Travel insurance offers global coverage against medical expenses including COVID-19 treatment and travel-related adversities such as baggage loss, or
passport loss that you may face during your trip. It helps you to tackle unforeseen emergencies without spoiling your trip.
A travel insurance policy is a type of insurance that offers financial compensation to the policyholder in case anything goes wrong on the trip. A travel insurance plan covers vacations, business trips, and even educational trips.
The best travel insurance policy offers coverage against a range of emergencies, medical or nonmedical, all offered in exchange for an affordable premium. Benefits include compensation for the theft of your money or passport, medical evaluation, delay in checked-in baggage, missed connections, etc.
In case of urgent emergencies, the policy also helps with medical evacuation and repatriation,
financial emergency assistance, and so on. There is also travel insurance policy with COVID-19 coverage that requires minimal paperwork.
Right from your first flight to the stay and the return journey, you can ensure a safe and hassle-free trip with travel insurance plans.
Different types of travel plans have been designed to cater to the needs of people of all ages be they a child, adult, student, or senior citizen. Let us take you through the different types of travel insurance plans available in India:
1. Domestic Travel Insurance :
This type of insurance plan is meant for people traveling within the geographical borders of India. It financially protects individuals as well as families traveling within the Indian states from unforeseen travel emergencies. It provides coverage including medical cover, loss of baggage, and personal accident cover amongst others.
2. International Travel Insurance
This type of insurance plan covers individuals and families traveling overseas. It provides a wide range of coverage including medical expenses, dental expenses, financial cash assistance, flight delays, trip cancellation, loss of passport, personal liability, loss or delay of check-in baggage, and hijack distress allowance. Several insurers also offer home insurance to the traveler’s house back in India as a part of this insurance plan.
3. Schengen Travel Insurance :
It is a customized overseas travel insurance online plan that covers people traveling to one or more than one Schengen country. It protects the insured travelers from any unforeseen emergencies that may lead to incurring financial losses. Some of the most common coverage provided under this type of trip/travel insurance includes medical cover, loss of passport, delay in check-in baggage arrival, loss of check-in baggage, personal liability, personal accident cover, and accidental death & dismemberment (common carrier).
4. Family Travel Insurance :
This type of insurance usually covers the policyholder, their spouse, and dependent children. The sum insured is mostly available on both individual and family floater basis. All insured members of a family can avail of covers including medical expenses, loss of passport, personal liability, loss or delay of check-in baggage, and many more.
5. Senior Citizen Travel Insurance :
This type of insurance plan has been tailor-made, especially for elderly people. Most travel insurance companies in India cover travelers above the age of 60 years under such policies just like health insurance. It protects such travelers from unpredictable financial emergencies, including medical expenses, dental expenses, repatriation of mortal remains, loss or delay of check-in baggage, medical evacuation, etc. just like an international travel insurance plan.
6. Student Travel Insurance :
It is a student-friendly insurance plan that has been customized for Indians traveling abroad to study. It comes with an extended validity of up to 2 years. Apart from the basic coverage of an overseas travel insurance plan, it also provides the students with covers including sponsor protection, study interruption, medical evacuation, bail bond, and two-way compassionate visits for the insured and the family member amongst others.
7. Corporate Travel Insurance :
This type of insurance plan has been designed to cater to the needs of corporates traveling for business purposes. It usually has a validity of up to 1 year that allows the insured traveler to undertake several journeys. It includes covers such as flight delay, medical expenses, loss of baggage, missed connecting flight, etc.
8. Group Travel Insurance :
It is usually opted by people organizing tour groups, industrial training, official tours, or pilgrimage tours. Many insurance providers offer such policies to people traveling within India as well as abroad. It usually provides personal accident and baggage cover. However, the exact extent of coverage depends on the insurer.
9. Medical Travel Insurance
It refers to the insurance plan that offers financial assistance in case a medical emergency occurs while traveling abroad and may lead to hospitalization. Such policies mostly cover hospitalization expenses, daycare expenses, dental expenses, medical evacuation expenses, and the cost of repatriation of mortal remains amongst others.
10. Multi-Trip Travel Insurance :
This type of insurance plan is meant for people who undertake multiple overseas journeys in a year. It offers the same level of benefits on every trip without the need to buy travel insurance online before each journey.
11. Single Trip Travel Insurance :
This type of insurance plan protects the insured traveler only for a single journey. Its validity begins with the start of the journey and ends with its culmination on returning home. This international travel insurance comes with a host of coverage that consists of medical cover as well as non-medical covers such as delay or loss of check-in baggage, personal liability, etc.
1. Baggage Insurance :
Baggage Insurance comes into the picture when you lose your baggage during your journey due to theft or any other mishap. The losses incurred due to such mishaps might put you in some really big troubles and ruin your trip. To get compensated for the damage or loss to your luggage while traveling, you can always rely on baggage insurance.
2. Flight Insurance :
It is a custom-made travel insurance plan that covers an insured traveler from any unforeseen flight-related emergencies faced while traveling. It protects him from any adversity caused during the flight or due to the fault of the airline or their staff. It provides comprehensive coverage of both health insurance and baggage insurance, which includes flight delay, medical cover, accidental death & dismemberment cover, delay or loss of check-in baggage, flight cancellation, flight hijack, and missed connection flight.
Before you buy travel insurance plan, make sure you give it a lot of thought and weigh your options:
1. Travel Frequency :
If you are a frequent traveler, you are better off with a multi-trip travel insurance plan that will be cheaper and save you the hassle of buying it again. Otherwise, you should go for a singletrip plan which covers you for the entire duration of your journey.
2. Travel Destination :
Whether it is an international trip or a domestic trip, whether going to the US or a Schengen territory; these things will narrow down your requirements which will also cost you differently.
Also, many countries need an international travel insurance plan to issue a visa so your sum insured and other requirements will vary significantly along with the premium.
3. Trip Duration :
Your travel insurance policy will be calculated and issued according to the length of your stay. In most cases, people opt for a travel insurance policy with a duration slightly exceeding their total trip duration so that any sudden changes can be accommodated without costing you an extra premium.
4. Number of Travelers :
You can buy an individual travel insurance policy if you’re traveling alone, or make it into a family floater travel insurance if your loved ones are going too. The insurer should be informed about the total number of travelers accordingly.
5. Claim Procedure :
When buying travel insurance policy, read about the insurer, their claim-settlement ratio as well as any claim limits they have set with various benefits. Each policy has a certain limit up to which they will pay for your claims.