Travel Insurance policy as we all know, assures you from any loss or damage due to flight delays, cancellation, baggage loss, passport or visa loss, or any other medical, financial and legal emergencies arising during your trip. It gives coverage for your end to end trip. There are also single and multi-trip policies, offering you security against any unforeseen circumstances.
1. Check if the insurance company is reliable - It’s important that you buy your travel insurance policy from a reliable source. For this you need to ensure the authenticity of your insurer. Make sure the company has a great goodwill in the market and good customer reviews on its website. Customers would only trust their insurer if they meet the promises as mentioned in the plan. 2. Premium Cost - While selecting a travel insurance plan, considering the premium cost is imperative. Undoubtedly, you will go with the insurer who gives you travel policy which is convenient for you to pay off, is affordable and easy on your pocket. 3. How convenient is it? - The market is flooded with various travel insurance policies. Among so many plans, what helps you in finalizing one is how convenient and seamless is the process. 4. Reason for Travel - Depending on the purpose you are travelling for, you would need to select your travel insurance plan. Select a plan which gives you maximum coverage and meets your travel requirements. If you are travelling for higher education, you can go for student travel insurance plan, corporate plan for business trips, and individual travel insurance plan for vacation and so on. 5. Age - The premium varies with the age of the insured person. If the traveler’s age is less, the premium would be less and vice versa. For elderly people there are senior citizen travel insurance plans, as they might be having some pre-existing illness, to cover that the policy premium would be extra. 6. Destination - The country where you are travelling to helps to decide your travel insurance premium. Simply put, travel insurance for domestic flights would have less premium amount as compared to international flights. Because the medical treatment overseas is much expensive as compared to what it is in India. 7. Travel Span - Your travel duration is important to calculate the policy premium. The longer the travel span, the higher would be the premium and for short travel span, the premium would be less. People who travel too frequently are suggested to go for a multi trip annual travel insurance plan, to save the extra premium cost. 8. Sum Insured - Simply put, if you buy a policy of 6 lakh rupees, the premium would be more as compared to a policy amount of 2 lakh rupees. 9. Claim Settlement Ratio – You need to research the claim settlement ratio of different insurance companies. The company with maximum claim settlement capabilities would have an edge over its other industry counterparts. 10. Additional Coverage - If you want to avail extra benefits or expands your policy inclusions then you would have to pay extra premium to get other benefits. Mentioned below are some of the add-on coverages which you can get added in your travel insurance policy -
Conclusion- Above all, make sure the insurance service provider you chose has a good solvency ratio and does not go bankrupt in future. No doubt, a travel insurance policy would safeguard you from any risks and uncertainties’ in a foreign or domestic land. So, to invest in the right one, make sure that you choose them on basis of the above mentioned points. For more info and news visit PolicyBazaar Facebook Page
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AuthorInsurance and financial manager. Archives
May 2018
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