Travel insurance

Know about Travel insurance.

Travel insurance
Just because travel can pose a few risks, we do not stop travelling. Instead, we identify and assess possible risks and manage them suitably. When travelling overseas whether for business or pleasure or both, make sure that you buy travel insurance to cover your risks. Make your business trips or vacations safe and memorable by buying travel insurance before commencement of travel.

Why Buy Travel Insurance
Travel Insurance offers insurance protection while you travel. Travel Insurance may be called by different names by insurance companies. It is important for you to check and understand whether the policy covers domestic travel or overseas travel or both. Travel Insurance protects you and/or family against travel related accidents, unexpected medical expenditure during travel, losses such as baggage loss, loss of passport etc and interruption or delays in flights or delayed arrival of baggage etc.

What Travel Insurance to Buy
The Scope of Cover and Benefits offered by different insurance companies would vary. You must shop around to ensure that you purchase the best travel insurance policy that you need. The following are covers that are generally provided under Travel Insurance- though the combination may vary. The list, however, is not exhaustive.
Medical Expenses with or without cashless facility (most travel insurance products offer cashless facility)
Personal Accident
Loss of Baggage
Delay in Baggage arrival
Loss of Passport
Travel Delay
Transportation of dead body etc.
The Sum Insured offered may vary and so would the premium rates, which would depend on the country in question, apart from other factors such as Age, Period Of Travel etc.

You must go through the exclusion clauses very thoroughly. Ask your insurer and/or agent or broker for clarifications wherever you have a doubt. In general, the following are not covered in an International travel insurance policy:
Pre-existing diseases
War Risks
Suicide and Insanity
Hazardous Sports
There could be some exclusions relating to personal effects.

It is also very important for you to understand what to do in case a claim situation arises abroad. Generally, international travel insurance policies provide hotline numbers where intimation of claim/s should be given. You must also notify the concerned authorities involved e,g, local police, embassy, transportation company etc, as applicable. The insurer should also be notified. Normally, every International travel insurance policy docket will also contain a claim form as you will be away in a distant place and may not be in a position to obtain a claim form immediately.

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