We will learn about Travel Insurance also learn about
- Benefits of Travel Insurance.
- Why is Travel Insurance policy necessary?
- Different types of Travel Insurance.
- Points to remember while comparing travel insurance plan.
- What is covered and what are the exclusions under travel insurance plan?
- How to finalize the best policy for your travel?
What is Travel Insurance?
It is a product that covers the losses of cost during your travel and makes the travel less risky as unwanted events may occur while traveling. Travel insurance is the best protection for people who travel domestically and internationally. It will help you to stay carefree during your vacation and enjoy every moment of your holiday.
People who travel often would be aware of situations such as loss of passports, luggage misplacement, flight cancellation which is a big hindrance in your vacation, at this time travel insurance comes in for your rescue.
Why is travel insurance policy necessary?
- In case of loss of passport, luggage or documents insurance company will provide you with a reimbursement of the cost incurred on duplicate or original documents. For the loss of baggage’s the insurance company will compensate you with approved sum by the company.
- Health problems or medical emergencies are unpredictable, in case one has to face such situations the insurance company will ensure that the policyholder gets proper medical in emergency situations. Dental treatments are also covered by the insurance company.
- In case you are admitted to a hospital and for further treatment, you need to go back to your country or to be with your loved ones, your insurance company will arrange that too
- If your debit card or credit card is stolen and misused your insurance company will compensate the loss (12 hours prior) to your first intimation of theft to the insurance company.
Hospitalization medical treatment, accommodation at the hotel for medical emergencies are covered.
24/7 customer service support is available to guide the insurers for information and guidance to proceed during an emergency.
Customized travel insurance plans are available as per the destination one wish to travel however the premium amount would vary accordingly.
Accidental death, legal expenses, an emergency reunion is also covered.
In case the trip is terminated the termination expenses are also compensated by the travel insurance company.
When the clients make long trips abroad compensation for flight delays, trip delays are also covered by the insurance company.
Different types of Travel Insurance:
- A student insurance plan for travel offers medical and financial assistance for students who travel abroad for further studies and the insurance cover is applicable for the entire duration of the course. This insurance can be taken by students who are pursuing the studies abroad or for the students who plan to go abroad for further studies.
- Corporate travel insurance plan is for the corporate companies who wish to provide insurance to their employees during their foreign stay. The corporates customize the insurance plan as per the policies of the company. All the policies provide travel and medical related cover for the policyholders.
- Individuals who travel domestically can get Domestic travel insurance for medical expenses, cancellation or delay of trips, emergency cash assistance, and Customer service assistance.
- Group insurance for travel is for the group travel for 20 or more members traveling to the same destination. There will be a cover for trip cancellations, interruptions, and delay in trips, luggage loss, and documents.
- Family Insurance for travel plans is for a single family where the policyholder can take his/her spouse with two children. This policy will cover personal accident, hospital allowance, loss of baggage and loss due to theft at home.
- A Senior citizen can enjoy a hassle-free travel under senior citizen travel insurance. The cover will provide them with the quality healthcare facility, international SIM card, cover for the loss of documents, trip cancellation and third party damage.
- A customized plan is the tailor-made travel insurance plans as per the requirement and policies of the place of visit.
How to finalize the best policy for your travel?
Researching and understanding different insurance plans will help you to pick the best suited for you.
- Compare different travel insurance plan online. Stay away from the fake sites and discounts.
- Understand your requirement and understand the cover a particular travel insurance policy is offering. The policy should be as per your requirements and the country you are going to visit.
- Ensure that your policy should cover passport loss, cancellation of flights, and loss of luggage. Compare different features from various policies this will help you to choose the best in the market.
- The company should be able to pay you the claim. So check the financial stability of the company.
- Check the claim rejection ratio of the company before finalizing the travel insurance.
Points to remember while comparing travel insurance plan
- Current age of the each traveler
- Departure and return dates as you want the insurance for the whole trip
- Estimated trip cost at the time of comparison and the actual trip cost at the later stage.
- The location where you will be spending maximum time.
- Your country and state of residence.
Once you have all the above details you can compare different insurance policies which will help you to choose the one which best suits you. For example, you can check, compare and choose Bharat AXA Travel, Reliance Travel or Bajaj Allianz travel insurance policies and check their websites or customer service representative for more information.
What does the travel insurance policy cover?
- Hospital Cash Allowance
- Allowance for Hijack Distress
- Emergency Dental treatment expenses
- Assistance on Financial Emergency
- Missed Connecting flight or delay in trips
- Loss of personal documents, baggage.
- Sponsor protection for students.
- Psychological coverage for students.
Exclusions of Travel Insurance Policy
- Expenses on Alcohol, drugs and liquor.
- Homeopathic or Ayurvedic treatments.
- Cosmetic treatments.
- A Criminal act by the policyholder.
- Spa treatments.
- Pre-existing medical conditions.
- Travelling to high-risk places.
- Expenses incurred due to suicide or non-adherence to Doctor’s advice.
The above information would help you to decide and choose the best suitable insurance plan for your travel. In case you go through an insurance agent, he may not focus on your requirement but on his commissions. And more importantly, have all your queries cleared from the insurance company representative so that you are aware of next step in case of any unpleasant experiences at your destination.