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Read Your Travel Insurance Policy Wordings Carefully

By Finserv MARKETS - Feb 26,2019
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How to read you Travel insurance Policy?

Whether you are travelling for leisure or business, travel is always associated with risks, more so if you are venturing abroad. Unexpected problems such as flight delays, cancellations, sickness, injury can spoil your travel plans and cause substantial financial loss. A travel insurance policy is the best way to manage all the risks associated with travel. Thanks to the availability of it online, an overseas travel policy can be bought within a matter of minutes. However, once you buy a policy, you may be easily overwhelmed by the large number of terms and conditions mentioned in it. If you want to understand the coverage in its entirety, it’s important to go through most of the policy documents if not all of it. Here are some important points to look for while reading your travel insurance policy: –

Important Contact Information

Most travel insurance policies mention emergency assistance contact numbers in the policy documents. In case of a medical emergency, while travelling, these contact numbers will help you reach out to the insurance provider at the earliest and get the right care and information during the time of need.

Period of Coverage

Depending on the type of plan you choose, the period of coverage may vary. So make sure to read the period of coverage. This will help you understand when the travel insurance coverage begins and expires.

Benefits Offered

Besides the basic coverage, there may also be additional benefits. For e.g. travel insurance from Finserv MARKETS, offers quick claim settlement for added convenience. Hence, it’s important to scrutinise your policy documents for any such benefits.

Risks Covered

Reading all the risks covered in the policy documents is of utmost importance. The number of risks covered will be mentioned in the policy documents along with the terms and conditions. This will help you identify the situation wherein you can make claims.

Exclusions

Most travelers assume that once they buy travel insurance, they’ll be covered no matter what. Like any type of insurance, there are some events and conditions that may not be covered by it. The exclusions are generally mentioned right after the coverage in the policy documents. For instance, trip cancellation will not be covered by the insurer if the cause for cancellation was known to you at the time of policy purchase.

Pre-existing Conditions

Depending on the type of plan you purchase, your insurer may not provide coverage for pre-existing medical conditions (diseases or ailments that existed before you purchased travel insurance). Hence, make sure to read your policy carefully and check to see how it defines pre-existing conditions.

Coverage of Sports and other High-Risk Activities

Some travel insurance plans may not cover injuries or fatalities caused due to high-risk sports and other activities. If you intend to indulge in high-risk adventure activities, ensure that this coverage is specifically mentioned in the policy. If it’s not mentioned in the coverage, it will be probably mentioned in the exclusions or the terms & conditions section.

Just like any financial contract we are bound to take some time to understand policy. It’s important to be clear about all the terms, inclusions & exclusions while choosing a travel insurance plan, to ensure we don’t make any miscalculations and not stuck while we are travelling overseas. Hopefully, these aforesaid points will help you make informed decisions and make the process of filling a travel insurance policy seamless.

“Finserv MARKETS, from the house of Bajaj Finserv is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment and an exclusive EMI store, all under one roof – anytime, anywhere!”

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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