Buy right travel insurance policy to enjoy stressfree vacation

Adhil ShettyBankBazaar.comFor Varun and his family, their first international holiday in Singapore was a dream come true. However, the fun and frolic didn’t last for too long. A few days into the vacation, Varun’s father, who suffered from chronic high blood pressure, started experiencing severe anxiety. He was rushed to the nearby hospital where doctor’s informed Varun’s family that Varun’s father was suffering from a hypertensive crisis and would need emergency medical treatment. The total cost of medical treatment in Singapore was a little above Rs.5 lakh. Varun could have easily avoided this unexpected expense if had invested in a comprehensive travel insurance. Why is a travel insurance policy necessary?Travel comes with a fair share of risks and unforeseen dangers. A travel insurance is special type of insurance designed to cover the individual from a variety of travel related perils. It covers you against contingencies like medical treatments; lost baggage; loss of passport or other travel documents; evacuation due to political unrest, natural calamity, or medical emergency; missed flights and cancelled trips; and more while traveling within India or abroad. Opting for a travel insurance, especially while travelling abroad, is always highly recommended. Some countries such as the USA and Canada have even made it mandatory to have medical insurance before applying for that country’s visa citing medical treatement costs, which can go up to about USD 2280 on an average. Getting emergency medical assistance while you are on a trip abroad could drain your wallet. You can easily prevent this risk if you are covered under a comprehensive medical insurance scheme.Apart from medical emergencies, most travel insurance policies also cover other events like cancelled or missed flights and trip cancellation. They also cover theft or loss of passport, travel documents or personal baggage while travelling, which can pose an array of problems, especially when you are in a foreign land. In case of such contingencies, having a travel insurance will ensure proper assistance and save you time and money.The insurance companies charge a premium based on the country you are planning to visit and the duration of your visit. They also offer tailor-made travel insurance plans suitable for different travel categories and destinations. Keep in mind that when you are travelling overseas with an international travel insurance policy, you pay your premium in Indian rupees but receive the coverage in the corresponding foreign currency. With currency fluctuations and mounting costs, it is a good idea to have yourself covered with a travel insurance from India.Types of Travel Insurance PoliciesTravel insurance policies are basically of two types: domestic travel insurance for travelling within the country and overseas travel insurance for international travel. Several types of insurance policies are offered under these. Some of the most common ones are:• Student Travel Insurance for students who are travelling abroad for pursuing higher studies. The coverage offered by these policies include, passport loss, medical treatment, and interruptions related to the studies. • Family Travel Insurance that insures every family member of the policyholder while visiting a domestic or international location. • Senior Citizen Travel Insurance for senior citizens between the ages of 61-70. Cashless hospitalization, dental treatment, and other basic benefits of a travel insurance are included in these policies. • Corporate Travel Insurance for the employees of a company during their domestic and international trips. Choosing the right policyWhile at home, your life and medical insurance policy will cover you against a variety of perils and risks. However, not all life and medical insurance policies extend cover to individuals travelling internationally. So, if you are planning a trip any time soon, make sure to include the cost of travel insurance instead of just keeping it as an afterthought. Make sure you understand the extent of coverage and the claim limit with regard to flight cancellation, medical, and loss or theft cover in your travel destination before finalising a policy. While it is essential to understand what all your policy covers, it is equally important to be aware of all that your policy does not cover. Since each policy is different, it can carry different terms, conditions and exclusions. So do check the policy wordings before proceeding to buy the policy. Do look around before you settle for a particular policy just like you would for any other investment. Check out independent sources who can provide you with a list of travel insurance options without leaning towards a particular company, and giving you an unbiased opinion. You can go online, check real-time customer feedback regarding claim settlement support, policy terms, emergency assistance, etc., for the policies you have shortlisted. This will give you a fair idea about what to expect. You might also consider buying your policy online for the convenience it offers as well as a more competitive price option. A vacation is a time to relax and enjoy, and not worry about emergencies and contingencies. Make sure you are adequately covered to make the best of your holiday.