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Why buy travel insurance if you already have a health insurance plan?

By Finserv MARKETS - Oct 23,2019
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Travel Insurance Vs Health Insurance

While planning a trip, be it domestic or overseas, tourists often take care of their accommodation and decide the places they wish to explore well in advance. However, one essential aspect that is often overlooked by most travelers is the importance of purchasing a travel insurance policy. Whether the trip is for leisure or business, a travel insurance policy provides the right financial support to travelers in case of unexpected emergencies.

Let us have a quick look at the coverages provided by a travel insurance policy

  • Emergency medical cover
  • Losses sustained due to sudden cancellation or having to cut your trip short
  • Death and disability cover
  • Personal liability cover
  • Luggage cover
  • Several other inconvenience benefits such as costs incurred if your stay extends due to adverse weather.

A common dilemma faced by most travelers is whether they need travel insurance if they already have a health insurance policy in place. Therefore, it is important to understand the major differences between a travel insurance policy and a health insurance policy.

  • A health insurance policy will only cover medical expenses. Whereas, a comprehensive travel insurance policy provides complete coverage against trip cancellation, loss of luggage, extended stay, accident cover, emergency medical costs, etc.
  • Moreover, if you are planning an overseas trip, there are chances that your health insurance policy doesn’t provide coverage for overseas medical expenses. Thus, It is advisable to confirm the same by contacting your health insurance provider to avoid any inconvenience in the later stage.
  • An international travel insurance policy will not only cover your overseas medical expenses but also provide emergency medical transportation benefits to travel to the nearest appropriate medical facility or to return home.

Below is a list of things you should consider before purchasing a travel insurance policy

  • Trip duration

Since the premium is calculated depending upon the number of days, you must finalize the trip duration before purchasing a travel insurance policy.

  • Medical history

It is to be noted that life-threatening pre-existing ailments are mostly not covered under a regular travel insurance policy. Also, policy for elderly people attracts a higher premium due to the age factor.

  • Destination

If you are traveling to a high-risk zone or a destination popular for adventure activities, the premium of your policy will be slightly higher.

Now that you are well aware of the importance of a travel insurance policy, make sure to purchase it while planning your next vacation. Comparing various policies offered by different insurance providers can help you avail travel insurance that best suits your needs. A Bajaj Allianz travel insurance available at Finserv Markets provides wider coverage at a competitive premium rate. You can also consider purchasing a Health Insurance to safeguard yourself from the financial liabilities that may arise due to medical emergencies.

So why wait? Plan a vacation with your loved ones and secure it with a travel insurance policy, today.

Also read in detail about travel insurance coverage before buying a policy.

Finserv MARKETS, from the house of Bajaj Finserv, is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment, and 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