If you are thinking of heading off for a vacation, business or studies abroad and are confused whether to buy travel insurance or not, you have reached the right page. What is travel insurance and is it really a necessity while travelling abroad? What are the necessary terms and conditions and what are the benefits and exclusions? Read on to find out all you ever wanted to know. Travel insurance covers you against unforeseen events which can occur when travelling abroad. It could be as small and minor as catching a bug or a delay in flight, or could be as major as a hijack or an emergency medical assistance required.
These hassles can not only take toll on your wallet, but also disrupt your travel plan. It is always good to be insured when travelling abroad since it allows you to be on the safe side in the event of a mishap and thus, you can concentrate more on your important dealings. Injury or illness, when travelling abroad, can affect anyone of us, irrespective of our age, profession and reason and duration of our visit. Travel insurance includes the following: * * Emergency medical expenses * Emergency medical evacuation * Repatriation of remains * Emergency dental expenses * Hospital cash * Accident Death and Permanent total disability.
* Personal accident * Flight delay * Loss of passport * Delay and/or checked-in baggage * Personal liability * Financial emergency (how) * Hotel accommodation * Hijack distress allowance In addition to this various insurers cover you home for the duration you are away. Travel insurance covers you for a limited number of days and up to a limited sum. You can align both these with the duration of your travel and the costs of valuables you are carrying with you. The duration can also be extended during your trip. Most of the insurers have a hospital network associated with them through which they provide cashless hospitalization.
Others, which do not have so, will reimburse your costs in Indian rupees after you return to India on the exchange rate applicable on the billing date. Other emergency funds are provided to you by third Party administrators at the place of your visit. The eligibility conditions for travel insurance vary from insurer to insurer and can be broadly classified into the following: * For single trip, anyone between aged between 6 months and 70 years is eligible. * For annual multi trip, age eligibility lies between 18 to 70 years. * For family floaters, all members should be between 3 months and 60 years.
Generally 2 adults and a maximum of 4 children are covered but then, it varies across insurers. No medical tests are required as a condition of eligibility. Various flexibilities are offered under such insurance including online extension of duration if your trip extends, inexpensive insurance covering visits to neighbouring countries, different limits under different variants of the same policy, additional covers in higher plans and discounts for multi-trips and family floaters. You can buy a travel insurance online yourself, through your travel agent, your tour operator or your commercial carrier.
You have a chance of making a good bargain if purchasing online, after undertaking online comparative analysis. A comparative market survey of various policies has been done here- 1 traveller, 27 years old has to travel to America. The comparative quotes are as under Insurer| Name of the policy| Premium| Duration| Max duration allowed| Benefits| ICICI Lombard| Overseas travel Gold 100| Rs. 1313| 19 days| 180 days| 1. Hospital Expenses & Evacuation Cover: Up to policy maximum ($100,000) 2. Dental Treatment: Upto $ 250 3. Repatriation: Up to $7,000 4.
Cashless Hospitalization worldwide: Upto Policy Maximum ($100,000)| Reliance| Travel Care Silver| Rs. 1128| 15 to 21 days| 182 days| 1. Medical Expenses, Repatriation & Evacuation: Up to policy maximum ($100,000) 2. Dental Treatment: Up to $500 3. Personal Accident: Up to $20,000 4. Personal Liability:Up to $100,000| Cholamandalam| Travel Gold 100| Rs. 1526| 19 days| 360 days| 1. Medical Expenses & Evacuation: Up to policy maximum ($100,000) 2. Dental Treatment: Up to $250 3. Personal Liability: Up to $100,000 4. Personal Accident: Up to $10,000| Oriental Insurance| Travel Plan B1| Rs.
1225| 15 to 21 days| 180 days| 1. Hospital Expenses, Repatriation & Evacuation: Up to policy maximum ($50,000) 2. Personal Accident: $25,000 3. Personal Liability: $100,000 4. Pre-existing illness: Up to $300| Appollo Munich| Silver plan| Rs. 1275| 15 to 21 days| 180 days| 1. Medical Treatment Up to policy maximum ($100,000) 2. Repatriation: Up to $7,500 3. Medical Evacuation:Covered under Medical treatment sum insured 4. Personal Liability: Up to $50,000| Future Generali| Travel Suraksha Silver| Rs. 1234| 15 to 21 days| 180 days| 1. Hospital Expenses, Repatriation & Evacuation: Up to policy maximum ($100,000) 2.
Intensive Care: Up to policy maximum ($100,000) 3. Surgical Treatment: Up to policy maximum ($100,000) 4. Accident Death & Permanent Total Disablement Up to $5,000| In case you want to execute claims, you have to call up the international helplines of the insurer or the Third Party Administrator provided for the country you are travelling to. The Third Party administrator after your complete verification will carry out the claims settlement procedure. You will have to deposit your original ticket, your boarding pass or a copy of your passport as proof of your journey.
In addition to this, all bills, reports and vouchers indicating your expenses will also have to be submitted in original. In case of claims under loss of baggage benefit, an adequate proof of ownership of items lost has to be submitted. In broader terms all proofs of the event happening have to be submitted in original. Events that are caused due to pre-existing illnesses and condition, wars, terrorism, suicide, crime, adventurous sports and nervous or mental problems shall be excluded. However some insurers do cover adventurous sports and pre-existing illnesses under additional insurance.
Finally let’s look at what to check for when buying travel insurance: * Do a good shopping online on the best rates available. * Understand the terminologies and exclusions under the policy that suits your pocket. * Study the limits and sub-limits for each benefit.
* Study your pre-existing conditions and your lifestyle and find out what can happen most likely and whether you are covered for the specified event. * Assess the country you are travelling to and make sure you are adequately covered for the most likely mishaps. * Make sure that the helpline numbers of your insurer provide a 24X7 service which is a must when travelling abroad.