Thursday , February 21 2019

Travel Insurance





As the name suggests it is the kind of insurance which provides insurance cover to people who are willing to travel anywhere in the world. It could be either within India or Abroad. In simpler words, if anyone faces any health issues or is met with an accident during the travel then such expenses will be borne by Insurance Company.

WHAT ARE DIFFERENT KINDS OF TRAVEL INSURANCE PLANS AVAILABLE IN MARKET?

  • Student Insurance

Nowadays it has become a common activity that people send their kids to abroad for higher studies. But, as we all are aware that medical expenses are quite high in abroad thus insurance companies have come up with Student Insurance.

Under this policy the Insured can choose a sum assured and get the Student Insurance Cover. And, if the insured faces any health issues then the medical expenses are paid by the Insurance Company

  • Senior Citizen Travel Insurance Plan

This is a kind of Insurance cover which is provided by Insurance companies to Senior Citizens who are willing to travel. Under this policy the Insured can choose a sum assured and get the Senior Citizen Travel Insurance Cover. And, if the insured faces any health issues then the medical expenses are paid by the Insurance Company

  • Individual Travel Insurance

This is a kind of Insurance cover which is provided by Insurance companies to individuals who are willing to travel. Under this policy the Insured can choose a sum assured and get the Individual Travel Insurance Cover. And, if the insured faces any health issues then the medical expenses are paid by the Insurance Company

  • Family Travel Insurance

This is a kind of Insurance cover which is provided by Insurance companies to people who are planning a family trip. Under this policy the Insured can choose a sum assured and get the Family Travel Insurance Cover. And, if the insured(s) face any health issues then the medical expenses are paid by the Insurance Company

  • Multi-trip plan

This is a plan suitable for person who tends to travel abroad more than once in a year. Instead of taking separate travel insurance policy for each trip, it is convenient and cost effective to take the multi-trip plan.

WHAT ARE THE FACTORS THAT AFFECT THE PREMIUM OF TRAVEL INSURANCE?

When it comes to buying Travel insurance plan people consider a lot of factors which are as follows:

  • Destination

It means the place where the travel is going to be. The premium of travel insurance is directly linked to travel location. For example, Destinations which are more prone to Natural Calamities has a higher premium rate

  • Duration of Travel

The premium of the travel insurance also depends on the duration of travel i.e. for how many days you will be travelling to a particular place. Different companies have different slabs for example- 5-10 days, 11-28 days etc.

  • Purpose of Travel Insurance

The premium of travel insurance also depends on what is the purpose of travel. Example whether it is for recreational purpose on personal expense, business purpose etc

  • Age of person travelling

The premium of this insurance also depends on the age of person travelling. For high age, the premium is a little higher

  • Coverage/Sum insured

The premium of this Insurance is directly linked with the Sum assured. Every company has the different option from which a person can choose according to his needs. Example 50,000$, 1 Lac $

  • Health Conditions

Premium of this insurance also depends on the health condition of the person travelling. Example he could be diabetic, heart patient etc. Such information is to be disclosed to the insurance company before taking travel Insurance.



WHAT ARE THE COVERAGES UNDER DIFFERENT TRAVEL INSURANCE PLANS?

Below mentioned are the benefits provided to insured by Travel Insurance companies:

  • Cost of Medical Treatment incurred by the insured is borne by Travel Insurance Company
  • Dental Treatment like pain in teeth caused due to accident
  • If the company is having Cashless Network then cashless coverage is also provided to insured
  • Company will also compensate the insured in case the baggage of the insured is lost
  • If the insured is met with an Accident then the cost of the treatment is borne by Travel insurance Company
  • Flight Delay
  • If the Passport of insured person(s) is lost then the Insurance company will pay the cost which is incurred by insured in obtaining the new/duplicate passport

WHAT ARE THE REASONS DUE TO WHICH COMPANIES CAN DENY THE CLAIM SETTLEMENT?

Like any other Insurance policy, this policy claim can also be denied in case of any of the following reasons:

  • Self-caused injury
  • Suicide or attempted suicide
  • Mental disorders
  • HIV/AIDS, Sexually transmitted diseases
  • Insured person participation in racing, diving, aviation, scuba diving, parachuting, hang-gliding, rock or mountain climbing
  • Non-allopathic treatment

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