What is a Travel Insurance?

If you are planning to go on a trip abroad during this festive season or maybe on a trip to Goa or Manali, we have some information that might come in handy and will be a great addition to your itinerary. 

Do you know you can avail of travel insurance at a dirt-cheap price?

If you don’t believe it, you may check the prices online. However, this article is not about a cheap sales tactic, but rather a piece of information that could save your day.  According to the IRDAI study, 3.04 lakh policies for international travel insurance protected 8.27 lakh lives between 2020 and 21.

As we all know, life is unpredictable, and insurance is the best way to protect ourselves from these uncertainties. This insurance is a one-of-a-kind product that provides financial support if something goes wrong while you are on the move. It covers a variety of emergencies, such as unexpected medical or dental needs, theft of belongings or loss of passports, canceled flights, and misplaced or lost luggage.

The Benefits of Travel Insurance Plans:

• This Insurance policy provides compensation for delayed flights or trips when individuals make long trips abroad.
• This insurance policy often covers expenses related to trip cancellation.
• Medical treatments, hospitalization, and hotel accommodations for medical emergencies are also included in this insurance.
• Customers can purchase plans that are customized solely for their trips. The premium amount varies depending on the destination.
• Personal liability, accidental death, legal bills, dental treatments, repatriation, and emergency reunion are all covered by these insurance policies.
• Insurance companies all around the nation provide policyholders with round-the-clock customer service assistance, providing them with the necessary support for loss of documents, accidents, etc.

What are the types of plans available?

1. Overseas tour plans are divided into categories based on the location of the journey, such as special itineraries for Asia, Schengen, the Middle East, America, Canada, Australia, New Zealand, etc.

There are two policies that cover specific regions:

1. Schengen travel insurance: Individuals going to the Schengen area for a maximum period of 90 days must compulsorily obtain this insurance policy or a health insurance plan along with the Schengen Visa.
2. Asia Travel Insurance: Except for a few exceptions, these insurance packages specific to Asian countries provide full coverage for tourists visiting most Asian and Southeast Asian countries.

1. Senior citizen’s plans are designed exclusively for elderly citizens to allow them to transit without concern to any location in the world.
2. A single round trip plan can also be obtained by individuals who want travel insurance for a single journey to a single destination for a specific period.
3. Annual multi-trip plans offer travel insurance protection for a year that covers many overseas trips. Most yearly multi-trip plans provide insurance coverage for trips lasting 30, 45, or 60 days.
4. Family Travel Insurance can be used for a single family that includes the policyholder, his or her spouse, and up to two kids. The majority of these insurance policies include floater benefits for each family member under a single policy.
5. Domestic travel insurance is available to anyone traveling within India.
6. Group Travel Insurance can be used if a group of at least 20 people is traveling together to a single destination.
7. Other plans include
   1. Student Travel Insurance Plan
   2. Corporate Travel Insurance Plans
   3. Extension of Travel Insurance plans

Now that you are aware of the advantages and differences of insurance available in the market, you can compare them online or by calling your agent to find the best offer and get the plan that suits you the best. Ready for the trip?

Writer: CA Suraj Kar 

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