You book yourself a holiday abroad, or want to travel within the country. You need to insure yourself against a medical emergency while travelling or in the country you are holidaying, loss of baggage, passport and so on. The travel insurance plan compensates you for this loss.
Why Travel Insurance?
Medical ailments may force you to cancel your trip, which will result in heavy cancellation penalties. Such scenarios are covered to a certain degree by Travel Insurance. Losses incurred due to missing flights, delays and missed connections. Loss of Baggage could create serious issues. Travel Insurance helps in covering the cost of baggage and transport to the intended port. In case baggage is permanently lost, travel insurance will help you cover the necessary costs. Ailments suffered during the trip can result in heavy medical bills. Travel Insurance helps tide over such costs. Some Travel Insurance policies help cover the losses incurred if an airline, cruiser or hotel defaults on their commitments. Acts of Terrorism or war are also covered by Travel Insurance.
Why buy Travel Insurance?
Travel Insurance pays your costly medical bills and hospitalization expenses, even in a foreign country.
Travel insurance pays you, if you miss your connecting flight in a foreign country or for bail if you get arrested in a foreign country.
You are compensated for the loss of baggage or your passport in a foreign country.
You are compensated for any emergency evacuation, especially storms and hurricanes in a foreign country.
Eligibility for Travel Insurance
Domestic travel insurance can be purchased by any Indian national travelling within India. If any foreigner passenger is travelling in India and has received work permit in India, he can also purchase domestic travel insurance. The eligibility age can be anywhere between 6 months and 65 years and varies from plan to plan. The coverage provided depends on various factors, such as your medical condition, the place you are travelling to and the length of your trip.
Key factors to consider for Travel Insurance
Factors to consider while buying Travel Insurance
- The destination is the first major factor you must consider while buying travel insurance. Medical expenses in countries like USA, Canada and Greece are expensive. The sum assured must be high if you are travelling to these countries.
- The duration of the trip is another important factor you must consider. The longer the trip, the higher the sum assured.
- If you’re involved in adventurous activities like trekking, skiing and water sports, a higher sum assured must be availed.
- The coverage of the travel insurance policy in the country you are travelling to be vital. Details such as online services, Hospital Network Coverage, Claim Processes and Toll Free Numbers and so on need to be checked before buying the policy.