Tips To Buy The Best Travel Insurance Policy In India

A travel insurance plan holds great significance for individuals travelling within India or abroad. It provides coverage against various financial losses like trip cancellation, loss of wallet, baggage, injury, medical emergencies, repatriation, accidents, etc. Financial institutions bring various tailored policies to address the different requirements of customers. One should, therefore, buy a travel insurance policy after a thorough assessment.

Consider the following factors and tips to choose the best travel insurance scheme online.

  1. Understand your situation and needs

Before you buy a travel insurance policy, know the situation and understand your requirements carefully. Some of those points include –

  • Place of travelling and whether abroad or domestic.
  • Mode of travel, including car, train, flights, etc.
  • Duration of the trip.
  • Valuation of the things you are carrying.
  • Activities you shall involve into.
  • Possible risk factors.
  1. Occasional or frequent traveller

Whether you travel occasionally or frequently should be the first point to consider. As insurance companies offer customised plans for diverse needs, the premiums and other features also vary accordingly.

  1. Policy duration

Insurance policies come with an expiry date. So, when choosing a travel insurance scheme, check if its validity is sufficient to cover your trip’s duration.

  1. Coverage amount

Assess the expenses of your journey, risk factor, etc. and check if the coverage amount is adequate to fulfil your requirements. Companies such as Bajaj Finserv offer exclusive travel insurance plans with high coverage amount at affordable premiums.

  1. The type of insurance scheme

Individuals can avail different types of schemes based on their purposes, such as –

  • Domestic travel insurance plan – For customers travelling within the geographical boundaries of India.
  • Pregnancy travel policy – Designed for pregnant women with a travel itinerary abroad.
  • Student travel insurance plan – For students travelling overseas to pursue professional or academic courses.
  • Family travel plan – Covers all the members of a family travelling together within one travel policy.
  • Overseas travel policy – Specifically designed for travellers going abroad on a trip.
  • Group travel policy – for a group of travellers who are not blood-related.

Besides these, customised travel policies are also available for senior citizens within 61 to 70 years. Apart from the basic features, such schemes usually offer cashless benefits along with coverage against other medical issues during a foreign trip.

  1. Know what is covered under your chosen policy

Enquire about the incidents and losses which your preferred travel insurance policy covers. Following are some of those –

  • Hospitalisation and medical emergency.
  • Loss of passport.
  • Flight issues.
  • Personal liability.
  • Repatriation of remains.
  1. Ask about the exclusions

It is essential to know the exclusions of the policy and restrictions if any, before availing one. Select the insurance policy, which comes with the least exclusions.

Some other factors to note

  • The insurance policy shall become invalid if any incident happens when you are under drug or alcohol influence.
  • Many schemes do not cover pre-existing health conditions of the insured.
  • Be attentive when checking the medical exclusions; or else, you may end up in legal trouble, especially in foreign countries.
  • Ensure to go through their terms and conditions beforehand.

You can buy a travel insurance policy once you meet the required eligibility criteria. Submit all the essential documents like tax statements, visa, passport, income details, etc. to complete the process.

Travel insurance plans are beneficial in providing comprehensive financial support against any risks or losses incurred during a trip. Some of the common incidents include flight cancellation, baggage delay, theft or loss of wallet, medical emergency, terrorism, physical or mental injury, accident, repatriation, and even death. Compare the choices available and approach the best company for a customised travel policy.

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