Travel Insurance Details
Travel and holidays are a great way to relax from our busy and monotonous lives. But for many people, traveling and exploring different places is life. Some people choose to travel by air, some by road, etc. according to their comfort. For those who travel often, there is one thing that we miss and almost don’t consider important and that is travel insurance.
We ignore buying travel insurance because as per Indian mindset, it is just an additional strategy to increase our bill amount. We fail to see the positives and advantages of it and end up with no journey. If in an unfortunate event you are in trouble in a foreign land and you are robbed or have a medical emergency or baggage problem etc., it will be very difficult for you to get help in either of these cases. In a medical condition it is more difficult due to currency exchange and custom duties etc. In case of theft, unless you get the passport or clearance from the Indian embassy, you are in big trouble.
A travel insurance can be a savior in all these unfortunate events. It provides you with financial and medical security against all the odds you may face during your journey. We are not saying that this will happen, but it is smart to be prepared for such incidents. Many websites have different names and definitions for this but it is important to know the concept in its basic form.
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What is travel insurance?
Travel insurance is a compulsory insurance one buys to protect oneself against unforeseen travel accidents, medical expenses, loss of baggage or loss of baggage, delays and other documents, flight delays etc.
Before buying a policy, inquire with your insurance provider, what is covered and for what period. Generally, travel insurance is applicable for a specific tour. But some companies offer you packages and deals that may suit you if you are a frequent traveller.
Types of Travel Insurance Coverage:
|individual tic||domestic tic|
|family tic||International TIC|
|Travel Insurance Coverage (TIC)||senior citizen tic||Corporate TIC|
|group tic||single trip tic|
|student tic||multi trip tic|
1.Personal Travel Insurance:
This insurance is designed for a traveler who is traveling abroad or domestically. Insurance covers all travel related issues and protects the traveler against cancellation of travel, medical emergencies, etc. Foreign travel insurance covers both medical expenses related to accident and general illness. Home insurance covers only incidental claims.
2.Family Travel Insurance:
As the name indicates, this plan insures your entire family against unprecedented incidents during the journey. This includes delay or loss of baggage, hospitalization expenses if any family member needs medical attention, etc. You can easily claim distribution under this scheme.
3.Senior Citizen Travel Insurance:
This insurance cover is for people above 60 years of age. Apart from the usual benefits of travel insurance, it also covers dental expenses and cashless hospitalization.
4.Group Travel Insurance:
Yes, you got it right. It insures a group of people who are not related and traveling together. They can be from a club or a trek group that is going on an expedition. This insurance will provide benefits to each member equally as any other individual insurance. The biggest advantage of this insurance is that you can save a great deal on the premium amount.
5.Student Travel Insurance:
This insurance policy is beneficial for students who are traveling abroad to pursue further studies for universities, institutes or colleges, be it for professional courses or academics on an eligible visa. The policy provides them with a comprehensive coverage which may include medical treatment, study constraints (please read the document carefully) or passport loss.
6.Medical Travel Insurance:
The inclusions and exclusions covered in this policy differ from each insurance provider. It is a short-term plan that can be used for health care and medical purposes only. It depends on the insurer how many people can be covered under this plan if you are traveling with a co-traveller.
7.Domestic Travel Insurance:
This type of insurance coverage is applicable only if you are traveling within the country. It provides coverage for personal liability, travel delay, permanent disability, and medical emergencies along with the usual benefits.
8.International Travel Insurance:
As the name suggests, you can buy it for international travel only. It is a comprehensive policy and provides you coverage against loss of ID like baggage delay, flight delay, plane hijacking, evacuation to India, passport with normal benefits.
9.Corporate Travel Insurance:
This policy is for corporate travel purpose only. There are no additional benefits under this policy like others. It can also be considered as a group or single travel insurance used only for corporate benefits. This includes both domestic and international travel.
10.Single Travel Travel Insurance:
This includes all travel hassles traveling in the country or coming out for a single trip. Please read the documents carefully to know what are the inclusions and exclusions.
11.Multiple Travel Travel Insurance:
Many business people and those who travel in and out of the country frequently buy this policy. The policy covers them on all their trips usually for one year and there is no need to buy insurance every time. Some companies allow cover for more than one year. Please check with your insurance provider.
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Benefits of Travel Insurance:
You can already find out the general benefits of a travel insurance. Here is a comprehensive list of the benefits of owning travel insurance;
- You can claim reimbursement and get cover against medical expenses paid for accidents or general illness. This benefit is very useful if you are traveling abroad. Medical treatments in foreign lands are extremely expensive. Remember, this is a comprehensive plan not a third party liability.
- In case of emergency medical situation where you or your co-travellers are covered under family or group travel insurance, they have a medical emergency and need to move you from one place to another, the expenses will not be picked up by you. It will be included in travel insurance.
- If you are canceling your trip or you have to travel sooner than planned, you can get compensation for losses and interruptions. Travel insurance covers the delay and loss of baggage along with emergency accommodation expenses.
- Wherever you travel through their network, some insurance providers also provide 24-hour services in case of emergency. This service is very useful in places where you are not familiar with the language.
- For more details on coverage against loss of passport, theft, canceled flights, short trips, baggage loss etc., inquire with your insurance provider in detail.
Key Features of Travel Insurance:
The objective of buying travel insurance either online or offline is to be safe and prepared for the unprecedented events that one may face on their travels. Each insurance provider comes with various benefits along with the standard policy to be ahead of its competitors in the market. But it is important for you to know some important features that are important while buying the plan;
- A travel policy covers you against the last minute closure of your journey or delay in traveling from one place to another. Expenses, cancellations and deductions for transportation, hotel accommodation in the same city arising due to delays are covered under the switching policy.
- Each travel policy will provide cover for legal liabilities along with other legal expenses. This is in addition to medical and travel accommodation expenses. Some insurers even offer you with home theft coverage while you are away. Inquire with your insurance provider.
- Always opt for a travel policy that provides cover for medical emergencies when you are in a foreign land. The policy will take care of medical expenses like hospitalization, treatment for bodily injuries, ambulance cost, etc.
- If you are buying insurance for travel abroad, make sure that the policy covers you for flight delays and cancellations. This advantage will help you while choosing an accommodation in such cases.
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Why Buy Travel Insurance?
When you travel to distant countries, you spend a lot of money for accommodation, planning, transportation, etc. You have a ready itinerary for the trip. It is important to enjoy your trip and keep it economical at the same time. But any perfect plan can go wrong due to natural reasons which are not in your hands. By purchasing a travel insurance, you are protecting yourself and co-travellers with the safety net that you can return in case of any shortfalls.
Travel insurance guards you against unforeseen events with several different coverages. If your flight is delayed or cancelled, you get reimbursed on the meals on your flight and during this time you will be provided with accommodation for the waiting period. If a kidnapping or emergency has been declared in that country, you can return home safely. If you are in a medical emergency then you can contact the travel insurance company and get quick help through their network. You can get maximum coverage under the policy for a very low cost.
Eligibility to buy Travel Insurance policy:
- Schengen Travel Insurance : If you are traveling to this country, it should be for business and tourism purposes only and it is mandatory to have travel insurance. Adults above 70 years and infants above 90 days should be covered under the policy. The buyer must be covered under travel insurance for a minimum sum insured of up to $50,000 in order to travel to Schengen.
- Family and International Travel Insurance: These are two different options that you can apply if you are traveling with your family. This plan covers 4 adults, two adults up to 60 years and two children up to 21 years. There are a few floater options available under a family travel insurance policy.
- If you are a senior citizen traveling abroad and are above 85 years of age, one does not need to undergo any medical examination to avail this insurance plan.
- Those who are already studying abroad in institutions and universities can purchase a student travel policy. Student Travel Policy caters to the age group between 16 years and 40 years who travel to foreign countries for higher studies.
How to choose the best travel insurance plan online?
Here are some self-check points to zero in on an insurance provider:
- As you already know, the type of insurance you choose to buy depends on your age. If you are within 30 years of age, the premium you pay is different from that of a person who is 50 years old. Similarly, if he is a senior citizen, you can opt for the Senior Citizen Travel Insurance plan which is accordingly designed to meet his needs.
- If you are embarking on an adventurous journey that involves a lot of physical activities like trekking, mountain climbing, jungle camping, water surfing etc., it is advisable to buy a special plan with add-on covers Which will benefit you in case of medical emergency. If it is a comfortable and relaxing holiday, then a standard insurance policy will suffice.
- It is a known fact that medical treatment and other luxury aficionados available abroad is expensive. So when you buy a travel insurance, it is important to mention your destination which will decide the premium you will pay. In some countries, it is mandatory to have an international travel insurance
- If you’re a frequent flyer, opt for a multi-trip policy that will typically give you coverage for a year or so. The premium in this plan is one time and it is pocket friendly. If you are traveling for a short duration, mention the duration of your trip. It is also a measurable value for premium calculation.
- The travel policy is highly recommended by the Department of Tourism of India, as the frequency of Indians traveling abroad and within the country has increased significantly. If you are concerned that this policy will cost you a lot of money, choose the plan that works best for you and the one that is costlier for you.
- Many companies provide travel insurance along with just buying tickets, providing visas etc. Check company history, reliability, customer reviews, range of products and features, etc., before buying a policy. Also see the percentage of company claims settlement and settlements without legal problems.
- Many insurance companies go bankrupt because of their business module. So check the financial records and growth of the company before buying from them.
- If you buy a policy at a higher cost, the sum insured is higher and so is the premium amount. So choose a plan that has a minimum purchase price with maximum benefits.
Where and how to buy travel insurance?
With the current government’s pledge to revolutionize India digitally, there are many facilities available for very high prices from offline to online. Every company has become tech-savvy and has started all its offline facilities online as well.
Buying travel insurance online is a quick and hassle free process. You don’t need to contact an agent or third party insurance providers like the old ones. You can compare products from the company’s website or third party websites to buy the best policy at a competitive rate. The process is completely transparent online with the policy terms and conditions documents.
You can click on the desired insurance at the time of purchase and fill in all the personal details of everyone traveling with you, if not then fill your details in the form correctly. Destination, duration of journey, medical conditions if any, etc. must be filled carefully and one has to be crossed before submission of document. If you are satisfied with the quote click on the buy button, the insurer will quote you immediately. Pay through Debit/Credit card or NEFT transaction. This process requires no paperwork hence the process is eco-friendly and you will receive all the documents on your email immediately. Take a print-out along with its copies for security purpose while traveling.
Compare the best travel insurance policies:
Almost every insurance company provides you with a travel insurance. Many travel companies also provide this service to you if they have an agreement with the insurance company. These are third party tie-ups on offline platforms where they provide you more options to choose from as per your travel requirement. There are third party websites online from where you can compare different prices and plans of different insurance providers without having to travel anywhere, it’s all in a few clicks. You can get quotes from different companies to make an informed decision when you buy. If you are renewing your existing travel insurance policy, you can get a quote online. By doing this you will get the best deal for your requirement. Compare purchase cost, cover costs, lack of claims, customer support,
Is it safe to buy travel insurance online?
It is completely safe to buy travel insurance online. When you buy insurance online the paperwork is minimal and the process is quick. You don’t have to go to the office multiple times, check documents, and redo the process from the beginning if any of your information is wrong. But if you buy online you can correct with no hassle right away.
Papers and details are mailed directly to your email in a PDF document and all you have to do is take a print out. If it is a third party website, they will tie up with the insurance company and the completion process is the same as when you buy it from the primary company. The only advantage in third party buying is that you will get additional benefits as part of packages, discounts and deals, custom made tourism packages, etc. to stay ahead of your competitors.
Additional coverage options:
Some standard travel policies do not provide the coverage you need for your needs. In that case the insurance providers give you some add on cover which adds that extra protection if you are not going for a casual vacation.
- Add-on cover if you are traveling to war zones or high risk destinations.
- Accidental death and dismemberment cover
- Adventure sports activities.
- pre existing medical condition
- Third party supplier bankruptcy.
Best Travel Insurance Providers:
|insurance provider||Available Scheme Name|
|Apollo Munich Travel Insurance||Easy Travel – Senior Citizen Easy Travel – Family Easy Travel – Personal Easy Travel – Multi-Travel Educare – Student Travel Planning|
|Bharti AXA Travel Insurance||Individual Travel Insurance Family Travel Insurance Student Travel Insurance|
|Bajaj Allianz Travel Insurance||Individual Travel Insurance Family Travel Insurance Student Travel Insurance Travel Asia Senior Citizen Plan Corporate Travel Insurance Policy|
|HDFC ERGO Travel Insurance||Individual Travel Insurance Family Travel Insurance Student Protection Travel Insurance International Travel Insurance|
|Cholamandalam Travel Insurance||Domestic Travel Insurance Policy Chola Overseas Travel Protection Policy Senior Citizen Insurance Policy Chola Corporate Travel Day Chola Student Travel Protection Plan|
|Bhavishya General Travel Travel Insurance||Foreign Travel Insurance Schengen / Worldwide Travel Insurance Student Travel Insurance|
|ICICI Lombard Travel Insurance||Senior Citizen Insurance Policy International Travel Insurance Travel Insurance – Gold Multi-Trip|
|Oriental Travel Insurance||Student Travel Insurance Senior Citizen Insurance Policy Multi-trip Travel Insurance Travel Asia Overseas Travel Insurance|
|Ifco Tokyo Travel Insurance||Overseas Travel Insurance Pravasi Bhartiya Bima Policy|
|New India Assurance Travel Insurance||Suhana Safar Policy Overseas Mediclaim Policy – For Frequent Flyers|
|Reliance Travel Insurance||Asia Travel Insurance Schengen Travel Insurance Student Travel Insurance Overseas Travel Insurance Senior Travel Insurance|
|National Insurance Travel Insurance||Senior Citizen Travel Insurance (70 years above) Asia Travel Insurance Schengen Travel Insurance Domestic Travel Insurance Policy Inbound Travel Insurance Titanium Travel Plan – $1 Million Australia Travel Insurance insurance)|
|Religare Travel Insurance||Explore – International Travel Insurance Students Explore – International Travel and Health Insurance|
|Royal Sundaram Travel Insurance||Schengen Travel Insurance Overseas Travel Insurance|
|State Bank Of India Travel Insurance||International Travel Insurance|
|Star Health and Allied Travel Insurance||Star Travel Protect Insurance Policy Star Student Travel Insurance Policy|
|United India Travel Insurance||Baggage Travel Insurance Policy Suhana Safar Policy Marga Bhandu Policy|
|Universal Sompo Travel Insurance||Individual Overseas Travel Plan Student Travel Insurance Plan Travel Asia|
|Tata AIG Travel Insurance||Individual Travel Insurance Family Floater Travel Insurance Annual Multi-trip Travel Insurance Student Travel Insurance Senior Citizen Travel Insurance|
Travel Insurance Claim:
Claiming for Travel Insurance This can be done by the customer in cashless mode or reimbursement claims. In cashless form, the policyholder has to submit the travel insurance policy to the hospital and inform the insurance company about the further process. From here, the bill will be taken directly to the hospital by the insurer. For reimbursement, it is the normal process, submit all the bills and receipts and the insurer will validate the claim and settle it directly through the bank.
Here are the documents you need to provide while registering for a travel policy claim:
- name of the insured
- Contact details like phone number and email id
- The citizenship of the country belongs to the policyholder.
- Name of the country where the incident took place
- details of the incident or theft
- Diagnostic report in case of medical emergency
- Travel Insurance Policy Number
- In case of accidents – date and time of occurrence
Buying a travel insurance is not an extra expense but it is a safety net that will protect you from unfortunate incidents. You can visit BankBazaar.com for more information on different insurances and loans . We can assist you with any loan in less than thirty minutes and instant approval with minimal paperwork.
Travel Insurance FAQs:
1. How to choose Travel Insurance?
There are many travel insurance providers out there and it is easy to get confused. The first thing to do is to compare plans based on your travel requirement. Search for alternatives that are important to your trip and the destination you’re traveling to. A lot of factors come into play while planning, the number of people traveling, age, medical illness, season of the destination, etc.
2. What is Travel Insurance?
Travel insurance is an essential insurance that one buys to protect him/her against unforeseen travel accidents, medical expenses, loss of baggage or delayed arrival of baggage, loss of passport and other documents, flight delays etc.
3. When to get travel insurance?
It is advisable to get travel insurance when you plan to buy your tickets. But usually it is enough if you buy within 15 days of your travel date. If you are also purchasing a plan to cover loss due to trip cancellation, it is recommended that you do so after paying the first trip payment. Do thorough research and buy a plan that will be adequate for all the emergencies that may happen on your trip.
4. Which is the lowest priced travel insurance plan?
Usually a standard travel insurance policy for a normal holiday can be bought at the lowest price after comparison. But if the requirements for your trip are different, the premium and purchase cost also increase.
5. Who can buy travel insurance?
Anyone who is above the age of 3 years (in some cases 90 days old babies) can buy travel insurance at the age of 80 years. If you are traveling from India, it is recommended that you buy here.
6. What are the types of Travel Insurance?
Individual Travel Insurance, Family Travel Insurance, Student Travel Insurance, Group Travel Insurance, Medical Travel Insurance, International Travel Insurance, Domestic Travel Insurance, Corporate Travel Insurance, Single Travel Travel Insurance, Multiple Travel Insurance, Senior Citizen Travel Insurance.
7. Which travel insurance provider is better?
There are some key features to determine who is the best travel insurance provider. It should provide you cover against last minute closure of your journey or delay, cancellation of flights, transportation to accommodation and related expenses, policy that covers you for medical emergencies when you are in foreign land. Some of the best travel insurance providers are Bharti AXA, ICICI Lombard, HDFC ERGO, Cholamandalam Insurance and Oriental Insurance.
8. Can I cancel travel insurance?
Yes, you can cancel your travel insurance only if you have not done any journey under that policy purchase. You will need to submit your passport as proof of this. The insurance company will refund your amount after deducting the administrative cost.
9. What if I forget to take your travel insurance?
If you forget your travel insurance policy, you need to have at least the policy number, your customer ID, etc. details to avail the benefits. But it is advised that you thrice check your bags for ID and other travel related documents before packing.
10. Is loss of passport covered?
Yes, every standard travel plan covers the loss of a passport. Expenses towards purchase of duplicate or temporary passport are also covered under the policy.
11. Can I get a refund if I cut my tour?
It depends on each insurance provider as it is subject to the terms and conditions. Check with your insurance provider before signing the document.
12. Can I get emergency financial assistance on my travel abroad?
Yes, the insured will be given emergency cash to the extent specified in the insurance. This benefit can be availed if the person has been robbed, robbed, etc. On contacting the company, they will contact the service provider to assist you in the situation.
13. Will visa be sufficient to get international travel insurance?
Generally most of the insurance providers give approval for travel insurance on visa basis.
14. Is cashless hospital facility available under travel insurance?
Yes, this benefit can be used to make an insurance copy to the hospital in case of medical emergency.
15. Is it possible to have more than one policy for the same trip?
If you are a frequent flyer, you can opt for a multiple travel travel insurance policy. One person can be provided with only one policy per trip.