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In today’s article, we will discuss travel insurance with you ie travel insurance. There was a time when we used to get only life insurance (Travel health insurance in India) done, then slowly other things started getting insured like insurance of our car or bike, insurance of other things, etc. But in today’s increasing lifestyle, it is also necessary to get our travel insurance (Yatra Bima).
Suppose, you are in a plane and due to some fault in it (What is Travel Insurance) it crashes or becomes a victim of a train accident or something like that. So in such a situation, it becomes necessary to get our travel insurance. So let’s know why it is essential to get travel insurance and what benefits we can get from it.
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What is Travel Insurance?
Travel insurance, as the name suggests, is an insurance product that is a type of general insurance policy. It is useful for protection against accidental damages during travel and financial costs related to it. This is a beneficial scheme for those traveling in any country or abroad, especially for those who travel frequently. Travel insurance covers the following damages:
- Loss of Baggage / Loss of Personal Belongings
- theft of bags or personal belongings
- loss of passport
- trip cancellation or delay
- related to medical or accident
- death of the insured
- disability of the insured
- Emergency exit
- Missed Connection / Departure
- Bounced flight/hotel booking etc.
One must check the travel insurance policy to be sure which costs are covered. At times, there may be coverage for more risks than those mentioned above. Many travel insurance plans offer additional risk coverage with add-on premium payments. Some travel insurance plans are mainly for the traveler or a particular place where one is traveling.
Types of Travel Insurance
Travel insurance policies can be broadly classified as domestic travel insurance policies and international travel insurance policies. Most of the time, insurance companies offer travel insurance policies for just one trip at the time of booking the trip. But one can take a policy that covers multiple trips. Companies selling travel packages usually offer such a policy. Sometimes insurance companies tie up with the companies/websites/apps through which you book your ticket. Below we discuss the types of travel insurance:
1. Single Trip Travel Insurance
It is a one-time travel insurance policy that is specifically designed for a particular trip.
2. Multi Trip Travel Insurance
People who travel frequently should take a cost-effective travel coverage policy. It covers you for multiple trips over a long period of time to certain destinations such as maybe for a whole year. This is useful for businessmen who travel long distances and other frequent travelers.
3. Educational Travel Insurance
Students who go on educational trips, especially abroad, can benefit from this type of travel insurance policy. There is usually a fixed time limit for the duration of the visit, such as a maximum of 30 or 45 days.
4. Group Travel Insurance
When there are a lot of passengers, they can go for a group travel policy. There is a maximum limit on the number of persons that group insurance policies can cover. For example, HDFC Group Travel Insurance policy covers 7 people. Insurance providers usually have such offers when there are group trips and tours from different places/countries. It also depends on the age of the individuals in the group and can prove to be a cost-effective policy when traveling in a group.
5. Custom Travel Insurance
Apart from these, there can be specific or customized policies by insurance companies. This may be especially true for senior citizens or families. They can create customized policies like Medical Travel Insurance Policy which comprehensively covers medical costs. Similarly, customized corporate policies can be beneficial for corporates and businessmen.
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Benefits of Taking Travel Insurance
Apart from the many costs involved in such travel protection plans, as mentioned above, there are some major benefits that they provide. These are as follows:
1. Luggage Advantage
This policy covers the cost of lost baggage. These can be cases of damage, theft or loss. These policies can cover the loss of bags, passports, important documents, cash or any personal belongings. Also, the luggage can be protected during an emergency evacuation or any other accident.
2. Journey Cancellation or Delay Benefit
In case the trip is canceled or delayed for any unforeseen reason, travel insurance companies will reimburse the cost. Cancellation or delay may be due to weather conditions, strikes or any other reason. They will also provide some optional benefits such as access to toilets, clothing or food. Also, when you cancel or delay a trip due to an emergency, the costs may be covered if you are insured under the travel policy.
3. Therapeutic Benefits
The policy also covers medical charges and hospitalization charges. This is for the expenses that are incurred in the event of a medical emergency, illness or injury during the journey. It covers the costs of hospitalization, ambulance and a few others. Insurance providers arrange for cashless hospitalization in empaneled hospitals. In case of death or disability of the life insured, you can also claim reimbursement for medical costs or hospitalization.
4. Optional Benefits
There are certain benefits for travelers like customized policies, especially for single travelers, groups or senior citizens. This is because their coverage requirements may be different from others and the normal travel insurance policy may not suit them. Therefore, some insurers also offer customized travel protection policies.
The above-mentioned benefits are the major coverages that travel insurers provide to policyholders. However, these are subject to the terms and conditions of each policy of the insurer. So, check the terms and conditions thoroughly.
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What does Travel Insurance Not Cover?
There are certain cases when policies do not provide coverage, which is often referred to as ‘exclusions’. Some of these exclusions may be mentioned below:
- When you are high on alcohol or drugs, you are more likely to lose your belongings or injure yourself while under the influence of intoxication. The insurance provider will not cover the baggage or medical costs in this situation.
- It covers medical costs but not the costs related to Ayurvedic, homeopathy and cosmetic surgeries.
- Policies do not cover pre-existing diseases/ health issues. Most insurers do not cover issues related to HIV. Also it will not bear the cost if you are traveling against medical advice.
- No coverage for self-injury, suicide or indulging in adventure sports.
- There will be no coverage if you lose your passport or luggage on your own if you have left them unattended. Also, if you have shipped your goods to a different location, the policy will not cover the same.
- There is no coverage when one is traveling to prohibited/open destinations. These are usually war-prone areas. For example, if the area is under civil war or has suffered due to a terrorist attack.
Travel insurance policies will vary according to the provisions of coverage and exclusions (what is not covered). They may also have additional benefits. It also depends on to whom the coverage is provided (individual, group, student, senior citizen). It is important to read the Policy, all Terms and Conditions, and the Disclosure Statement.
Also, compare different policies by different providers before buying them. It is always better to go for complete coverage which provides higher financial protection. However, you must check the premium to be paid. There are many sites where you can check and compare policies and buy them fast and easily.
Which Company Should I Take for Travel Coverage?
Some travel coverage agencies are Aditya Birla Travel Insurance, Bajaj Allianz Travel Insurance, Bharti AXA Travel Insurance, HDFC ERGO General Travel Insurance, IFFCO Tokio Travel Insurance and Oriental Travel Insurance. Apart from these, there are many agencies as well but you have to keep in mind what is inside the coverage cover.
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Impact of Corona Pandemic
Due to the Corona epidemic, flights are being stopped anytime globally. In such a situation, the question arises regarding the cancellation of the flight, what can be the coverage on it? So the solution is that if the coverage was completed before the flight ban, it may be carried, but it will not apply to the new policy.
Coverage Ranging From Rs 500 to Rs 2,000
The cost of travel coverage depends on the visiting value, your age and the sum insured. Apart from this, it also depends on many things including where you are going and for how many days. For example, suppose you have to go to Mexico for less than a month, then you will have to pay Rs 580 to Rs 1254 for a sum insured of Rs 1 lakh to Rs 74 lakh.
When Can’t Get Travel Coverage
You are going on a trip with a lot of instructions as well as travel insurance, so be smart. Also examine the exclusions of your coverage. The exclusion lays out the conditions for which you are not covered under travel coverage. Read your policy carefully, if you do not understand now you can also seek clarification from the insurance business venture or agent but no question should be left unanswered.
You usually can’t get insurance for these situations:
- pre-existing diseases or conditions
- battle cast
- suicide or insanity
- extreme sports (adventure sports)
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It is Better to Take Coverage 15 Days Before Travel
Some coverages allow you to take insurance even 15 days before the trip. This insurance is considered suitable for group travel. This will additionally increase your chances of getting some banal coverage.
Some credit cards give you instant travel coverage like you get good travel coverage with Axis Bank Credit Card, HDFC Bank Credit Card, IndusInd Bank Credit Card, IndusInd Bank Aura Credit Card and Axis Bank Special Credit Card etc. Can get it.
Travel Insurance International India
Now the question is, what to do and what to do if you want to take insurance abroad? Generally, insurance agencies provide hotline numbers for travel insurance to provide claim-related records. Along with this, you also have to inform the relevant government and departments (as the case may be something else) like – Police, Indian Embassy, Transport Business Enterprise etc.
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