TRAVEL INSURANCE - Policyicon

TRAVEL INSURANCE

Travel insurance, as the name suggests, is an insurance policy that covers the risks associated with traveling. The policy covers the costs of trip cancellation, baggage loss, medical expenses incurred due to hospitalization abroad, and other losses. It can be for losses during domestic or international trips.

WHO SHOULD BUY

It is a beneficial policy for those traveling abroad, especially those who are frequent travellers. In some countries like Europe, it is mandatory to submit proof of Insurance while applying for Schengen Visa. Either way it is a good way to protect your finances & offer your peace of mind while you are travelling abroad. A travel policy can also be purchased for domestic travel but most of the times it is taken for an international travel.

TYPES OF TRAVEL INSURANCE

• Single Trip Policy - This is a one-time travel insurance policy specific to one particular trip
• Multi-Trip Policy - Those who travel frequently should go for a cost-effective travel coverage policy. It covers you for multiple trips to certain destinations or even worldwide over a long duration such as 180 days, the policy is issued for a year & multiple trips during the policy year are automatically held covered.
• Group Policy - This policy is generally opted by a Corporate who would like to cover multiple trips of their employees who travel frequently on office trips abroad. The policy is issue for a year in which multiple travels of various employees are held covered.

MAIN BENEFITS

• Medical Benefits – Covers medical fees and hospitalization charges incurred when there is a medical emergency, illness, or injury during traveling.
• Loss of/Delay of checked-in baggage- Covers the costs of baggage lost/delayed while in the custody of the airlines/common carrier.
• Trip Cancellation/Delay Benefits - If there is a cancellation or delay in the trip due to any unforeseen specified reasons viz natural calamities, terrorism, personal contingencies like death or imminent death or emergency hospitalisation treatment (min 3 days) of the insured or insured’s immediate family member due to an unforeseen illness or injury, insurance companies will reimburse the costs in such cases.
• Loss of Passport – Costs incurred towards prescribed fees for issue of an emergency certificate in lieu of the passport to proceed with the return journey to the home country in case a passport is lost as well as issue of duplicate passport in the country of residence.
• Personal Liability – Legal Costs, expenses and settlements incurred in case of bodily injury to or property damage of a third-party cause by the negligence of the insured are covered.
• Personal Accident – Compensation paid to the insured in case of death or disability – permanent or temporary due to accident arising during a covered trip.
• Fire & Allied perils – Loss or damage to home building and contents (as would operate in case of home insurance) while the insured person is away on a trip covered under the policy will be reimbursed by the insurance company.