What are the travel insurance policies in India
As travel increases, people need to understand travel insurance. The policy helps cover an entire range of uncertainties and situations that can cripple a traveller financially.
Many countries demand travel insurance when you apply for a visa. While you can buy the insurance policy to complete your documentation, it is not a good idea to do so. You must compare travel insurance policies available in India to choose one that’s right for you. It must cover all the risks of travel.
Defining travel insurance
Travel insurance covers the financial losses that you can suffer while travelling. These include unexpected expenses like loss of baggage, passport, flight delay, flight cancellation, medical emergencies, etc. The plan covers you for the duration of the trip.
Features of travel insurance policies
Some of the lucrative features of travel insurance plans include:
- Travel insurance is of different types. Each one fulfils a specific kind of trip.
- The duration of coverage is the duration of the trip.
- The sum insured is shared in US Dollars. The coverage range is between $25,000 and $500,000.
- Travel insurance is a must for Schengen countries.
- Travel insurance requires low premiums.
Types of travel insurance policies in India
1. Domestic travel insurance plan
If you are traveling within the boundaries of the country, this policy is suitable for you. It secures the policyholder from expenses of theft, flight delays/cancellation, loss of baggage, medical treatment, personal liability, and permanent disability.
2. International travel insurance plan
The policy is tailor-made to meet the requirements of customers who travel internationally. An international insurance travel plan protects the policyholder against the risks of repatriation to India, flight hijack, etc.
3. Medical travel insurance plan
This policy helps policyholders meet the expenses of medical contingencies. But the inclusions and exclusions are not the same across different insurance providers.
4. Senior citizen travel insurance plan
In the case of senior citizen travel insurance, the policyholder benefits from additional coverage to meet the expenses of dental treatments. People belonging to the age group of 61 to 70 years can also claim cashless hospitalization.
5. Group travel insurance plan
Sometimes groups travel together for a business conference. Buying individual travel insurance is not sensible since it can compound premiums. Group travel insurance policies in India come to your rescue here. They allow you to save on premiums. Besides, they also protect you against any adverse development that you might encounter during the trip.
6. Single and multi-trip travel insurance plan
A single-trip travel insurance plan is valid for the duration of the trip. It provides coverage against medical and non-medical expenses. Conversely, multi-trip travel insurance plans provide coverage for longer, generally a year. It is beneficial for frequent flyers as they don’t need to buy insurance each time they plan to travel.
Additional Read: What is Insurance all about?
With various types of travel insurance policies available, you must select the type that suits your requirements. You must keep in mind what you will need throughout your travel.
Additional Read: What is Life Insurance? What are its Coverages?
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