Traveling is an incredible way to explore new places, immerse yourself in different cultures, and create unforgettable memories. However, unforeseen events can sometimes
disrupt your plans and turn your dream vacation into a nightmare. This is where travel insurance comes to the rescue. In this comprehensive guide, we will delve into the world of travel insurance, its benefits, coverage options, and essential factors to consider when selecting the right plan for your needs.
What is Travel Insurance?
The Travel insurance plan covers us from the door of our home until we arrive back at our home from our travel trip. If you were a frequent traveler or traveling with your family, then having insurance would be beneficial. The travel plan covers multiple travels during your policy period. You can buy travel insurance online also sitting in the comfort of your home.
Who can avail of Travel insurance?
- Families and individual travelers
- Senior Citizens
- Corporate Travelers
- Student travelers
- Domestic Travelers can purchase travel plans to cover all travel risks within the country.
The documents required to process a travel insurance claim
- Original tickets and boarding pass
- Passport copy along with travel dates
- Original receipts, bills, and vouchers
- For making a medical claim- hospital admission, discharge card, doctor’s prescription.
- Emergency travel certificate and new passport copy
- Compensation details provided by airlines
- Documented note from policyholder citing the reason for trip cancellation.
- Canceled cheque
Travel Plan inclusions
- The travel insurance company tackles all medical emergencies with ease.
- Travel insurance protects you from all baggage losses at the airport or even if the baggage loss happens at railway stations.
- Save the policyholder from any sort of delays or cancellations. It includes trip curtailment and trip cancellations.
- Save the policyholder in the event of flight hijacking, natural calamities, or any kind of fabricated disaster.
- In case you are a student, as a part of travel insurance, you can also go with study interruption coverage.
- Travel insurance also covers the repatriation of mortal remains and fatalities.
- Emergency evacuations
- Home Burglary
Top Benefits of Travel Insurance Plans
1. Luggage Benefits
If you have travel insurance, you can cover the cost of baggage loss. It could be any reason like theft, burglary, or theft also. Some of the most common situations are the loss of bags, documents, personal belongings, or any cash.
2. Ticket cancellations or flight delays
Suppose airlines canceled the ticket or flight delays happened due to any unforeseen reason, travel insurance would be a savior. Your respective travel insurance company will reimburse the whole travel cost. Apart from it, some other alternative benefits are clothing, food, or access to basic needs.
3. Medical Benefits
It covers hospitalization charges and medical fees. Medical emergencies while traveling could come in any form like illness, injury, or any pre-illness issue recovered, in that case, your insurance company covers the cost of hospitalization, ambulance, and certain others. The insurance company offers cashless hospitalization and impaneled hospitals. In case of death disability, you can claim all the reimbursements for medical costs and hospitalization.
4. Emergency Assistance Services
Many travel insurance plans include 24/7 emergency assistance services. In case of emergencies, you can contact the insurer’s helpline for immediate support and guidance. These services may include medical referrals, legal assistance, emergency cash transfers, translation services, and help with travel arrangements.
5. Personal Liability Coverage
Travel insurance often includes personal liability coverage, which protects you from legal liabilities in case you cause accidental injury to someone or damage their property while traveling. This coverage can provide financial protection against legal expenses and potential compensation claims, giving you peace of mind during your trip.
All the above-mentioned benefits like major coverages that travel insurers provide to the policyholders subjected to the terms and conditions of each policy of the insurer. So, check the T&Cs thoroughly.
What are the different types of Travel Insurance Plans?
1. Individual Travel Insurance
Individual travel insurance plans provide coverage for a single individual traveling abroad. It offers protection against trip cancellations, medical emergencies, baggage loss, personal accident, and other unforeseen events.
2. Family Travel Insurance
Family travel insurance plans cover the entire family traveling together. It typically includes the primary insured, spouse, and dependent children. This type of coverage offers benefits similar to individual travel insurance, ensuring the entire family is protected during their trip.
3. Comprehensive Travel Policy
The comprehensive travel insurance plan offers a host of optional covers like repatriation of mortal remains, medical expenses, etc. One of the most popular plans is Niva Bupa Travel insurance plan; it offers 40 travel-related covers. You can buy travel insurance online also.
4. Group Travel Insurance
When a group is traveling abroad for any purpose, then do opt for group travel insurance. It saves plenty of premiums without compromising on the safety net against any unanticipated and adverse development.
5. Domestic Travel Insurance
Domestic travel insurance plans cover trips within India. While they may not include international medical coverage, they offer benefits such as trip cancellation, trip curtailment, personal accident coverage, baggage loss, and other contingencies specific to domestic travel.
6. Medical Travel Insurance
It covers expenses emanating from any sort of medical emergency or any other healthcare concern.
7. International Travel Insurance/ Overseas travel insurance
This policy is designed keeping in mind those customers who are traveling internationally and are frequent fliers. It safeguards international travelers from the risk of flight hijack and repatriation to India, etc.
8. Senior Citizen Travel Insurance
Apart from getting the usual benefits of travel insurance plans, this policy includes certain benefits for senior citizens belonging to the age group of 61-70 years. Additional coverage against dental treatments/ procedures as well as cashless hospitalization.
9. Student travel insurance plan
Any student who is planning an education trip especially abroad will get the benefit of this travel insurance policy. The duration of this policy varies from 30-45 days at maximum.
10. Schengen travel insurance plan:
Schengen travel insurance is mandatory for travelers visiting Schengen countries in Europe. It fulfills the visa requirements and provides coverage for medical emergencies, repatriation, emergency medical evacuation, and other necessary benefits as per the Schengen visa guidelines.
Exclusions
- If you are high on liquor or drugs, and in that case, you lose your baggage or hurt yourself, then the insurance company will not bear the cost.
- It covers the medical cost but excludes treatments like Ayurveda, homeopathy, and any sort of cosmetic surgeries.
- The travel insurance policy also does not cover any pre-existing diseases, illnesses, and health problems. Most insurers are not covering HIV-related issues also.
- No coverage including self-inflicted injury, any injury incurred on indulgence in adventure sports, or suicides.
- No coverage on losing passports, belongings, or luggage by yourself.
- In case, you are shipping your baggage separately.
- There is no coverage if you are traveling to uncovered or prohibited destinations. You can address them as war-prone regions.
How to choose the best Travel Insurance Plan
Here are the factors to keep in mind while choosing Travel Insurance Plan
1.Trip Duration and Frequency
Consider the length of your trip and how often you travel. Some policies offer coverage for a single trip, while others provide annual coverage for multiple trips.
2. Destination
Certain destinations may have higher risks, such as political instability, natural disasters, or higher healthcare costs. Ensure your chosen plan covers your specific destination.
3. Choose and compare different plans
Take the time to research and compare different travel insurance providers, policies, and coverage options. Consider factors like price, reputation, customer reviews, and the comprehensiveness of coverage.
4. Always confirm the deductibles
Rather than choosing the least-cost insurance plan, focus more on the excess mentioned in the policy. These accesses are deductibles and the policyholder is liable to pay the same. Before choosing any insurance plan for travel, always check the exact benefits and ensure deductibles are not high.
5. Claim Process of Travel Insurance Plan
On submission of the required documents to the insurance company, within 15 working days, your travel insurance claim is settled.
6. Seek Professional Advice
If you’re uncertain about the coverage options or need assistance in selecting the right plan, consult with a travel insurance professional who can guide you based on your specific requirements. At PBPartne we are equipped with the best PoSP agents.
We PBPartners are the leading B2B2C Insurtech platform and the PoSP insurance business of Policybazaar. Having a network of over 1.25 Lakh + registered agent partners. Our presence is marked all over PAN India, serving 15000+ pin codes. Our aim is ‘Taking Insurance to Bharat’ to harness the future of insurance and make it simple & convenient.
Key takeaways
Hope the above information will help you know each aspect of travel insurance, what it covers, and you will be able to make the best decision on whether to buy it.
FAQs
How much does travel insurance cost?
The cost of travel insurance depends upon the trip cost and the traveler’s age. For instance, a 35-year-old may expect 3-5% of the cost of a trip and on the other hand, a 60-year-old may expect 10% of the cost of the trip.
Does everyone need travel insurance?
The decision of buying a travel insurance policy solely depends on your trip duration and destination. If you are going on a long trip with family, alone, or if you are a frequent flier, it is wise to have travel insurance. You can buy a travel insurance policy online also.
What is the maximum age of buying travel insurance?
However, travel insurance coverage limits for travelers over 80 may be lower.
What would be the preferred time to buy travel insurance?
Try to buy a travel insurance plan before 14 days of your trip. However, the best time to buy travel insurance always coincides with the date when you were making the first arrangement for your trip.
Can I cancel my travel insurance policy?
Yes, you can cancel your policy as long as you have not traveled . Post traveling the travel insurance policy is non-refundable.
Is a medical check-up also required to buy a travel insurance plan?
Whether you are purchasing a travel insurance plan online or offline, you can buy a plan immediately. Only if the traveler is above 70 years or has any pre-existing condition, it is necessary to mention it in the proposal form.