Luggage, tickets, bags, iPod, hotel bookings, handy-cam are the top things that arise in your mind while going out for a holiday trip. To be frank having a travel insurance plan before going out on a vacation is a rare thing in India. People in our country rarely opt for the travel insurance plan, but it’s really vital to understand that a small mishap can destroy any perfectly planned holiday.
People never prioritize insurance till something actually goes wrong and later on it gets too late to avail an insurance plan. These days travelling, especially to overseas countries are an important part of our lives. But most people don’t want to think about the calamity that can take place during a trip.
It is a known fact that several times, we are faced with problems like cancellation of flights, medical emergencies and loss of luggage among others. Hence, it is essential to be covered when you are going away from home.
What Exactly Will You Get Under Travel Insurance Plan
Travel insurance refers to insuring the risks of having a medical emergency or any kind of financial loss that can leave a bad impact on your journey. You can purchase travel insurance plan temporarily for a single trip. Whereas, for regular travelers, it is advisable to go for the whole year plan which would be enough for numerous tours throughout the year. You can purchase an insurance plan for an adventure trip, leisure trip, cruise trip, foreign student trip, international travel and business trips as well. The most common risks that a foreign travel insurance plan covers are:
-Foreign Medical expenses
-Accidental injury or death
-Theft, damage or loss of personal essential belongings
-Cancelation of trip
And many more…
The coverage depends upon the norms of insurance plans and companies as there are several policies available in the market.
A basic insurance plan usually provides the coverage for medical emergencies, emergency repatriation, cancellation, theft, loss of luggage, passport loss and many more.
Majorly the premiums of travel insurance plan depend upon several factors such as
• Duration of the trip
• Sum insured
• Health conditions
• Number of trips
• Age of the insured
• Risk activities involved in the trip.
Enclosed are some tips that will assist you in choosing the best travel insurance plan.
A travel insurance plan is a standard product over different insurance companies since its usage is more global in nature. There are a few tips that would help you in selecting the best travel insurance plan at a lower premium.
Location Of The Trip
You might not be aware, but the fact is that the cost of travel insurance plan is much higher where the cost of treatment and other essential services is expensive. Nowadays, the customer can taper down his international plan to select from options. Hence, know your location well to pick up the right insurance plan and premium as well.
Duration Of The Trip
Generally the insurance companies offer travel insurance plan for a trip duration starting from 7 days to 180 days. It is advisable for you to select the insurance plan slightly more than your requirement and travel period. If you are a regular traveler then you must buy an annual multi-trip plan to save more. This will save you from the hassle of getting insured every now and then. These plans are valid for a year and it covers numerous foreign trips as well. The maximum duration of each trip should be about 30-45 days. This is a cost effective product for frequent travelers.
Age Of Travelling Members
If you are travelling along with your family, then will be helpful to check if the premium in one plan which covers all is cheaper or not. If not, then you can consider two different plans in which the the elders of the family can be covered by another plan. For example, if you are more than 65 years of age, you can avail of senior citizens plans in which you will get pre-existing illness coverage, the higher sum insured for regular hospitalization, etc.
Reason Of Journey
It is advisable that you must provide an accurate reason of your journey in the proposal form, whether, it’s a business trip, holiday trip, adventure trip or any other. Usually, a basic overseas travel insurance policy does not cover risks involved in adventure trips. Hence, an additional premium amount is required for such trips.
Nowadays, there are many types of online travel insurance available in the market, so it is better for you to compare the plans of different insurance companies to get the best insurance policies out of the many. You must keep in mind that a cheap plan may not always be the best for you.