Traveling is one of the most exciting activities; we all want to travel across our dream destinations at different ages. But, this endeavor may sometimes bring some bad experiences instead of good ones. In such difficult times, good travel insurance can play an important role.
Whether planning a world tour, your destination wedding, or even a few days trip to some holy place in another state, travel insurance will save you from any financial burden in case of mishaps.
What is Travel Insurance?
Travel Insurance is a security cover you can take before going on any trip. This type of insurance is well-designed to provide you a cover for financial losses and risks while traveling.
As per the ICICI Lombard Report , 94% of the people planning a trip have intended to purchase travel insurance in the upcoming days.
What does travel insurance Cover?
Travel insurance equips you with coverage against variety of risks while traveling; it covers you in case of an illness, accident, or delays in train or flight, and travel insurance covers everything, whether you just miss your bag on the way. Here are a few things covered in travel insurance.
- Trip delays and cancellations
- Accidents/ Illness and medical emergencies
- Death and Disability of insured person
- Hijacking and Emergency Rescue
- Lost Baggage
- Theft
- Passport loss
What are the Various Types of Travel Insurance?
Various types of travel insurance are available in the market. Before planning any holiday or business trip, tick the most important ones. Below is the list of such crucial insurances:-
Based on the geography of the trip
- Domestic Travel Insurance
The domestic travel insurance protects you in case of financial crisis if you travel within your country's borders. Domestic travel insurance is just 5.5% of the total trip expenditure, so post-COVID, there has been a 111% jump in travel insurance purchases.
- International Travel Insurance
This travel insurance protects you from any risk if traveling across international borders. So, if you are going on a honeymoon to Europe, you must take a security cover with international travel insurance. As per Business Standard, roughly 25% of people purchase insurance coverage before 30 days of departure.
Insurance Based on the number of people on the trip
- Individual Travel Insurance
If you are traveling alone, whether for a solo trip or on a business meeting, no matter whether nationally or internationally, individual travel will provide you with a cover in case of any emergency or loss.
- Group/Family Travel Insurance
- This type of travel insurance is helpful when two or more people are traveling together in a group. The insurance will cover the damage that occurred to any member of the group.
Based on the duration of the trip
- Single Trip Travel Insurance
This type of travel insurance covers only one trip from the departure country. For example, if you start from India and land in Bali, you take another flight, go to Japan, and return to India; in this scenario, if you go through any unfortunate loss, it would be covered by single-trip travel insurance. This insurance is best suited for people who travel once in a while.
- Multi Trip Travel Insurance
This travel insurance is best suited for those who travel frequently, like multiple times a year, so it provides coverage in case of loss on any trip. For example, you departed from Mumbai, India, to Singapore, returned to India, and again went to Australia. So, if you face any loss while traveling, those losses will be covered by the multi-trip travel insurance.
Based on the other aspects of the trip
- Baggage Loss
This travel insurance covers your financial loss if you lose your baggage while traveling. If you travel abroad with too much luggage, add baggage insurance to your budget.
- Flight Delay and Cancellation Insurance
This travel insurance is the most purchased in all travel categories. It covers you in case your flight/train gets delayed, or your hotel booking or any pre-booking gets canceled; no matter the reason for a storm or technical issue, you will have all your finances covered with this type of insurance.
- Student Travel Insurance
This travel insurance provides extraordinary financial coverage to students pursuing higher education abroad.
- Senior Citizen Travel Insurance
Unique travel insurance covers losses while traveling to senior citizens only. It is specially designed for people traveling above the age of 60.
What are the Main features of Travel Insurance?
There are various factors on which you can categorize insurance. Here are the four main features of travel insurance that you must consider.
- Premiums:
It is the cost of the insurance that you generally pay in the form of SIPs or one-time payments to ensure that full coverage is provided to you when required by the provider. This is the most crucial feature, as you will get different benefits with different premiums. The best one will be one with low premiums and high coverage.
- Coverage:
While choosing travel insurance, you must look for the coverage a particular policy provides and whether it fulfills your needs for the upcoming journey.
- Exclusions:
They are the situations and particulars not covered in your insurance coverage. So, check all the exclusions before finalizing any travel insurance. For example, in most insurance plans, only some diseases are covered. Major health issues are not provided with financial aid in case of mishap.
- Claim Process:
Ensure you have gone through the complete process to claim travel insurance to avoid chaos in an emergency.
Which is the Best Travel Insurance In India?
Below, we have shared the five best travel insurance for 2024:
Care Insurance International Travel Insurance
CIGs Travel Insurance is one of India's best term insurance company. Its travel insurance provides complete coverage if you plan a cross-border trip from the Indian subcontinent.
Features:
- COVID-19 coverage provided.
- Coverage for Pre-existing medical illness.
- Cancellation Allowed
- Best for family trips.
Tata AIG Travel Insurance
TATA AIG is a great option for those planning a single trip or a multi-trip across borders. It is provided by one of the most trustworthy brands and also the best health insurance company in India.
Features:
- COVID-19 coverage.
- International single and multi trips.
- Medical coverage in case of death.
- Cancellation available.
Bajaj Allianz Travel Insurance
This is another good option for buying travel insurance, especially if you are a student or a small family.
Features:
- COVID-19 coverage.
- Coverage for Home Burglary.
- Coverage for Study delays in foreign
- Cancellation Available.
Apollo Munich Travel Insurance
This insurance is best for individuals and senior citizens planning multiple trips within a year.
Features:
- It covers baggage loss.
- Provides Medical coverage.
- For Senior citizens, families, and individuals.
- Cancellation Available.
HDFC ERGO Travel Insurance
HDFC ERGO travel coverage is designed for the robust needs of Indians. It is best for those planning a business trip or a solo trip.
Features:
- It covers baggage loss and theft.
- Provides Medical coverage.
- Dental coverage in case of emergency.
- Cancellation Available.
The list does not end here; there are many options available that you can explore, like Religare Travel Insurance, Reliance Travel Policy, etc., for senior citizens.
Travel insurance is now a compulsory thing you must have before going on a national or international trip, whether you are traveling alone, with family, or on a business trip. Which travel insurance to buy depends on your needs, destination, duration, and other factors, including your age, budget, and much more. Explore all available options with their basic features and get the best one.
