Types of Travel Insurance

Exploring the world usually sits well on everyone’s bucket list. That said, you could travel for different reasons, for pleasure or for work. With each flight that you take, or each train journey you undertake, the need to feel secure is common. This security is sought to be achieved through insuring your trip, by way of a travel insurance plan.

Purpose of Travel Insurance

No matter how you choose to travel, uncertainties can be plentiful. There could be threat posed to your life, or cancellation of a flight or possibilities of luggage displacement. The purpose of a travel insurance is to protect you financially in the event of an unfortunate event.

Types of Travel Insurance Policy

Now that you know the purpose of travel insurance policy it is important to choose the one which would work best for your personal situation. In the insurance market, there are three different types of travel insurance such as:

• Based on Trip Term: You could be purchasing a travel insurance for a single trip or multiple trips. Ideally, the latter is purchased by those who travel frequently on work purposes. For them, purchasing a single trip policy every time they travel can be inconvenient as well as expensive. Hence, they are more likely to invest in multiple trip plans.

• Based on who’s travelling: Travel is done in individual capacity or with family/colleagues, based on this, different travel insurance plans exist. The scope of each of these policies will vary based on the type of individuals or group that it’s catering to.

• Corporate Travel Insurance

• Family Travel Insurance

• Senior Citizen Travel Insurance

• Student Travel Insurance

• Based on Location: Under this category, the travel insurance is segregated by way of the geographical borders that you will be crossing during your travel. It can be of two types:

• Domestic travel insurance: These are applied for when one will be travelling within the borders of India. Broadly, it provides coverage of medical expenses, loss of baggage etc.

• International travel insurance: Ideally, these would be more expensive because your travel insurance provider would seek to provide for your emergency needs in a foreign location, and exchange rate effect would be reflected.

Coverages Offered

Under the various types of travel insurance policy, the following coverages are found:

• Coverage for loss of baggage:There could be situations, especially in international travel, due to the presence of connecting flights to a single journey your baggage may be lost in transit. Through a travel insurance, you are compensated up to the limit of the sum assured amount for the items lost due to baggage loss.

• Coverage for medical emergencies -Falling ill in a foreign land can be quite intimidating. With a travel insurance, you can avail facilities in medical emergencies such as ambulance services, medical consultation, diagnosis, etc. Most insurance companies have networks with hospitals, through which they provide cashless medical assistance.

• Coverage for Delays:Many a time your travel can get delayed because of situations beyond your control. At such times, you would have to wait for the next possible flight out and incur costs on your food and accommodation. A robust travel insurance would look to compensate you for such expenses.

Exclusions

A travel insurance would provide no coverages if claims arise due to:

• Under the influence of intoxicants

• Self-harm/suicide

• Related to adventure sports

• Travel against medical advice

• Loss of passport due to carelessness of policy holder

• War situation

• Pre-existing medical condition

Conclusion:

Travel should be a means to bring back happy memories and recollections. The last thing you would want, as you travel, is to be caught in an emergency situation. Invest in a solid travel plan to travel safely and hassle-free.

Disclaimer: The above information is indicative in nature. For more details on the risk factor, terms and conditions, please refer to the Sales Brochure and Policy Wordings carefully before concluding a sale.