scorecardresearchGoing on a holiday? Don’t skip travel insurance; Here's are some key reasons

Going on a holiday? Don’t skip travel insurance; Here's are some key reasons

Updated: 12 Nov 2022, 10:26 AM IST
TL;DR.
While the Covid graph has considerably declined, new viruses and variants continue to pose threat to the health and safety of travellers. This makes travel insurance a vital add-on to your travel checklist. Hence, if you plan to watch your favourite teams play live in action, here’s all you need to know about travel insurance.
Great Keppel Island Hideaway restaurant sits near erosion protection measures, giant sand filled bags, off the coast of Queensland in eastern Australia on Wednesday, Nov. 9, 2022. Tourism in the area is driven by access to the Great Barrier Reef which has been hard-hit by marine heat waves and cyclones driven in part by climate change. (AP Photo/Samuel McNeil)

Great Keppel Island Hideaway restaurant sits near erosion protection measures, giant sand filled bags, off the coast of Queensland in eastern Australia on Wednesday, Nov. 9, 2022. Tourism in the area is driven by access to the Great Barrier Reef which has been hard-hit by marine heat waves and cyclones driven in part by climate change. (AP Photo/Samuel McNeil)

After following prolonged social distancing norms post-pandemic, the fans and the sports teams can finally be seen reunited at the stadiums. Sports like cricket and football are in the big leagues in India and enjoy a massive fan following.

While Covid might have temporarily forced people to watch the match on screen, the avid fans have once again found their way to the stands. Especially with some of the most anticipated tournaments, like the FIFA World Cup scheduled for November 2022 and the ICC Men's T20 World Cup already in play, it is time for a full house in stadiums.

Unfortunately, the safety concerns, especially with foreign travel, haven’t completely vanished. While the Covid graph has considerably declined, new viruses and variants continue to pose threat to the health and safety of travellers. This makes travel insurance a vital add-on to your travel checklist. Hence, if you plan to watch your favourite teams play live in action, here’s all you need to know about travel insurance.

Understanding travel insurance

With India shining at the T20 World Cup tournament, Indians are all the more excited to support their team live. However, it is essential to be cautious, especially when on foreign land. Thus, purchasing a travel insurance policy can protect you from unexpected contingencies that may cause added financial and mental stress during domestic and international travel. Though the plan is a mandatory visa requirement for specific countries, it holds more value than merely complying with the rules.

For instance, most plans offer protection against unexpected medical expenses, flight delays, loss of luggage, and loss of cash or passport. Additionally, since the infectious COVID-19, the IRDAI has also directed insurance companies to shield travellers against the existing and potential variants by treating them as medical emergencies. 

Buying the right policy

There are many types of travel insurance policies, and purchasing the one that caters to your requirements is essential. Here’s what you can choose from -

Single-Trip travel insurance plans

Choose this policy if you want insurance that covers one specific trip for the designated days or until its expiry. As the name suggests, this policy covers a single round trip.

Multi-Trip travel insurance plans

If you are a frequent flyer or a follower of different sports, you might want to opt for this policy. This plan will safeguard you for a year from the date of the initiation of the policy. Regarded as the most convenient and cost-effective option for those who travel often, this policy usually covers 30 to 90 days per trip.

Multi-member travel insurance

Leisure trips like watching a live match are often planned with family. And that’s where multi-member travel insurance, often called family travel insurance, comes into the picture. This plan provides coverage to all family members during domestic or foreign travel. This policy makes more financial sense as it costs less than individual travel insurance for each member.

On the other hand, they are also more comprehensive than floater plans as multi-member travel insurance provides better coverage with a specific sum assured designated for each member.

Senior citizen travel insurance​

The love for sports goes beyond age, so cover yourself with this plan if you are between 61 and 99 years old. Along with regular travel insurance coverage benefits, this protects against ICU costs and pre-existing conditions. One should make sure that they declare the PED or any health concerns clearly at the time of purchase.


Common benefits of travel insurance

  1.  Luggage Benefits: Covers baggage costs in cases of loss, burglary, or theft during an emergency evacuation or any other mishap. It also covers misplacing passports, important documents, cash, etc.
  2. Cancellation/Delay Benefits: Travel insurance companies will reimburse you for any cancellation or delay caused by weather, strikes, or other reasons. The policy will also provide benefits like compensation for clothing or food and emergency cancellations.
  3. Medical Benefits: This insurance shields you from expenses incurred during health emergencies like fees, hospital bills, ambulance charges, etc. Cashless hospitalization is also achievable within impanelled hospitals. Additionally, a claim can be filed for medical costs incurred in case of death or disability.

Exclusions

A travel insurance policy includes exceptions, like casualties due to adventure sports, the influence of alcohol, drugs, etc., that are not covered. Costs incurred on Ayurvedic treatments, homoeopathy, cosmetic surgeries, self-inflicted injuries, or suicides.

You can't file a claim if you misplace belongings due to their being unattended. The policy will become void if travelling to prohibited or uncovered destinations or war-prone regions. Also, planned hospitalisations are not covered under travel insurance, only medical emergencies are eligible for claims.

Amit Chhabra, Head - Travel Insurance, Policybazaar.com

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Finer details of taking travel insurance during pandemic.
First Published: 12 Nov 2022, 10:26 AM IST