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Factors to Consider Before Buying a Travel Insurance Plan

By Finserv MARKETS - Jan 25,2019
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Factors To Consider Before Buying a Travel Insurance Plan

For several years in the past, people did not think of buying travel insurance before embarking on an international trip. However, considering the inconvenience one can suffer due to a misplaced bag or a lost passport, more and more people are realizing insurance is required while traveling to another country. Today, insurance plans have become the need of the hour. Many insurance providers have started offering travel plans to ensure that travelers and tourists can enjoy every trip to the fullest.

Before you browse through all the available options and pick your travel insurance policy, there are a few important things to consider.

• How Often Do I Travel?
• How Long Is the Trip?
• Your age and pre-existing medical conditions
• Where Am I going

1.How Often Do I Travel?

Typically, individuals purchase a single insurance plan for every trip. However, since a lot of people travel a few times a month due to work, there are new travel insurance plans available that offer insurance for a longer time frame. Depending on how often you travel, you can choose to purchase a one-time policy or a long-term policy that will cover you for multiple trips.

2.How Long Is the Trip?

Logic dictates that the longer your trip is, the more cover you will need. Insurance providers will calculate an approximate per day cost and let you know the amount of coverage that you would need for your trip. Moreover, your premium will be directly dependent on the length of your trip.

3.Your age and any pre-existing medical conditions

As with most insurance policies, your age is one of the factors that the provider will consider before deciding on how much coverage you will need or what kind of premium you need to pay. The older you are, the more you’re likely to shell out. Additionally, if you have a pre-existing illness, there may be certain terms and conditions attached to your policy. The same will have an impact on your premium as well.

4.Where Am I Going?

If you’re traveling locally or within South Asia, your cover amount and premiums will be significantly lower than if you’re heading to America or Europe. This is simply because the cost of medical treatment or necessary items will be higher in European and American countries than in Asian nations.

Once you’ve thought about the kind of cover you need, you can go ahead and browse for the plans online. Purchasing an online travel insurance policy with Finserv MARKETS is quick, easy and extremely convenient. With an insurance policy in your bag, you can head off on your next holiday with complete peace of mind.

Now that you know what factors are to be considered before buying an insurance plan, read about the Types of Plans and travel insurance benefits.

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522