Travel insurance covers various risks people experience when travelling, including loss of luggage, medical bills, cancelled flights, and more. These policies are bought for the entire travel duration, as they provide comprehensive coverage for emergency situations within India and abroad.
Benefits of travel insurance
Travel insurance generally covers the following risks:
- Personal accident cover for permanent total disability and policyholder’s death
- Medical bill reimbursement for accidents and illnesses
- Return of remains in case of policyholder’s demise
- Dental treatment
- Flight and baggage delays
- Loss of checked luggage
- Emergency evacuation
- Hijacking
- Trip and/or flight cancellation
- Burglary in accommodation
- Lost passport
- Bounced accommodation and/or flight booking
- Missed flight
- Unscheduled early return
There are various other risks covered by travel insurance policies based on an insured traveller’s specific needs and destination. The amount provided as coverage is also determined by the policy chosen.
Types of travel insurance
Travel Insurance can be categorized into dash primary types, which are:
- Domestic travel insurance policy is designed to provide coverage when policy holders travel within India.
- Single trip policy is purchased for one journey.
- Multi trip insurance is purchased by frequent travellers.
- Yearlong policy is purchased by those who take several trips to the same location, as it proves more economical.
- Student travel insurance policy is offered at affordable premiums and availed by students travelling abroad. The cover trips range from 30 to 60 days.
- Group or family travel insurance policy provides coverage for at least 7 travellers. This policy offers benefits similar to a single trip policy and proves cost effective because it takes each traveller’s age into consideration. Travel companies avail this policy when organizing multiple destination trips for groups.
Factors to consider when buying a travel insurance policy
- Comprehensive coverage
- High coverage
- Costs/premiums
- Individual needs
To discover more relevant information about travel insurance plans based on your travel plans, sign up, log in, or call to get a free consultation today with Daily Finserv, your financial advisor and friend.
