Whether you are a frequent traveller, or just an occasional globe trotter, travel insurance is a must nowadays for protection against any kind of financial losses that might be incurred while you are out and about.
– from medical emergencies to flight cancellations or stolen bags. Let's find out more on how family travel insurance works, why it's so important and what factors you should keep in mind while buying a policy.
What is family travel insurance?
Travel insurance that covers the entire family is called Family Travel Insurance. It usually covers two to four members of a family when they are travelling together.
Anyone who is a temporary or permanent Indian resident can buy family travel insurance when undertaking trips abroad, either for business or official purposes or for a holiday.
The risks covered under family travel insurance can include unexpected medical expenditure during travel, delay/loss of checked baggage, loss of passport, interruption or delays in flights, missed connection, trip cancellation/delay/curtailment, home burglary while you are away, among other things.
The premium of travel insurance policies depends upon factors like the extent of coverage, age of the family members, travel location and whether it is a single or multi-trip plan. Single-trip policy is usually valid for travelling just once within a predetermined span of time. Whereas multi-trip policy is valid for travelling as many times as possible during a certain time period.
Where can you buy family travel insurance?
Insurance aggregators:Online insurance aggregators can help you compare various policies from different insurers and find the best family travel insurance plan for yourself that suits all your requirements.
Insurance agents:In certain cases, insurance agents can prove to be the most helpful in getting the best family travel insurance plan, especially if you fall in the high-risk zone. The insurance agents are usually well-versed with the nitty-gritties of different policies and can help you find the specific cover that you are looking for.
Buying directly from the insurer:Almost all leading insurers in India sell their policies online through their official web portals. You can simply check websites of different insurers, compare the features and specifications of different plans and choose the desired product for your family.
What are the benefits of buying Family Travel Insurance?
When you plan any trip with your family, the first thing you keep in mind is that the holiday should be as stress-free as possible. Family Travel Insurance works towards that very purpose. And what's even better is that buying a family plan offers some added advantages on top of the benefits available under regular plans. Let's take a look:
Firstly, buying a family travel insurance policy eliminates the need to buy individual travel insurance for different members of the family. This helps you save money on premiums that can be spent on something better during your trip.
Insurers are usually open to customising family travel insurance scheme as per the requirements of a particular family in order to persuade them to opt for such schemes instead of individual travel insurance policies.
Insurers can also offer relevant add-ons (like emergency cash, coverage for repatriation, etc.) at a discounted rate when you are buying family travel insurance plans.
Besides lower premium rates, family travel insurance plans can also offer other facilities of cashless claims, international assistance, minimal documentation, etc.
What is not covered in Family Travel Insurance?
Despite the comprehensive coverage that a Family Holiday Insurance Policy provides, there are certain risks and expenses that are usually not covered by most travel plans. They are as follows:
- Suicide, attempted suicide or self-inflicted injury or illness
- Mental disorder, anxiety, stress or depression
- Use/Abuse of intoxicating drugs or alcohol
- Taking part in Naval, Military or Air Force operations
- Acts of war, invasion, enemy hostilities, civil war, rebellion, revolution, etc
- Contamination by radioactivity from nuclear waste, etc
- Air travel other than as a passenger of a commercial airliner
- Participation in adventure sports or professional sports (unless covered under a special plan)