Travelling is an exciting and enriching experience that allows us to explore new destinations and create lasting memories. However, unforeseen circumstances can disrupt even the best-planned trips. This is where insurance comes into play.
Travel insurance is a type of insurance designed to protect travellers from potential financial losses or medical emergencies that may occur during their trip. It provides coverage for various unforeseen events such as trip cancellations, delays. Also, medical expenses, emergency medical evacuations, lost baggage, and more. Travel insurance offers peace of mind by mitigating potential risks and providing financial protection when travelling domestically.
What is travel insurance?
Travel insurance is a contract between the insured traveller and the insurance provider. It offers financial protection and assistance in the event of unforeseen circumstances during a trip. By purchasing travel insurance, travellers can safeguard their investment and protect themselves against potential losses, medical emergencies, or other travel-related issues.
Types of travel insurance plans
In India, there is a wide range of travel insurance plans to choose from, tailored to diverse needs and preferences. Here's an overview of the types of travel insurance plans available in India:
- Single trip insurance: Ideal for one-off vacations, it covers a single journey and offers comprehensive protection against unforeseen events.
- Multi-trip insurance: Suited for frequent travelers, it provides coverage for multiple trips within a specified period.
- Solo trip cover: It provides coverage for a single person. Know more about Solo Traveller Cover offered through Bajaj Finance.
- Family travel insurance: Designed for families, it covers all family members, making it a cost-effective choice.
- Senior citizen travel insurance: Tailored for older travelers, it addresses specific health concerns and travel needs of seniors.
- Adventure travel insurance: For thrill-seekers, it covers adventurous activities such as trekking, skiing, and water sports. Bajaj Finance offers one such Adventure Cover for all your needs.
- Business travel insurance: Catering to corporate travelers, it provides coverage for work-related trips.
- Domestic travel insurance: Focused on travel within India, it safeguards against trip cancellations, medical emergencies, and other local travel risks.
- International travel insurance: Focused on travelling outside India. It safeguards against trip cancellations, medical emergencies and other travel risks.
Features of a travel insurance policy
Trip cancellations or interruptions
Covers unexpected disruptions due to unforeseen circumstances. These may include accidents, natural disasters, or family emergencies.
Travelling to unfamiliar destinations may expose individuals to new environments, climates, and health risks. Travel insurance covers medical expenses incurred due to illness or injuries during the trip. These include hospital stays, emergency medical treatments, and medical evacuations.
Lost or delayed baggage
Travel insurance covers lost, stolen, or damaged baggage. It provides reimbursement for essential items and assistance in locating or replacing lost belongings. You can also get baggage insurance for safety of your baggage.
Flight delays or cancellations can significantly disrupt travel plans and lead to additional expenses. Travel insurance compensates for expenses incurred due to such delays, including accommodation, meals, and transportation.
Travel insurance provides coverage against accidental injury or damage caused to others during the trip. It covers personal liability, protecting travellers from potential legal and financial consequences.
What is covered under a travel insurance plan?
The coverage offered by travel insurance online policies may vary. Here are some common aspects that travel insurance typically covers:
Trip cancellations and interruptions:
Reimbursement for non-refundable expenses due to trip cancellations or interruptions.
Medical expenses covered in travel insurance:
Coverage for medical treatments, hospital stays, prescription medications, and emergency medical evacuations.
Baggage loss or delay:
Compensation for lost, stolen, or delayed baggage, including reimbursement for essential items and assistance in locating or replacing lost belongings.
Reimbursement for additional expenses incurred due to flight delays, such as accommodation, meals, and transportation.
Emergency assistance with travel insurance online:
24x7 emergency assistance services, including travel and medical assistance, help with legal issues, and coordination of emergency medical evacuations.
Coverage for personal liability in case of accidental injury or damage caused to others.
What is not covered under a travel insurance plan?
Travel insurance is an essential aspect of travel planning as it provides coverage against unforeseen circumstances. However, many people are not aware of the exclusions under a travel insurance plan. Here are a few pointers to keep in mind while purchasing travel insurance online:
- Pre-existing medical conditions: Most travel insurance policies do not cover pre-existing medical conditions, and policyholders need to disclose them while purchasing the policy.
- Loss of personal belongings: If you lose your belongings due to negligence or your fault, it will not be covered under the policy.
- Alcohol or drug-related incidents: Any incidents resulting from alcohol or drug consumption will not be covered by the policy.
- Non-approved destinations: If you travel to a destination that is not approved by the policy, any incidents will not be covered by the policy.
- Acts of terrorism or war: Most policies do not cover incidents resulting from acts of terrorism or war.
What is single trip travel insurance?
A single trip travel insurance provides coverage for a single trip or holiday. It includes benefits such as medical expenses, luggage loss, trip cancellation, and personal liability. This type of travel insurance is ideal for people who travel occasionally or take only one trip per year. It is easy to purchase and provides a comprehensive cover for the entire duration of the trip.
Policyholders can customise the policy as per their requirements, and single trip travel insurance is available for both domestic and international travel. It provides peace of mind and security while travelling, ensuring that any unexpected and unplanned events are covered.
How much does travel insurance cost?
The cost of travel insurance varies depending on several factors: the traveller's age, trip duration, destination, coverage limits, and the type of policy chosen. On average, travel insurance typically costs around 4-10% of the total trip cost. However, the cost of insurance is a small price to pay compared to the potential financial losses that could occur during a trip.