip for a specified time period in a year. This plan covers all medical emergencies as well as non medical emergencies like loss of baggage, loss of passport, delay in flight, etc. It is usually taken by businessmen and corporate to save funds.
This insurance plan is especially for families that are travelling together. It covers the policyholder, his/her spouse, and his /her children. All insured family members have the benefits of loss of baggage claim, loss of passport, delay in flight, medical charges, flight cancellations, etc.
2.International Travel Insurance
Insurance Companies offer tailor-made international travel insurance plans because every destination is unique and different. Every plan is designed to try and cover as many requirements as possible. Features like loss of baggage, cashless hospitalization, etc are covered in most plans.
Features
1. Cashless Hospitalization
Many insurance companies have arrangement with international hospitals and hence the policyholder is not required to pay from his pockets. Because of a cashless arrangement, the insurance company can settle all the dues with the international hospital during your visit in an emergency abroad.
2. Trip Cancellation
Travel insurance comes in use majorly when your trip gets cancelled due a medical emergency and it helps save you from major financial loss.
3. Loss of Passport
Passport is a primary identity-related document in a foreign land and it is vital for going back home. Passport misplacement is very common and travel insurance companies can ensure a safe journey home when your passport is misplaced.
4. Emergency Stay Extension
When the airline asks to extend the stay in the country due to an emergency situation, then the travel insurance will also be extended. This is done provided the emergency is for a valid reason.
5. Accident Death and Disablement
If the insured meets with an accident during the trip and results in death or disablement (temporary or permanent), then he or his family will be compensated up to the sum insured.
6. Medical Emergencies
Medical expenses are exorbitant in a foreign country and hence international travel medical insurance covers the cost of medical emergencies of the insured during his trip.
7. Cash Advance in Emergency
The travel insurance policy includes cash advances in emergency situations like getting stuck in a foreign country due to hospitalization, loss of credit card or traveler’s cheque. Cash advance is given to the insured in such situations for a specified time period.
8. Loss of Baggage
Travel insurance companies compensate for the permanent baggage loss of the insured during travel. This allows the insured to incur the expenses and that will be covered by the insurer.
9. Repatriation of remains
The demise of the insured during the trip is a stressful event for his family. His remains to be brought to his home country can be a challenging task both emotionally and financially. Hence, travel insurance companies can help in bringing his mortal remains back to his home country completing all the formalities.
10. Personal Liability
Under travel insurance, the insurance company covers the insured from a claim made against him for damage to property or injuries to a person or any other damage when the insured is on a trip.
11. Flight Delay
Flight delays can affect the further travel plans in the trip. Situations like connecting flights, tickets booked for shows, etc are time sensitive and delay in flights can incur losses. Hence, the travel insurance policy compensates the insured in such situations.
12. Baggage Delay
Delay of baggage in travel is very common and can cause hardships and hassles. The insurer compensates for the items in the baggage like clothes, essentials, toiletries, etc.
13. Home Burglary
If there is a burglary at the policyholder’s house when he or his family is traveling outside the city, then the damage and the loss occurred to him will be compensated up to the sum insured limit.
14. Bounced Flight or Hotel Booking
Seats or rooms booked in advance but not available at arrival is a stressful issue. In cases like these, travel insurance company will compensate for the pre-booked flight seat or pre-booked hotel room.
15. Compassionate Visit
If the insured is hospitalized at a foreign location and an immediate family member needs to visit the insured as per the guidance of medical professionals, then the insurer will cover the expenses of transportation and accommodation for the family member travelling.
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