Travel Insurance

What is travel insurance?

A travel insurance policy covers the financial losses you might suffer while traveling. Travel insurance plans cover you for the duration of your trip and help you meet with financial emergencies that you might face on such a trip.

Travel Insurance

Features of Travel Insurance

Here are some notable features which you can find in travel insurance policies

There are different types of travel insurance plans available in the market. Each type of plan caters to a particular type of trip that you are undertaking

The sum insured is expressed in US Dollars and ranges from $25,000 to $500,000

The coverage duration is the duration of your trip

If you are traveling to Schengen countries, buying travel insurance would be a must

The premiums for travel insurance policies are very low

Types of travel insurance plans in India

In India, you can find the following types of travel insurance policies for your travels

International travel insurance plans

These plans cover trips taken abroad. International travel insurance plans can also be further subdivided into countries that they cover. There are plans which cover all countries except the USA and Canada and then there are those which cover all countries including USA and Canada. You can also find a specific plan for Asia, Japan and Schengen countries.

Domestic travel insurance plans

Unlike international travel insurance plans, domestic travel insurance covers trips taken within India. You can travel anywhere in India and buy a domestic travel insurance plan to cover your travel risks.

Student travel insurance plans

Student travel insurance plans are those which cover students who are traveling abroad for higher education. These plans have some specific coverage benefits for such traveling students.

Senior Citizen Travel Insurance Plans

As the name suggests, senior citizen travel insurance plans are meant to cover senior citizens (individuals aged 60 years and above) when they are going on a trip.

Single-Trip Travel Insurance Plans

Single-trip travel insurance plans cover one trip for a specified number of days.

Annual multi-trip travel insurance plans

Annual multi-trip plans are those travel insurance plans which cover multiple trips taken within a year. Buying single-trip travel insurance plans might prove expensive and inconvenient if you are a frequent traveler. In such cases, you can invest in an annual multi-trip travel insurance plan covering all your trips within a year.

Individual travel insurance plans

Individual travel plans cover a single individual and his family members traveling with them.

Group travel insurance plans

Group travel insurance plans cover a group of individuals under a single plan. Companies whose employees frequently travel for business can take a group travel insurance plan. Similarly, a tour operator can buy a group travel insurance plan for people traveling on a package trip.

What is covered under travel insurance?

Different travel insurance plans are available in the market, each with different coverage benefits. However, all travel insurance plans have some expected coverage benefits, also called standard coverage benefits.
These benefits include the following –

 Coverage benefit
  Emergency medical expenses – If you are injured or if you fall sick when you are traveling and you are hospitalized, the travel insurance plan would cover the costs of such hospitalization and pay your medical bills.

  Repatriation of mortal remains  – This covers the cost of sending the remains of a dead body if the insured dies while on the trip
  Loss of baggage –  If your checked-in baggage is misplaced by the airline and it is lost, the policy would cover the financial loss that you would suffer
  Delay of checked-in baggage – If there is a delay in receiving your checked-in baggage, the travel insurance policy would pay you a claim so that you can buy items of personal use which your bag contained
  Third-party legal liability – If, while on the trip, you damage someone’s property or hurt an individual physically, you might have to pay a financial compensation for the damages that you have caused. This compensation is also paid by the travel insurance policy 

  Loss of passport –  If you lose your passport on the trip, the policy pays you the cost of arranging a duplicate one
  Hijack distress allowance –  In case of a hijack, the policy pays a benefit for the distress that you suffer
  Trip cancellation –  If your trip is canceled due to unavoidable reasons, the costs incurred in pre-booking hotels and travel tickets are reimbursed
  Accidental death or disability – If you suffer accidental death or disability when traveling by air or when you are on the trip, the policy pays a lump sum benefit

Other Coverage Benefits

Travel insurance plans provide a comprehensive scope of cover, ensuring that most of your financial losses are covered. That is why, besides the above-mentioned standard coverage benefits, you would find some of the below-mentioned benefits too under many travel insurance plans –

Hospital Cash Allowance

Missed Flight Connection

Missed Flight Connection

Compassionate Visit

Emergency Cash Advance

Unique Coverage Benefits Under Student Travel Insurance Plans

Bail bond

Study Interruption

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