Travel insurance is an insurance policy which is intended to cover medical expenses, losses due to trip cancellation, loss of luggage, accidents and emergency evacuation when travelling both domestically and internationally.
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Most general insurers offer customized travel insurance policies, as each destination has different requirements. Most international policies offer general features like cashless hospitalization, online application process, no medical test for travelers under the age of 80 years.
With senior citizen travel plans, senior citizens can have a hassle free globe-trot. This kind of travel insurance offers services like cashless hospitalization, medical concierge, international SIM cards, pre-existing diseases cover, trip cancellation and so on.
Student travel insurance offers financial and medical cover for those students who travel abroad, for higher studies. Medical expenses abroad cost so much that they could drain the bank accounts of parents. Just availing a student travel plan keeps this situation at bay. These plans can also be availed by those students who are already pursuing higher education in foreign countries.
This type of travel insurance is specific to countries falling in the Asian continent. This covers most of the Southeast Asian countries like Malaysia, Singapore or Thailand. Benefits covered under the policy are bodily injuries resulting from an accident, emergency finance, loss of passport and so on. The exclusions would be mentioned in the policy.
Corporate travel insurance plans are procured by employers who intend to offer insurance to employees travelling abroad. Corporate plans are customizable as per company’s needs. These plans offer sufficient cover for both medical and travel related risks. These plans are available for single, round and multi-round trips.
Domestic travel insurance can be availed by those travelers who wish to travel anywhere in India. Domestic travel insurance plans offer cover for medical expenses, loss of luggage, cancellation and/or delay of the trip, customer support at all times and so on.
Tourists travelling to the Schengen countries for a maximum of 90 days must avail a Schengen travel insurance. This policy offers benefits of covering medical emergencies, 24/7 customer support, bodily injuries due to an accident and so on. Schengen area includes Czech Republic, Denmark, Finland, Belgium, Austria, Estonia, Germany, France, Iceland, Greece, Latvia, Hungary, Italy, Lithuania, Liechtenstein, Luxembourg, Malta, Netherlands, Norway, Portugal, Poland, Slovakia, Spain, Slovenia, Switzerland and Sweden.
SEE ALSO: Types Of Travel Insurance
The below mentioned factors determine the premium of a travel insurance policy:
Travel Destination: The travel destination is a significant factor in determining the premium of travel insurance plan.
Health and Age: Age and health of a traveler play an important role when underwriting the travel insurance policies. For example, pre-existing diseases and diseases due to drug abuse or alcoholism are not covered under a travel insurance policy.
Below mentioned are the general eligibility criteria for availing a travel insurance policy:
Travel insurance claims are of two types: Cashless Claims and Reimbursement Claims.
SEE ALSO: How to Claim Travel Insurance?
Below mentioned are the documents to be furnished to initiate a travel insurance claim:
The table below shows the documents required to claim travel insurance:
Below mentioned are the advantages of travel insurance:
International travel plans:
Student travel insurance plans
Family Travel Insurance Plans, Corporate Travel Insurance Plans and Senior Citizen Travel Insurance Plans
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