Archive for the ‘travel insurance’ Category

Exploring the extras in the Travel Insurance

With rising disposable incomes, Indians are spending more and exploring new boundaries.

Travelling has is a favourite with Indians and now with less restrictions all around the world is their oyster. While travelling abroad one of the requirements of the paperwork is health insurance. Unlike the usual health insurance policies, travel health insurance polices cover a lot more than just medical care.

Some of the features covered under health plan are inbuilt and have become a part of the basic health cover offered whereas, there are also premium policies which are offered additional cover in terms of amount of cover as well as number of events for which the traveller is insured.

The basic needs

Every travel insurance polices offers some essential covers under its basic travel plans. They cover health and other travel related covers. The most common covers under a basic policies are:

· Overseas Health Cover

· Emergency Dental Care

· Repatriation of Mortal Remains

· Accidental Death and Dismemberment

· Loss of checked in baggage

· Baggage delay allowance

· Loss of Passport and Visa

Beyond the basics

The travel insurance market is abound with premium policies that offer more than the basic ones. Some companies, like Bajaj Allianz, ICICI Lombard and Reliance General Insurance, offer a host of added compensations-such as hijack distress allowance, compassionate visit (a two-way ticket for a relative or friend to visit you if you are hospitalised overseas), daily allowance in case of hospitalisation, personal liability, personal accident, and missed connection. Another great value-add is the benefit of protecting your assets against burglary back home in India (a variation of the home insurance policy), while you are away travelling.

There also multi-trip insurance available for those who are frequent fliers and travel abroad several times a year.

Tips for buying the best policy for you.

  1. Choose a policy for the exact number of days you wish to travel if your departure and arrival dates are fixed. This will bring down your cost
  2. If you are a frequent flyer then a multi-trip policy will work out cheaper and give you several added benefits.
  3. If you have insurance polices which cover you for accidental death and dismemberment (many credit cards provide it free along with the card) or home insurance, then it will make sense to try and take a policy without these covers since you will be paying additional for them when you do not need them.
  4. While comparing products do take into account all the additional services offered and weather you actually need them.

The most important factor to be examined while buying a home insurance policy is the Third Party Insurance tie ups they have in the country that you are planning to travel to.