Life is uncertain, and there is no certainty about what will happen while you are on holiday. If you are traveling, you can’t rule out the possibility of facing unforeseen situations, like accident, ailment, etc.; even during your vacation. Even though you can get some success in preventing accidents but natural disasters like earthquake, flood, cyclone, etc are beyond human control. So, how can one avoid unexpected incidents during the trip? By avoiding traveling at all? No, by buying a travel insurance policy!
What is a travel insurance?
Travel insurance is not limited to individuals only who are always on the go. It is of prominent importance for every individual traveling overseas. For a duration, as short as four days to a duration as long as six months, a travel insurance policy will always have you covered in case of any accident or emergency. Looking at the benefits offered by a travel policy, it would be unwise to leave the country without it.
Medical Travel Insurance
Medical costs in a foreign country are extremely high. Something as simple as consulting a doctor can cost you a huge sum. God forbid, something untoward happens and you require hospitalization and surgery, you might end up punching a hole in your pocket. A travel plan will provide for cashless hospitalization along with offering other coverages like loss of baggage/passport, personal accident, flight delay/cancellation, compassionate visit etc. However, the size of the cover largely depends on the destination as well as the duration of your trip.
Types of travel insurance policies available
Travel insurance companies provide a range of plans depending on the destination and the duration:
- Single round trip plan: A single round trip plan can be taken by individuals who are taking a single trip for a specified duration.
- Annual multi-trip plan: The annual multi-trip plan is for those individuals who often travel overseas. This plan covers specific destinations for a period of one year. A certain number of trips are insured in a given policy and the duration for the same can be 30 days, 45 days or 60 days.
- Senior citizen policy: The senior citizen policy is specifically designed for senior citizens, and it enables traveling to any destination across the world.
- Student travel insurance plan: For students traveling abroad for higher education, there is a student travel insurance plan. It offers both financial as well as medical cover. A robust travel insurance plan will ensure a stress-free stay for students in a foreign country.
- Corporate travel insurance plan: The corporate travel insurance is usually purchased by employers who want to ensure their employees while traveling abroad. These plans provide an adequate cover and can be customized as per the requirements.
- Domestic travel plan: Individuals traveling within the country can opt for a domestic travel plan that covers situations like medical emergencies, loss of baggage, personal accident cover, etc.
- Group travel insurance: If 20 or more individuals are traveling together to a single destination, a group travel insurance can be applied for. The group insurance policy offers a cover for trip cancellation, loss of baggage, delay of trips, etc.
- Family travel insurance: Family travel insurance can be taken for an entire family. It includes a spouse as well as children and the other family members under one policy.
What is an ideal travel insurance policy?
An ideal travelers insurance will include many emergencies. It includes cashless hospitalization, a cover for medical emergencies, loss of passport, accidental death, emergency dental treatment, loss of baggage and permanent disablement. However, It is important to note that the policy should serve your requirements. Ideally, It should be customized to provide a complete medical and financial cover in times of emergencies.
In case you have not taken a policy before your travel begins, you can do it online and renew the same from anywhere in the world. To choose an ideal plan for yourself, begin your search for the duration, number of members traveling and the destination of travel. Based on the same, a range of policies will be available to serve your purpose. Next, the type of travel will determine the policy and its premium.
Compare travel insurance policies before buying
Further, it is advisable to compare different policies and their terms before you finalize the one. If your itinerary includes adventurous activities, make sure your travel insurance offers coverage for the same. Though such activities are usually not covered under a regular travel insurance plan. In such cases, you can pay extra money to get special coverage. Similarly, people above 65 should opt for senior citizen plans. These plans have features like pre-existing ailment cover, accidental death, higher sum insured, etc.
Many insurance companies also offer fire and burglary cover for your home. There is a ‘missed connecting flight’ coverage for travelers who travel to more than one country during a trip.
A medical travel insurance is a way of protecting yourself from any emergency medical condition or financial loss. Such emergencies may arise during a trip. Hence, choose wisely and travel freely!
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