To travel is to live! With wind in your hair, eyes transfixed on mesmerising horizons, and loved ones by your side, travelling is the best way to escape the mundane life. But travel is not all fun and relaxation. Heading to new and distant regions entails several risks, which is why travel insurance is a must buy, especially if you are travelling abroad. In this guide, we have listed out everything you need to know about travel insurance plans so that you can make an informed purchase. So, let’s start with the basics.
What Is Travel Insurance?
By paying a small premium, a travel insurance policy lets you travel carefree without worrying about the financial risks of travel. Whether your flight or hotel booking gets cancelled or you get mugged at a foreign market or you catch disease, a travel insurance policy will pay for all the financial losses that occur during your trip. What’s more, some travel insurance policies also cover risks back home such as home burglary or theft in your absence.
Types of Travel Insurance Plans
Classification by Area of Travel
Domestic Travel Insurance
Domestic travel insurance covers risks of travels within India. It covers various risks such as baggage loss/theft, emergency medical treatment, trip cancellation, flight delay etc.
International Travel Insurance
International travel insurance covers all the risks associated with international travel. When it comes to overseas travel, every destination has different requirements. Hence, most insurance companies offer tailor-made travel insurance policies that cover all the risks associated with a specific region for e.g. Europe travel insurance, USA travel insurance etc.
Classification by The Type Of People Covered
Individual Travel Insurance
Travelling alone especially to foreign destinations entails several risks. An individual travel insurance policy offers wide coverage against travel risks for solo travellers.
Family Travel Insurance
Many prefer to enjoy vacations with their loved ones. A family travel insurance extends the risk coverage to the entire family by paying a single premium.
Senior Citizen Travel Insuranc
Travelling can especially be a challenging time for senior citizens. A senior citizen travel insurance policy offers tailored benefits and risks coverage for senior citizens so that they can travel stress-free.
Student Travel Insurance
When studying abroad, having student travel insurance is necessary to avoid unprecedented financial emergencies. Mishaps such as medical emergencies or theft of passport can not only interrupt studies but also cause financial problems. A student travel insurance policy will cover such emergencies for the entire duration of study so that the student can complete his/her education without interruption.
Corporate Travel Insurance
At times, company employees may have to visit various countries for official or business purposes. A corporate travel insurance safeguards company employee from any unforeseen situations. Most insurance companies offer tailor-made corporate travel insurance plans that offer medical assistance as well as travel-related cover to the insured.
Key Features and Benefits of Travel insurance
A travel insurance policy covers all expenses incurred due to any medical ailment or emergency while travelling.
In case your trip is shortened or cancelled due to a valid reason, a travel insurance policy will offer compensation for the losses incurred. This helps you recover heavy costs like flight tickets and hotel accommodations.
Personal Liability Cover
In the event of accidental damage to someone's property, a travel insurance policy will help you recover the losses.
Loss Of Passport
Losing your passport abroad will not only leave you trapped but also cause heavy financial losses. A travel insurance policy will pay for the expenses incurred for replacing the original passport if it was robbed or lost during travel.
In case you encounter any terrorist activity during your trip such as hijacking, you will be compensated for the losses incurred by your travel insurance company.
Repatriation Of Remains
A travel insurance policy offers coverage for expenses to move the insured's mortals or human remains back to the home country.
Tips To Find the Right Travel Insurance Policy
Finding the right travel insurance policy is not an easy task, given the numerous policies available in the market today. To make travel insurance purchase easier for you, we have listed down a few simple Travel Insurance tips that will help you buy the right travel insurance policy:-
An insurance company’s goodwill in the market says a lot about the reliability of its insurance policies. When buying an insurance policy, trust is a crucial factor to consider. So make sure to buy your travel insurance policy form a reliable insurance provider.
Cost is an important factor to consider when choosing a travel insurance plan. A good travel insurance policy should be able to provide you with a wide coverage against risks at a reasonable premium. However, if you are travelling to remote regions, getting travel insurance coverage can be expensive. Also, countries where healthcare is expensive, the insurance premium would be higher for obvious reasons.
Hassle-free Application and Claim Settlement
Always choose a travel insurance plan that has a simple and quick application process. Additionally, check the claim settlement process of the insurer before applying. A simple claim settlement process will ensure a hassle-free claim settlement. This benefit is provided by Finserv MARKETS, when one buy a Bajaj Allianz Travel Insurance policy on the platform
Duration of The Travel
The length of a trip also has a major impact on the premium payable.
Travel insurance companies set the premium on the assumption that the longer the travel, the higher the chances for things to go wrong. Hence, if you are going on a long trip, you will have to pay a higher premium.
Purpose of the Travel
If you are planning to indulge in adventure activities during your trip, it is preferable to opt for a plan that covers those activities. On the other hand, if your trip only involves sightseeing and relaxation, you can opt for a basic travel insurance plan.
AgeOf The Traveller
The premium for a travel insurance plan may vary according to the age of the insured. The older you are, the higher will be the premium. And if you are a senior citizen, you should preferably opt for senior citizen travel insurance plan.
Now that you know the basic details of travel insurance, you can buy a travel insurance policy that fits your needs. By opting for Bajaj Allianz Travel Insurance Plans from Finserv MARKETS, you can always be assured of quick and hassle-free claim process thanks to in-house claim settlement, round the clock assistance and wide coverage for a reasonable premium. To buy or know more about Bajaj Allianz Travel Insurance visit Finserv MARKETS.
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