Choose the right policy based on your requirements; for an ideal deal, compare policies, premiums, features and benefits online and choose the one that fits your criteria the best
Festive season is here, and so are the upcoming holiday plans. A long vacation to Europe in the pleasant weather тАФ isnтАЩt that a dream vacation for so many of us? Post-pandemic travel trends indicate more Indians are now travelling abroad with many of them being the first-time international travelers.
While travelling is fun, getting into an untoward situation in an unknown land is not. So, if you are planning a trip abroad, you must not forget about getting a travel insurance policy to ensure your safety. Buy a policy that comprehensively protects you when you travel abroad. How? Let us explain:
The biggest factor to take into account is the sum insured. After all, you donтАЩt want your entire trip money тАФ and then some more тАФ to be spent on medical expenses should you fall sick in a foreign country. After all, medical care is quite expensive in developed countries. For instance, if you travel to the U.S. or the U.K., a simple visit to the doctor can cost somewhere between $100 and $200, and a specialist consultation up to $350. Hospitalisation can drain your entire savings and even land you in debt. So, you must get an adequate sum insured.
To decide the right sum insured, take certain factors into account like the destination country and the cost of healthcare there, the duration of trip and the number of members travelling. You may take an individual plan if travelling alone or a family floater for a large group. At least a $2,50,000 individual cover is advisable if you are traveling to Europe, U.S., U.K. or Canada. For Asia regions with lower medical costs, a $1,00,000 cover may suffice.
Travel insurance also provides protection against non-medical expenses such as loss of baggage or passport, trip cancellation and delay, etc. However, these damages are not a part of the sum insured but are covered separately with sub-limits. So, consider the extent of coverage for these factors before finalising the policy. Ideally, the coverage for trip cancellation and interruption should be more than the total cost of your trip, including flights, accommodation, and tours.
Similarly, the coverage for lost baggage should at least cover the estimated value of belongings you are carrying. If you end up losing expensive belongings like mobile phone, laptop or other gadgets, you wonтАЩt have to break a sweat about the financial implications in an unknown land.
Single-trip, multi-trip cover: If youтАЩre an occasional traveller, a single-trip policy might be sufficient. However, if you travel frequently, consider a multi-trip policy. While it will cost more, it would turn out to be more cost-effective in the long run as it covers multiple trips.
Family vs. individual cover: If you are travelling with family, then consider a family plan instead of individual plans for each family member. This discount is available when buying travel policy as a family. However, if you have grown up children, consider taking individual plans depending on the kind of coverage you all may need.
Senior citizen cover: For those above 60, choose a plan with a higher sum insured so that it can cover ICU costs and doctor visits if needed. Also, go for a policy that covers pre-existing diseases. Make sure you declare existing illnesses to the insurer while purchasing the policy. There are specialised plans for senior citizens to suit specific needs.
Plans are available without sub limits also for citizens above 60. The festive season is also the time when elderly parents like to visit their children abroad. So, consider investing in long-term travel policies that now extend up to 365 days!
Student travel cover: This policy has a duration of one to three years for students who wish to study abroad. Apart from medical cover, this policy also covers the loss of crucial belongings like a laptop. These plans also provide coverage for emergencies or mishaps a student might end up dealing in a foreign land. If you are taking a travel cover from your university, consider adding this as a top-up safety layer.
Adventure sport: Do you believe the common myth that the usual medical coverage in the travel plan will also have you covered for adventure sports? If you have a penchant for travel, you should definitely not believe it. It is always advisable to shield yourself by opting for insurance that specifically covers injuries arising out of adventure sports like mountaineering, zip-lining, rafting or skiing, etc.
Choose the right policy based on your requirements. For an ideal deal, compare policies, premiums, features and benefits online and choose the one that fits your criteria the best.
(The writer is head, travel insurance, Policybazaar.com.)
Comments
aniltikotekar4sme.com 