What is Travel Insurance?
Travel insurance is an insurance type offered by the insurance companies in which the insurer offers coverage against any untoward events while the insured is travelling abroad. With travel insurance policy, you can explore the world easily without any worries. You can get travel insurance plan from any general insurance company in India. According to the destination and type of trip, the travel insurance plan can be customized. Travel insurance plans come with different cover for medical expenses according to the destination.
Why Travel Insurance is important?
Travel insurance offers financial assistance during unfortunate situations such as personal accidents, theft, hijack, illnesses and other issues while travelling to a new destination. A comprehensive insurance policy will protect you from any loss/ damage incurred. Travel insurance is important for the following reasons.
- In case the flight which you have booked ticket is cancelled due to bad weather, travel insurance policies will offer compensation.
- Travel insurance also covers expenses for medical treatments, hospitalization and hotel accommodation in the case of medical emergencies.
- Travel insurance plans can be customized and the premium amount also differs according to the destination.
- Policyholders will get coverage for travel delays, personal liabilities, legal expenses, accidental death, repatriation, emergency reunion and dental treatments.
- Policyholders will be provided 24x7 customer care service for assistance regarding accident, loss of documents, etc.
- Travel insurance offers emergency cash assistance in case you have lost your wallet/ baggage while staying abroad.
- It is mandatory in some countries to have valid travel insurance policy to apply for visa for that country.
What are the types of Travel Insurance Plans?
Many general insurance companies in India offer different types of travel insurance plans to the Indian travellers. The travel plans may vary according to the destination, customer and type of trip. Let us discuss each type and its features in detail.
According to the geographical border, travel insurance plans are classified as follows.
1. International Travel Insurance:
- General insurance companies in India offer customized international travel insurance plans as per the destination travelled.
- This plan covers individuals and families travelling abroad.
- Almost all international travel insurance plan comes with special features such as cashless hospitalization, no medical test requirement till 80 years of age, online application and easy paperwork.
- Some travel plans offer benefits such as 24x7 customer support, free international SIM cards, and compensation for loss of baggage.
2. Domestic Travel Insurance:
- Domestic travel insurance plan covers travellers who are travelling within India.
- This plan offers coverage for medical expenses, cancellation and delayed trips, loss of documents and baggage, theft, personal accident cover, emergency cash assistance, emergency medical evacuation, etc.
3. Schengen Travel Insurance:
- Travellers who are travelling to Schengen area for a maximum period of 90 days must have Schengen travel insurance plan or health insurance plan with Schengen Visa.
- This plan offers benefits such as third party liability, death, permanent disability, repatriation, 24x7 assistance, extended family protection, emergency medical expenses, etc.
- This plan offers financial assistance in the case of unexpected emergencies.
According to the type of traveller, travel insurance plans are categorized as follows.
4. Family Travel Insurance:
- Family travel insurance can be taken by a single family including the policyholder, his/her spouse and two children.
- Most of the family travel insurance plans provide floater benefits to individual family members under single policy.
- This plan covers medical expenses in the case of personal accident, hospitalization, loss of documents and baggage, delayed trips, hospital allowance, theft, etc.,
5. Senior Citizen Travel Insurance:
- Senior citizen travel insurance is a comprehensive travel insurance plan with which senior citizens can travel around the world easily.
- Most travel insurance companies offer this plan to travellers aged 60 years.
- This plan offers benefits such as quality health care facilities, free medical services, international SIM cards and covers accident, trip cancellation, trip delay, loss of documents, distress allowance, third party damage, etc.,
6. Student Travel Insurance:
- Student travel insurance is a comprehensive plan which offers medical and financial assistance for students travelling overseas to complete their higher education.
- If students face any financial issues or emergencies during their stay in a new country, this insurance plan will help them to pursue their education.
- This plan can be taken by students who are already doing their education in abroad or those who are planning to go abroad. This plan covers entire duration of the course.
7. Corporate Travel Insurance:
- Corporate travel insurance plans are taken by the corporate employers in order to offer insurance protection to their employees while staying in abroad.
- This plan can be customized as per the needs of the organization.
- Policyholders will get medical and travel related benefits in the form of multi-trip and single round trip policies.
8. Group Travel Insurance:
- Group travel insurance plans are taken by the people travelling in group to a single destination.
- Most of the group insurance plan covers trip cancellation, trip delay, loss of baggage and documents, etc.
- The extent of coverage depends on the insurer.
9. Medical Travel Insurance:
- Medical travel insurance offers extensive medical coverage to the travellers while taking journey.
- This plan offers financial aid to the traveller in the case of medical emergencies during international travel.
- This plan covers dental expenses, hospital expenses, repatriation, etc.
According to the validity of the insurance policy, travel insurance plans are classified as follows.
10. Single Trip Travel Insurance:
- Single trip travel insurance offers coverage only for single journey of the traveller.
- The duration of the insurance may vary for each insurance company opted by the customer.
- It offers both medical and non-medical covers.
11. Multi-Trip Travel Insurance:
- Multi-trip travel insurance offers coverage for multiple journeys taken by the traveller for a period of one year.
- This plan suits for travellers who frequently travel abroad for business purposes.
- The plan can be extended for a period of 30, 45 or 60 days.
What are the eligibility criteria for Travel Insurance Plans?
|Travel Insurance Plans||Eligibility Criteria|
|Group Travel Insurance||Minimum 10 members will be covered|
|Family/ International Travel Insurance||
Two adults aged 60 years and two children aged 21 years of age will be covered.
|Student Travel Insurance||
Students aged between 16 and 35 years enrolled at foreign institution for higher studies will be covered.
|Senior Citizen Travel Insurance||Individual aged 60 years and above will be covered|
|Schengen Travel Insurance||Adults aged up to 70 years and infants around 90 days will be covered. The purpose should be tourism or business.|
How to calculate Travel Insurance Policy Premium in Online?
- Before buying travel insurance policy in online, you can easily calculate your travel insurance policy premium in online using travel insurance premium calculator.
- The insurance premium calculator will give you a premium estimate based on the details you have provided.
- You need to enter trip details such as type of trip, destination, start and end date of trip, number of days, number of members in the plan and nature of plan.
- Once you have entered all details, customers will get premium quotes for the chosen travel insurance plan.
- You can compare premium quotes from different insurance companies to choose the best one.
How to apply for Travel Insurance in Online?
If you are looking to buy travel insurance, you can buy it in online by visiting the official website of the insurance company you wish to purchase travel insurance from.
- Enter your personal and trip details and get a premium quote.
- Then choose the relevant plan for your travel.
- After selecting your plan, take additional coverage.
- Complete the payment process using credit card/debit card/internet banking.
- Once you have completed the payment process, a new travel insurance policy will be generated in the form of PDF document.
- Print the document for future reference.
How to claim Travel Insurance?
While travelling, the policyholder need to keep original policy documents and photocopies of original documents. If you have lost the original documents, the photocopies will help you to claim your insurance. It is also better to keep the soft copy of the documents in your email, mobile, laptop or pendrive.
For timely claiming of insurance, you need to follow the insurance claiming procedures given below.
- To claim insurance, inform the insurer via phone or email about your claim. You will find the contact number of the insurer in your policy document.
- Ask your insurer about the list of documents which you need to submit with the claim form. Documents may vary according to the claim type.
- Send the document to your insurer via email or post.
- Upon submission of documents, your claim will be verified with the policy document.
How to renew Travel Insurance in Online?
To renew your travel insurance in online, just follow the steps given below.
Step 1: Visit the official website of the insurance company which you have purchased travel insurance from and click the 'renew' option.
Step 2: Select the insurance policy and update the policy with additional offers.
Step 3: Make payment using net banking/credit card/debit card.
Step 4: Upon successful payment, the insurance company will send the soft copy of the policy to the registered email ID. Download the policy copy for future reference.
What are covered under Travel Insurance Policy?
A travel policy covers the following cases.
- Cancelled/ delayed trip
- Loss of luggage/passport/documents
- Medical emergency
- Distress allowance
- Accidental death/disability
What are not covered under Travel Insurance Policy?
A travel insurance policy does not cover the following cases.
- Expenses related to liquor, alcohol, drug
- Expenses due to suicide
- Expenses due to war
- Treatment for deadly diseases like HIV
- Participation in risky sports
- Criminal act
- Spa treatment
- Cosmetic surgery
- Pre-existing medical conditions.