Why is travel insurance important for travellers?

Taking a break from your hectic schedule and travelling to one of your favourite locations is a wonderful experience. However, there can be times when you may face certain issues, such as baggage loss, medical emergencies and financial woes while travelling. This is when a comprehensive travel insurance policy comes in handy. Travel insurance safeguards you against unforeseen events that could spoil your trip. Here is a look at the importance of travel insurance and the many benefits it offers.

What is travel insurance?

Travel insurance is a comprehensive plan that covers unforeseen risks and losses that the policyholder may face while travelling. The plans can vary, depending on whether it is for an individual, family, student, or frequent flyers.

Coverage and benefits of a comprehensive travel insurance policy

A comprehensive travel insurance policy offers many benefits to policyholders. It covers unforeseen and difficult situations that a policyholder may face during domestic or international travel. The coverage and benefitsof comprehensive travel insurance include:

1. Baggage-related risks: In case you lose your passport or check-in baggage during the trip, your travel insurance will come to your rescue. Baggage-related coverage includes:

• Loss of personal documents: If you lose your passport in a foreign land, your insurer will reimburse the expenses incurred for getting a new or duplicate one.
• Delay in getting checked-in baggage:Is your baggage delayed and you have other plans for the day? Worry not as your insurer will reimburse the money you spend to buy the essentials until you get your baggage.
• Loss of check-in luggage: Fret not if you happen to lose your check-in baggage. Your travel insurance providerwill compensate you for the loss.

2. Medical emergencies: Any kind of medical emergency on a foreign land can cause immense stress and financial woes. This is when having a travel insurance policy helps. The medical-related coverage that most insurance companies offer includes:

• Cashless treatment facility:If you face a medical emergency during your trip, your travel insurance policy will help you avail of cashless treatment facility.
• Dental treatment: Dental expenses abroad can be expensive and may disturb the budget of your trip. However, you need not worry about your dental bills if you have travel insurance.
• Hospitalisation expenses: Travel insurance also covers hospital daily cash allowance to keep your trip funds intact. Apart from covering major medical expenses, the insurer reimburses petty expenses as well.
• Emergency medical evacuation: In case of a distressing situation, your insurer can help you reach the nearest hospital.

Apart from these, travel insurance also covers accidental death, permanent disability, and more.

3. Journey-related coverage: This includes-

• Personal liability:If you are accidentally liable for any damage caused to a third party in a foreign land, your insurer will compensate you for the incurred expenses.
• Financial emergency: In case of a theft or robbery, your insurer will provide you with emergency cash.
• Flight delay: Worry not if your flight is delayed. The travel insurance provider will reimburse you for the essentials you purchase in the meanwhile.
• Hotel accommodation: In case you have to extend your stay because of a medical emergency, the insurance company will pay for your extended hotel accommodation.

Conclusion:

Hence, a travel insurance policy is more like a friend in unfamiliar territory. No matter where you are, your insurer will offer all possible support in case of any travel or medical-related emergency. For instance, if there is a medical emergency, your insurer will help you find a network hospital where you can avail of cashless treatment. You can also choose a non-network hospital and file a claim later. Considering the importance of travel insurance, it is always wise to buy one, especially for overseas trips.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.