scorecardresearchBefore you fly abroad, make sure your travel insurance is geared to keep

Before you fly abroad, make sure your travel insurance is geared to keep you safe

Updated: 09 Aug 2022, 03:29 PM IST

While there has been a considerable increase in the number of people travelling abroad post-pandemic, we elucidate the key factors policyholders should keep in mind before they choose an insurance policy

Travel insurance experts say that the sum assured is one of the factors that need to be kept in mind before choosing a policy 

Travel insurance experts say that the sum assured is one of the factors that need to be kept in mind before choosing a policy 

Seen as a ‘revenge’ travel, a large young population in India – just as elsewhere -- has started travelling more than ever. After two years of being homebound during the COVID, young people have started travelling vigorously in an apparent bid to make up for the lost time.

No wonder then there is reportedly an increase of 76 percent in India’s travel insurance on international travels post-pandemic, states a recent research by ICICI Lombard. The research also says that 94 percent of those planning to travel overseas will subsequently buy travel insurance for their trip.

At times, travellers rely on their travel agents for buying travel insurance policy as a complementary feature assuming that they wouldn’t need this since it is meant for an exigency, which is not going to arise any way. At least, this is what they believe!

But they should not.

“Once perceived to be not so important, travel insurance is now a necessity. Customers are increasingly cautious and seek adequate medical cover, including COVID-19 cover for overseas trips,” said Sanjeev Mantri, executive director, ICICI Lombard General Insurance.

“Our research indicates that the outbreak has raised awareness of the importance of travel insurance. Before the pandemic, only 50% of international travellers purchased travel insurance, but after the pandemic, that number has risen to 76%,” Mantri adds.

Medical emergency

It is imperative to note that travel insurance covers medical reimbursement in case of hospitalisation of policy holder. Policyholders can assess the policy on the basis of the size of network of hospitals accepting the insurance. In a foreign country, policyholder should be able to approach a network hospital for emergencies.

Abhishek Misra, chief executive officer and principal officer, Bonanza Insurance says “International travellers must buy travel insurance separately. And before choosing a policy, they should keep in mind the period of stay and the sum assured that may vary based on the health condition of traveller. If a medical need arises then he should make sure that the travel insurance would be large enough to cover the expenses arising out of it.”

He further adds, “There are other common features such as delay in getting the baggage and missing of flight. So, one can compare the features and check the premium before choosing the policy.”

To include daredevilry acts

If you are planning to take part in diving, surfing or paragliding, then one should buy a specific adventure sports travel insurance policy instead of a vanilla travel insurance policy.

One should not assume that the travel insurance would automatically cover all eventualities including injuries caused due to surfing or snowboarding.

“Some travel insurance policies cover adventure sports. While they might not have them under their umbrella as an in-built cover, but as add-ons,” says Naval Goel, Founder and CEO of PolicyX.

Also, medical complications arising out of pre-existing diseases may be turned down in case they are not added to the policy.

So, policyholders should opt for a wide-ranging insurance policy that addresses your specific needs.

Finer details of taking travel insurance during pandemic.
First Published: 09 Aug 2022, 03:29 PM IST