- Travel insurance is a type of insurance that provides coverage for certain events like trip cancellation, loss of checked baggage, flight delay or cancellation, or any sort of loss incurred during the journey or at the destination.
- A travel insurance policy, usually, is purchased while booking a trip in order to cover the exact duration of the trip while a multi-trip insurance policy is purchased to avail coverage for the all the trips during a set time period.
- There are travel insurance policies that offer coverage at lower as well as higher medical expense options. Higher medical expense option is available for travel bookings to countries like the United States, where huge medical expenses are very high.
Benefits of Travel Insurance
- Overseas/Domestic emergency medical assistance: A policyholder can avail of the benefits like medical evacuation, ambulance, and more.
- Overseas/Domestic Hospitalization Costs: A policyholder gets the benefit of comprehensive medical coverage within the country or overseas.
- Coverage for Checked Baggage Loss: A policyholder gets the benefit of coverage against the loss of checked baggage or any of its contents.
- Coverage for Loss of Passport: A policyholder gets the benefit of coverage against the loss of passport during the journey or at the destination. The insurance company takes care of the incident and is liable to get the policyholder issued a fresh passport even in the foreign land.
Key Term when Comparing Travel Insurance Plans
Below are the key factors that affect the premium of a travel insurance policy:
- Choose the maximum sum assured in the Premium range
- Rare of Premium as per the plan type
- Special add-ons (if any)
- Travel duration
- Health check-up requirement (if any)