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8 scenarios highlighting benefits of travel insurance

By Finserv MARKETS - Dec 23,2019
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8 scenarios highlighting benefits of travel insurance

When Naina made her first trip to England, she had the perfect itinerary planned. 2 days in London, followed by 2 days of quaint villages in Peak District & Manchester, 3 days to soak in the vistas of & explore nature in Ireland, and a last day spent at the isolated beaches of Pembroke in Wales. She purchased a travel insurance as an afterthought. When hiking in Ireland, she lost her passport, and it is only then that she realized that in hindsight, her travel insurance purchase was one of the wisest decisions she had taken while planning this trip.

When you’re traveling abroad, you need to ensure that your trip is covered by a travel insurance policy. The benefits of travel insurance are many and varied, and depending on the level of coverage you opt for, you’ll be surprised to discover how extensive this kind of insurance can be. For trips that take you out of the country, make sure to specifically opt for international travel insurance. The coverage under international plans is more likely to be apt for your particular requirements.

On Finserv MARKETS, you can choose from a variety of travel insurance options, such as individual, family, and student plans. These travel insurance policies are tailored to meet the varying requirements of solo travel, family vacations, and trips for overseas education. Irrespective of the purpose for your travel abroad, here are 8 scenarios in which international travel insurance can come to your rescue.

1. Trip cancellation

No matter how meticulously you plan your trip, sometimes, you may need to cancel it at the eleventh hour. A family emergency, an urgent requirement at work, or something as normal as a personal illness could make it impossible for you to take that trip. Without international travel insurance, this kind of a situation could mean a loss of thousands (or even lakhs) of rupees. On the other hand, insuring your trip means you can enjoy refunds if the reasons for cancellation are covered by your policy.

2. Medical emergencies

If you do get to make that trip, it’s also fairly probable that a medical emergency could strike when you’re abroad. You could get sick, and depending on the costs of medical services in the country you’re in, your medical bills could stack up quickly. Foreign exchange comes into play, and before long, you could be facing significant unexpected expenses. Fortunately, one of the many benefits of travel insurance is that it covers emergency medical costs like hospitalization expenses, physician’s fees, and other outlays for treating sickness and injury.

3. Loss or delay of baggage

International trips from India often include a connecting flight between your place of departure and your destination. If it so happens that you lose your check-in baggage during the stopover, you may need to wait for it to arrive on the next flight. This could make you miss your connecting flight. Sometimes, your check-in baggage may be lost entirely. In either of these scenarios, an international travel insurance plan can prove to be beneficial, because you’ll be refunded up to the policy’s benefit limit after the specified time. This can help you purchase replacements for lost items.

4. Loss of passport

It’s not uncommon to accidentally lose important travel documents like your passport or your currency. In case you misplace your passport when you’re abroad, your travel insurance can help you handle the situation better. Many travel insurance providers offer coverage for this scenario by reimbursing the direct expenses incurred to obtain an emergency passport or to make duplicates of important travel documents available to you. On Finserv MARKETS, you can obtain international travel insurance that offers coverage of up to $250 for loss of passport.

5. Flight delays

Flight or train delays are also one of the many things that can throw your travel plans off-track. Last-minute rescheduling can mean that you might get to your destination much later than you anticipated. If your inbound flight or train is delayed, you may not make it in time for your regular commitments back home. Either way, a travel insurance policy can help you deal with the financial repercussions of these delays. Most insurance providers will either pay a lump sum amount after a certain number of hours of delay, or will pay a certain amount per hour of delay, subject to a cap.

6. Emergency evacuations

Emergency evacuations may occur for a number of reasons. There could be a natural calamity that may require you to be evacuated to a hospital for emergency treatment. Alternatively, you could have a medical emergency that requires immediate evacuation to a hospital in the country you’re in, or an evacuation back to your home country if it’s deemed necessary. International travel insurance will typically cover these unexpected costs, which can be quite significant. With Bajaj Allianz travel insurance, available on Finserv MARKETS, you can enjoy evacuation coverage starting at $50,000.

7. Compassionate visits

This is one of the many benefits of travel insurance for solo travelers. If you happen to travel abroad on your own and meet with a medical emergency or an injury, your doctor may advice special assistance from a family member. In such a scenario, it would lead to unexpected costs if someone from back home has to make an unscheduled trip abroad. With an international insurance plan that offers coverage for these compassionate visits, you can enjoy a reimbursement of the economy class travel expenses and reasonable accommodation costs for your family member(s).

8. Hijacking

Although airline hijackings have plummeted in recent years, there’s still the remote possibility of your flight being hijacked. In situations like this, the financial distress cannot be quantified until the emergency has passed. Nevertheless, some international travel insurance plans offer coverage in the event of a hijacking. A hijack cover generally offers the insured traveler periodical benefits in the form of fixed amounts that are paid out every 12 hours or every 24 hours of the hijacking.

The takeaway

Considering that travel insurance can offer you adequate financial coverage in many unforeseen situations, it’s always wiser to opt for an international travel insurance plan before you head out of the country. With Bajaj Allianz travel insurance plans available on Finserv MARKETS, you can fall back on sufficient protective cover in case of medical emergencies, flight delays, hijackings, and accidental death. Apply for a Bajaj Allianz Travel Insurance on Finserv MARKETS before your international trip, so you can enjoy a stress-free vacation.

Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App

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