Do you love to travel a lot? Does your work require you to undertake an overseas travel quite frequently? Are you the one who cannot do without a long vacation every year? Well, if you fit into one of the above categories, you might be aware of all the risks that accompany travelling within or outside the country. In fact, if you have booked the tickets for your next destination, it is strongly recommended to avail a travel insurance policy that will help you overcome any unforeseen obstacles like loss of baggage, delay in flights or medical emergencies.
But, choosing a travel insurance policy can be a harder task than you thought! Numerous agencies are offering all kinds of benefits, but like choosing any other policy; you need to look into the plan that best suits your requirements.
Here’s a checklist of all you need to go through before giving a final nod to any travel insurance plan.
1. Medical benefits:
• The most crucial part of any travel insurance plan is medical coverage
• You would not wish to land up in a foreign nation without appropriate cover if you, unfortunately, fall ill or meet with an accident
• You need to take into account if the medical travel insurance provided within the comprehensive plan is at the optimum level
• Medical travel insurance ensures cashless hospitalisation which makes it easier for you to get medical care without paper formalities in foreign nations
• You also need to check whether the provision for medical evacuation is available in case of any emergencies. Evacuation means you will be transported to the suitable place or your home country in case of any unfavourable situation
2. Single or Multi-trip Insurance:
• In a single trip plan, only one trip per year is covered. If you take another trip in the same policy year, the single policy will stand inadmissible
• However, if you frequently travel overseas due to work and have to undertake multiple trips every year, it is feasible to avail a multiple trip policy which is cheaper than a single trip policy
• You can avail a single or multiple trip travel insurance plan according to your requirements
• The duration also needs to be kept slightly more than the time period you need to spend in a particular place. This is because there might be a requirement to extend the trip in emergency cases
3. Type of travel insurance policy:
• If you have a family, but most of the times, you travel alone; it is feasible to avail an individual policy
• However, like any other insurance plan, a family or couple travel insurance plan comes at lower premium rates as compared to an individual plan
4. Loss of valuables:
• Valuables can include baggage or personal belongings
• Loss of personal belongings like wallet, passport and jewellery can be really disturbing. You need to check the provisions of the travel insurance policy that you are opting in such cases
• Some insurance plans cover the loss of jewellery and some may not. Similarly, some policies do not cover loss of hand baggage, cash or electronic items like mobile phones and laptops
• You need to be aware of such things so that you do not remain in lurk if you lose an item accidentally and then get to know that the insurance policy does not cover its loss
• In case of loss of essentials like a passport, you need to choose a policy that provides you suitable assistance for its renewal and also arranges for your return
• There might be specific sub-limits on the reimbursements that you would get in case you lose any valuables like baggage, wallet or jewellery
• Beyond that sub-limit, the insurer will not be liable to pay any money, and you would be responsible for incurring the extra loss. For example, if the sub-limit is Rs 50,000 for a single trip, any loss beyond this limit is to be borne by the insured himself/herself
6. Activities covered:
• Going on a holiday is so much fun because of the adventurous activities you get to indulge in! There can be a whole lot of activities like river rafting, biking, underwater diving, paragliding, etc. But, all these are accompanied by risks
• If you meet with an accident while doing any of these activities, then you will definitely need a suitable cover
• Check the activities covered by your travel insurance plan for your own good before you make a decision to avail one.
Compare the provisions of different travel insurance plans, get quotes, read the policy wordings carefully and avail the best insurance policy that is going to accompany you on your work or dream destination!