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Travelling Without Insurance Is a Bad Idea
[Posted by: InsuringIndia Blog on 18-Feb-2016]

We live in a world of uncertainty and constant change. There is no predicting when an illness, theft or sudden loss might manifest especially when you are going away from the safety and security of your home, country and workspace. In this scenario, it is better to be safe than sorry and opt for a health insurance cover that will protect you against any such unforeseen mishap. 


While many countries make travel insurance a mandatory factor for ingress of foreign nationals it's always wise to buy the cover anyway. 


So, what exactly is travel insurance?


It is a comprehensive cover for medical and financial emergencies that might arise while traveling domestically or on foreign shores. Depending on the type of policy you choose, you can make a claim on delay or loss of checked-in baggage, loss of important documents like your passport. You can also file a claim for accidents, worldwide cashless hospitalization and unexpected medical and non-medical facilities.


Travel insurance entails calculation of premium on three crucial factors: your age and health, the distance travelled and the duration of travel. Remember, the farther your destination, the higher will be your premium. If you have a history of pre existing illness related to drugs and alcohol, these will not be covered. 


Benefits of travel insurance 


·        Travel insurance is applicable for anyone who falls in the 5 years to 70 years age bracket

·        No medical examination is required to buy this type of cover

·        You can avail coverage at any place in the world

·        There is a choice between a short term travel plan and a long term travel insurance cover depending on your need

·        The whole world is your oyster, literally. You have a plethora of choices related to travel in different countries across the world.  

·        You have varied choices on loss coverage and facilities




Types of travel plans 


India's insurance sector offers three types of travel insurance: 

-          Single trip

-          Multi-trip

-          Family travel


 You can opt for these depending on your requirement. 


If you're not a frequent traveler then a single trip insurance cover which spans a period of six months, is your best bet. This type of plan generally covers accidental death, emergency evacuation, medical expenses, disablement benefits and delayed departure and baggage.


On the other hand, a multi trip travel cover has limitless trips and is aimed at frequent overseas travelers.  There is also a flexibility to choose from 30, 45, 60 and 90 days of cover. In other words, this is one plan that saves money for the frequent traveler. It is also convenient as the traveler has to pay premium just once.


The third type of plan, family travel policy is a comprehensive financial coverage to the entire family as the term suggests, while traveling overseas for a single trip. 


While buying a travel insurance policy, take into consideration the various types of policies which are available on online portals and compare them. Pay special attention to the features of the policy, additional riders and the cost. Thereafter, draw up a list of advantages and disadvantages and choose the policy that gives you maximum support in terms of best and comprehensive coverage at the lowest premium rates. You can, subsequently, fill up the form and make an online payment. On realization of your payment, policy will be confirmed within a matter of few minutes. All this can be done at your convenience from anywhere.   


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*This is based on the difference between the highest and lowest premium's for a single person, age 25, looking for an individual health policy with the sum insured of Rs. 5 lakhs.
**This is based on the difference between the highest and lowest premium's for a single person, age 25, looking for a term plan, with the sum insured of Rs. 30 lakhs, and the premium paying term of 30 years.
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