Travel Insurance: There are two types of cover whether you are traveling within India or overseas. The first type of coverage is basically your medical expenses which cover your medical expenses in case of an emergency or any accidental event.
Updated April 10, 2023 | 7:34 p.m. HST
What are the types of travel insurance?
“There are two types of coverage whether you are traveling in India or abroad. The first type of coverage is basically your medical expenses which covers your medical expenses in case of emergency or any accidental event that you may face during a trip to any country destination, domestic or international. It could be an evacuation due to a dangerous situation or a natural calamity. This is the first set of covers covered by travel insurance,” Kapoor said while explaining the types of travel insurance.
The second is very relevant and important for users because there are associated financial risks when traveling. There may be loss of personal effects or baggage may be delayed or lost during the trip. Your lost passport may be there. So those are some unknown or less common types of benefits that people should be aware of and inquire about when traveling abroad, especially because the price they have to offer once they undergo this particular constraint is very important for their safety, he added. .
How to choose the right type of travel insurance policy?
“It depends on the destination you are going to. It also depends on the duration of the trip you are inquiring about. For example, if you are going for a leisure activity. Let’s say in a few countries in Europe, a simple trip insurance that covers basic benefits will be sufficient, but let’s say that if an elderly person is traveling with their family, they should look for cancellation benefits. These are certain benefits that certain user segments are looking for,” he explained.
“Then comes a new segment that is growing in importance after the pandemic, that is the student segment, because now students have started to travel. There are specific benefits that correspond to their needs like the loss of a laptop and sponsor perks and then there’s a perk that’s aligned with legal fees like if they’re fighting or brawling in one place so those are some unique perks that people who go for a student travel insurance can get,” he added.
What is the cost of all kinds of travel insurance plans?
Manas Kapoor: “It mainly depends on the geography, because let’s say the United States and Canada are, as a geography, a place where the medical costs are a little higher compared to countries like Singapore or Indonesia So the price of the product will be 2X or two and a half times in the US against someone traveling to Singapore.”
What types of claim structures do people need to know about travel insurance?
Manas Kapoor of Policybazaar.com said, “Travel insurance is not just a document for visa or care purposes. It is a benefit that the customer should have once they face a emergency when outside India or inside India.So the basic structure around claims is that they just need to inform their intermediary.They just need to inform that particular intermediary that they have such a claim. They need to understand what documents are required or the particular things that are needed for a particular thing. For example, in case of medical expenses or if the insurer is either admitted to a hospital or simply visiting a GP, it is very important to take with him the bills that are present and have an electronic copy and a hard copy with him so that he can deposit them with the insurer.”