If there is one thing that most of us love to do, it is to travel and explore the world. Travelling is no longer limited to visiting places. It is about exploring the untapped, often overlooked parts of the world. But what if your dream vacation becomes a nightmare due to loss of baggage or a medical emergency? So, when going for a trip, you must pack the best travel insurance along with your sunglasses and camera. No matter how unnecessary it feels, buying travel insurance online is important. Since it is such a significant part of your vacation, here is an easy guide on how to buy travel insurance online in India.
What is Travel Insurance?
Travel insurance is to travel what a warranty is to your brand-new air conditioner. Just like a warranty provides coverage for any damage, a travel insurance policy covers you for cancelled or delayed flights. It also provides coverage for loss of baggage and loss of passport.
Not just this, if you can unfortunately not make it to the trip you’ve wanted to go for months, travel insurance will also reimburse your trip cost.
Why Is Travel Insurance Important?
When you travel abroad for business or leisure, would you want an unforeseen circumstance to ruin your journey? Obviously no. Mostly, there is no sense of control over any unforeseen circumstances that might take place, like losing a passport or getting injured. However, you can have a safeguard against incurring any financial losses suffered due to possible unforeseen circumstances. Hence, be sure to purchase a travel insurance policy whenever you plan to travel abroad.
Features & Benefits of Travel Insurance
When buying aeroplane tickets, you come across an add-on section, which is travel insurance. We often skip this section and move right to the payment page.
Sounds familiar, right?
But before you skip this add-on, won’t you want to know what you’re losing? Take a walk through the benefits of travel insurance and determine if buying digital travel insurance is beneficial.
Covers Medical Emergencies
Diseases come without warning. Plus, falling sick in an unfamiliar zone can be exhausting. When you buy travel insurance online, you get covered for expenses related to medical emergencies.
Covers Loss/Delay of Luggage
An unfortunate loss or delay can happen to anyone. The good news is that travel insurance offers monetary assistance when things go south with your baggage.
Provides Cancellation Refund
You can be too excited about the trip but still, need to make end-minute cancellations due to personal challenges. In that case, you would want the money paid for flight tickets and accommodation back.
With the best travel insurance policy, you can get a cancellation coverage provision. It will ensure that if you cancel your trip for legitimate reasons, you will get adequate compensation.
Allowance for Cash Crunch
Imagine getting robbed in a foreign land. Sounds scary!
Unfortunately, thefts are common in every part of the world. But when you buy travel insurance online, the insurance company provides fixed cash to manage such situations.
Accidents can happen anytime, anywhere. And if you end up hurting a third party, get ready to fight legal charges. Or even better, get travel insurance online, and the insurance provider will provide the legal expenses on your behalf.
- Travel insurance covers you for loss of baggage, delayed flight, loss of passport, etc
- There are different types of travel insurance policies
- The cost of travel insurance is 4-12% of the total cost of the trip
- It is important to declare pre-existing conditions to the insurance provider before taking travel insurance
Types of Travel Insurance Plans in India
Domestic Travel Insurance
Domestic travel insurance especially designed for people intending to travel within the country.
International Travel Insurance
Provides the benefits of domestic insurance along with safeguarding against flight hijack, repatriation to India, etc.
Group Travel Insurance
Helps save plenty of premiums by providing coverage for a whole group of people.
Senior Citizen Travel Insurance
Besides offering the advantages of travel insurance, senior citizen travel insurance also provides coverage against dental treatments and cashless hospitalization.
Medical Travel Insurance
Specially designed to cover the expenses arising from healthcare-related concerns.
Single Trip Travel Insurance
This type of travel insurance retains its validity till the time you are on a trip. It covers medical as well as non-medical expenses.
Multi-trip Travel Insurance
This travel insurance provides extended coverage so frequent flyers don’t have to buy travel insurance again.
Student Travel Insurance
This travel insurance covers medical expenses, study disruption, baggage-related risks, etc. It is a unique mix of health insurance and international travel.
Pregnancy Travel Insurance
This travel insurance covers losses following unforeseen pregnancy complications.
Did You Know?
In 2018, India’s travel insurance market was valued at over $80 million. The travel insurance sector in India accounts for less than 1% of the global travel insurance industry.
Eligibility Criteria for Travel Insurance
Travel insurance has diverse types of plans under its hold; naturally, eligibility criteria and age limit also differs throughout these policies. Attributes here differ across policies, and so does eligibility.
- Family Travel Insurance Plan: It covers two adults up to the age of 60 years and their two children up to 21 years of age.
- Student Travel Insurance Plan: Students between the age of 16 to 40 years can buy this plan for studying abroad.
- Senior Citizen Travel Insurance Plan: This plan is for seniors up to 85 years of age.
- International Travel Insurance: It offers coverage for two adults up to the age of 60 and two children up to 21 years.
What Documents Do You Need to Buy Travel Insurance Online?
While you may know when to make a claim, you may not know what documents you need to do that. We’ve got you covered.
- Claim Form – You must fill out an offline or online claim to initiate the settlement process.
- Policy Document – The policy document has important personal details. It also has dedicated numbers that verify that the policy is yours.
- Identification Proof – Some insurance companies might also ask for identification documents like a passport or aadhar card.
- Trip Tickets – You might be required to submit trip tickets in case of International travel insurance. It comes in handy when making a claim regarding trip delays and cancellations.
- FIR – You need to file an FIR to make claims related to theft or baggage. You need to collect detailed reports from allocated police officials.
- Hospital Bills – In case of an accident, you must also submit hospital bills. This is applicable if you want to go for a reimbursement claim instead of a cashless one.
Top Companies Offering Travel Insurance in India
|List of Companies Offering Travel Insurance||Key Features|
|TATA AIG||Covered for covid 19 Get instant policy without a medical test, Automatic extension in case of a lockdown|
|Bharti AXA||Allowance for hijack distress Includes medical emergency evacuation, Loss of checked-in baggage|
|IFFCO Tokio||Coverage for loss and delay of baggage Personal accident and personal liability coverage Provides expenses incurred due to loss of passport|
|Aditya Birla||Covers medical and hospitalization expenses, Including trip delay/cancellation, Automatic policy extension|
How Much Does Buying Travel Insurance Cost?
Determining the cost of travel insurance is no complicated math!
It majorly depends on the risk associated with your trip. The higher the risk, the higher will be the premium amount. But if you’re looking for an exact figure, nobody can tell you that. This is because the premium amount depends on several factors.
Generally, the cost of travel insurance is between 4-12% of the total trip cost. For example, if the cost of your trip is 1 lakh, then the policy will cost you somewhere between 4k – 12k.
Why Should One Buy a Travel Insurance?
Travel Insurance safeguards you and/or your family against things like travel-related accidents, unexpected medical expenditure during travel, delayed or interrupted flights, loss of baggage or passport, etc. Anything that melts down to the point of travel inconvenience is why you should be backed with the right support in times of need.
How to Choose the Right Travel Insurance?
Travel insurance is often overlooked since people tend to assume ‘what can possibly go wrong.’
Truth be said, there is no lack of things that can go wrong on vacation. So, you need a financial cushion to manage the unexpected expenses that might befall you during your trip.
Here’s how you can choose the right travel insurance policy.
Compare Options Before Choosing
When Rahul and Varun went on a trip, they wanted to buy a travel insurance policy. While Rahul researched and compared several policies, Varun went ahead to buy the very first policy that his travel agent suggested.
So, Rahul could tailor the policy to his needs and save some bucks, but Varun didn’t get better coverage. Resist the temptation to choose the first travel insurance policy you come across.
Evaluate the Cover
Before you take a particular travel insurance policy, make sure to evaluate the level of coverage you need. Choose the cover depending on the trip’s duration and activities planned.
For example, you can opt for a policy with low coverage in case the trip does not involve risky activities. But if you are going to experience thrilling activities, it is best to get high coverage.
Declare Pre-Existing Conditions
Before taking travel insurance online, declare pre-existing conditions to the insurance company. This can result in two possibilities. Either the premium amount will increase, or the company will turn down your request for the travel policy.
And don’t think that not telling the insurer about pre-existing conditions will do you any good. If you end up making a claim, it might be considered invalid.
Look for Feedback
Don’t we tend to trust the actual customer more than the company? Read through the customer reviews and testimonials to get a fair idea of how effective the policy is.
You can also ask for recommendations from your friends and family regarding travel policies.
Tips to Reduce Premium on Travel Insurance
Now that you’ve decided to buy travel insurance online let us tell you a few secrets to reduce the travel insurance cost.
Get Your Insurance Early
Travel insurance policies and travel go hand in hand. So, it is best to buy a travel insurance policy as soon as you book a trip. This way, you will get all the benefits. Plus, you will also have time to alter your existing plans.
Customize the Coverage
Do not settle for standard coverage offered by insurance companies. Your insurance requirement might be very different from others.
So, it is best to get your travel insurance policy customized. This way, you will only pay for the coverage you require without paying extra money.
Purchase Travel Insurance Online
The traditional method of buying insurance involves hiring an agent. You will also need to deal with a lot of paperwork. Most importantly, it is difficult to compare policies online.
The better alternative is to buy travel insurance. It saves you from tedious paperwork, eliminates agents, and is monetarily beneficial.
Also Read: Travel Medical Insurance
Word to Remember
When the insured informs the insurer about the treatment ahead of time, pays the hospital directly for the charges, and then files a claim for reimbursement within 15 days of discharge, it is called a reimbursement claim.
Even a carefully planned trip can go haywire. But we are sure you don’t want to explore novel places with worries. It can lead to financial losses and leave you stranded in a foreign country.
Let travel take you out of your comfort zone and inspire you to experience new things. But don’t forget to insure your experiences with a travel insurance policy. Now that you know how to buy travel insurance online, don’t let anything stop you from taking that trip.
Read More: What is Overseas Travel Insurance?
Travel insurance is an important part of travelling. It acts as a financial safety net against the risk of incurring expenses while safeguarding other travel-related emergencies.
Buying travel insurance online is easy. You need to answer a few questions and get a quote from the insurance provider. Then, you must read your policy carefully, decide if the coverage is sufficient and buy the policy.
You must buy travel insurance as soon as you’ve booked your trip. This is because you may have to cancel your trip at the last minute, and travel insurance will reimburse you for the same.
Yes, you can cancel travel insurance. All travel insurance plans come with a review period in which you can understand the coverage, review the policy, and decide if it meets your needs. But if you’ve already started the trip, you cannot cancel the policy.
An insured person here means anyone over the age of 3 months and until 70 years old.
Multi-trip travel insurance provides extended coverage so frequent flyers don’t have to buy travel insurance again.
Employees who travel for work are putting themselves at risk for the sake of business. Due to this, organisations are investing time and money to safeguard them from the unplanned turn of events having the potential to disrupt their business.
When travel insurance is taken out, there is a choice between a short term and an annual variant. If you travel more often or longer, annual travel insurance should be the cheapest option.
A travel insurance premium calculator will help you figure out how much money (premium) you need to pay for your travel insurance plan.
Usually, online travel insurance policies tend to be more reasonably priced as compared to policies purchased offline, due to the absence of intermediaries. But, moving hastily may incur losses, it is essential to keep certain factors in mind.
Max Life Insurance is the best company to buy travel insurance in India.
When your tour operator cancels the trip, Warfare/Mass chaos, Pre-existing ailments, Sporting injuries, etc.