You book yourself a holiday abroad, or want to travel within the country. You need to insure yourself against a medical emergency while travelling, or in the country you are holidaying, loss of baggage, passport and so on. The travel insurance plan compensates you for this loss.
Medical ailments may force you to cancel your trip, which will result in heavy cancellation penalties. Such scenarios are covered to a certain degree by Travel Insurance. Losses incurred due to missing flights, delays and missed connections. Loss of Baggage could create serious issues. Travel Insurance helps in covering the cost of baggage and transport to the intended port. In case baggage is permanently lost, travel insurance will help you cover the necessary costs.
Ailments suffered during the trip can result in heavy medical bills. Travel Insurance helps tide over such costs. Some Travel Insurance policies help cover the losses incurred if an airline, cruiser or hotel defaults on their commitments. Acts of Terrorism or War are also covered by Travel Insurance.
Travel insurance pays your costly medical bills and hospitalization expenses, even in a foreign country.
Travel insurance pays you, if you miss your connecting flight in a foreign country or for bail if you get arrested in a foreign country.
You are compensated for the loss of baggage or your passport in a foreign country.
You are compensated for any emergency evacuation, especially storms and hurricanes in a foreign country.
Domestic travel insurance can be purchased by any Indian national traveling within India. If any foreigner passenger is traveling in India, and has received work permit in India, he can also purchase domestic travel insurance.
The eligibility age can be anywhere between 6 months and 65 years and varies from plan to plan. The coverage provided depends on various factors, such as your medical condition, the place you are traveling to, and the length of your trip.
The destination is the first major factor you must consider while buying travel insurance. Medical expenses in countries like USA, Canada and Greece are expensive. The sum assured must be high if you are travelling to these countries.
The duration of the trip is another important factor you must consider. The longer the trip, the higher the sum assured.
If you're involved in adventurous activities like trekking, skiing and water sports, a higher sum assured must be availed.
The coverage of the travel insurance policy in the country you are travelling to, is vital. Details such as online services, Hospital Network Coverage, Claim Processes, Toll Free Numbers and so on need to be checked before buying the policy.
Travel insurance is a must for people who travel frequently. Student travel, business travel, leisure travel, adventure travel, cruise travel, and international travel are all different options that can be insured.
The most common risks that are covered under a travel insurance policy are:
Some travel policies will also provide cover for additional costs, although these differ widely between providers. Separate insurance can be purchased for specific costs such as
Travel insurance can normally be arranged at the time of booking of a trip to cover exactly the duration of that trip or a wider time period. Usually Travel insurance purchased from travel suppliers/tour operators tends to be less comprehensive than insurance offered by insurance companies.
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One usually travels abroad for two reasons- a pleasure trip or a business trip. You do not want anything to ruin your hard earned holiday or your crucial business meeting. But there is a possibility of some unexpected occurrence no matter how perfect the planning is. Unfortunate events such as baggage loss, passport loss, a medical emergency or an accident can affect you. Having Travel Insurance protects you from all such perils. It ensures that in the unknown land you are not left stranded in any kind of an emergency.
Many insurance policies will cover for excursions, e.g. travelling to another country for a day or two as part of your holiday. However, check with the insurance company as there may be conditions and limits to cover. For holidays with multiple destinations, this also varies by insurer. If you wish to purchase a single trip policy you'll need to select the furthest away geographical destination and then check with the insurer they will cover the other destinations and also any time spent travelling. The other option would be to simply purchase an annual policy which will ensure that you are covered at all times and in all destinations, subject to your policy conditions.
Most of the companies allow you to review the policy 10 days following purchase (varies by company and plan). If you cancel your policy within that "free look" period, you will receive a full refund except for a small non-refundable processing fee charged by the company.
The hard copy of the policy will reach you within 7 working days. However, you can buy online within 15 minutes and take print out of the policy instantly. This works as a legally valid document, even at the time of claims, as all you need to have is your passport details and policy number.
Yes, you can extend your Overseas Travel Insurance Policy very easily, online. The companies would however, recommend you to buy the policy for the full duration, as the extension depends on the terms and conditions of the Company. In case you decide to shorten your stay before the policy expires, you can reimburse the premium for unused policy duration (minimum unused period must be 30 days). For instance, if you take a policy with initial duration of six months but later decide to come back earlier, you can reimburse the premium for unused policy duration provided you are in India by the end of fifth month.
TPA stands for Third Party Administrator. The most essential service they provide is cashless medical services. They also provide the necessary information to deal with any problem regarding claims.
Yes, all insurance claims throughout the world are settled by third party administrator. In case of hospitalization, the charges would be directly paid to the hospital and they will arrange for a cashless facility. If it is a case of emergency, the TPA would help you provide the cashless facility in the nearest hospital, or else they will inform you on the hospital where you can avail the treatment.
To obtain a visa for some countries, overseas travel insurance is compulsory. Even where it is not, it is prudent to obtain a travel insurance policy when you are travelling on business or holiday or for education, research etc as medical treatment costs in many countries are much higher than what they are in India and are unaffordable.
You must check with your insurer regarding this as it would depend on the policy. Read your policy document and understand what it provides. Most policies, especially overseas travel insurance policies have a provision for one or even two extensions.
Generally there will be a minimum stipulated period. Normally pricing of the policy goes by the "trip band" i.e., the number of days of travel involved and there would be a minimum trip band.
You must check up with the insurer and/or the agent or broker about medical tests required and reports that are required to be submitted along with the duly filled in proposal form. Check up about the validity period of such reports as well - normally reports within three to four weeks prior to departure are required.
Please read the policy thoroughly and understand whether there are such requirements. Prior approval would be required in most cases though there could be exceptions depending on the emergency involved. Get this aspect clarified at the time of purchasing the policy.
A Third Party Administrator is one who offers claims services on behalf of the insurer. In most cases, they offer cashless facility. You must confirm details from your insurer before you travel. Ensure that your policy document has all the contact details and other relevant information related to the services offered by the Third Party Administrator.
In case your travel doesn't take off and you show proof of the same, policies would normally provide for premium refund subject to deductions towards administrative costs. Where travel is cut short, policies may or may not allow refund subject to certain conditions. You must read your document and understand whether there is such a provision and if so, how it operates.
In most cases it would be. Normally, such policies are meant for travellers who visit other countries on business or holiday or education or other purposes and not for those residing permanently abroad.
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