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Types of Travel Insurance Plans & Their Benefits

By Finserv MARKETS - Feb 5,2019
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Types Of Travel Insurance & Their Benefits

Many of us view travel insurance as unnecessary and an added burden, especially while travelling on a shoestring budget. However, such an approach is wrong on many levels and there are several reasons for this. What if your baggage was lost or delayed? What if you lost your passport? What if you face a medical exigency in a foreign land? One never knows when an emergency strikes and hence, being prepared is the right choice!

Want to make your trip hassle free? A comprehensive travel plan will help you get rid of many worries. The topic at hand is complex as there is a plethora of travel insurance plans. There are also various online travel plans available, which can be bought in just a few clicks.  Here are some of the different varieties of policies and their features.

Individual Travel Insurance

  • It’s perfect for solo travelers embarking on a trip that can be for business or pleasure.
  • In case of any unforeseen illness or unfortunate accident overseas, this plan by Finserv MARKETS will cover hospitalization expenses or day care procedures up to $10,00,000 – the highest in the industry.
  • In the event of a permanent disability or death resulting from an accident, this plan covers arranging for transport to move the insured to their country of residence.
  • If there are any flight delays, your travel insurance covers any costs related to extra flight tickets or hotel stay.
  • Any loss of baggage or important documents like passport can be stressful and monetary assistance is usually necessary to issue new documents. Your insurance company, in such situations, offers financial help so that you can get new documents made.
  • In case you cut your trip short and need to return to India immediately, this plan covers losses related to cancellation of accommodation and change in airfare.

Family Travel Insurance

  • This is perfect if you’re planning a family vacation and want to ensure a flawless trip.
  • If any of your family members need emergency medical treatment during travel, then you can rely on the coverage provided by your travel insurance plan.
  • In case any family member meets with an accident or suffers from a disability arising due to an accident, your travel plan will provide compensation.
  • Your insurance company will provide financial aid if there is any loss of important documents or baggage.

Student Travel Insurance

  • There are an increasing number of students travelling abroad for education and it’s important for them to have financial security in the event of major medical emergencies. This is exactly what student travel insurance plans provide.
  • Compensation will be provided in case of an accident and any damage to health or property of the student.
  • If any lawsuit is filed against you, then your travel plan will cover bail bond money and other legal expenses.
  • Money required for compassionate visit to any one family member will be provided by your travel plan.
  • If the student is unable to attend classes for a certain period due to illness, then compensation will be provided.

Now that you’re aware of the different types of travel insurance plans, consider opting for one before embarking on your overseas journey. With Finserv MARKETS, you can apply for your travel insurance online in an easy and hassle-free way and take a trip around the world without having to worry about anything!

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Bajaj Finserv Direct Limited ("BFDL") is primarily engaged in distribution of financial products and services through its digital platform (“Bajaj Finserv MARKETS”) and inter alia renders services of customer acquisition, providing preliminary credit support activities, fulfilment services and post-acquisition customer services to Banks, NBFCs, HFCs. BFDL is also a registered Corporate Agent (Composite) under valid IRDAI registration number: CA0551 valid till 10-Apr-2024 for solicitation and servicing of Insurance Products. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522