With the increase in travel, one of the important things that travellers need to know about is Travel Insurance. This form of insurance helps cover a whole range of uncertainties and scenarios that can drain out a traveller’s finances. Most countries require mandatory Travel Insurance while applying for a visa. But choosing the right Travel Insurance which covers all the risks of travel is important.
What is Travel Insurance meaning?
Travel Insurance is a type of insurance that covers different risks while travelling. It covers medical expenses, lost luggage, flight cancellations, and other losses that a traveller can incur while travelling.
Travel Insurance is usually taken from the day of travel till the time the traveller reaches back to India. Taking Travel Insurance ensures a comprehensive coverage in case of any emergency in another country. Travel Insurance is also available for trips taken in the home country of the traveller like Bharat Bhraman & E Travel, but it is a more popular option for travel abroad.
Some of the risks covered under Travel Insurance are:
- Personal Accident Cover, which covers:
- Insured’s Death
- Permanent Total Disability
- Accident & sickness medical expense reimbursement
- Dental treatment relief
- Emergency evacuation
- Repatriation of remains in case of death
- Baggage delay
- Loss of checked baggage
- Loss of passport
- Flight delay
- Home burglary
- Trip curtailment
- Trip cancellation
- Missed connection/missed departure
- Bounced hotel/airline booking
There may be more risks covered under individual policies depending on the requirements of the traveller. The amounts to which these risks are covered depends on the policy & plan that the traveller opts for. Travel Insurance also covers additional risks at an additional premium. Some of these risks are specific to the traveller or the place the person is travelling to.
Types of Travel Insurance:
There are single trip Travel Insurance policies meant for one journey. But for frequent travellers who travel abroad on business purposes, there is an option to buy a multi trip Travel Insurance policy. Some policies last for an entire year and cover multiple trips to a particular destination. Opting for such policies is much more cost effective for businessmen and frequent travellers to a particular destination. We also have student policies which are specially designed for students going abroad for studies at an affordable premium. The maximum trip length can last from 30, 45 and 60 days.
Another type of travel policy is a group Travel Insurance policy. A group policy covers 7 or more travellers. These policies are cost effective and offer similar benefits as single trip Travel Insurance policies. Group Travel Insurance policies are based on the age of the travellers which means it works out more cost effective per traveller. Most travel companies opt for group Travel Insurance policies when they take groups across different countries on tours.