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What is Travel Insurance

Travel insurance is a policy that offers financial protection and medical coverage to travellers. It covers various risks and events, including trip cancellations, lost or stolen luggage, medical emergencies, and accidents. Several types of travel insurance policies are available in India, including single-trip, multi-trip, and annual policies.

When choosing a policy, it is vital to consider the specific needs of the traveller and the risks associated with the trip. Travel insurance is essential to any trip, as it provides peace of mind and protection against unforeseen events.


Benefits of Buying Travel Insurance

There are multiple reasons and advantages of buying travel insurance, and the most relevant ones are as follows

Financial protection

Travel insurance covers financial losses incurred due to trip cancellations or interruptions, lost or stolen baggage, and other unforeseen events.

Medical coverage

Travel insurance covers emergency medical expenses incurred while traveling, including hospitalization, surgery, and medication.

Peace of mind

Travel insurance offers peace of mind and eliminates the stress and worry associated with unforeseen travel events.

24/7 assistance

Most travel insurance policies provide 24/7 assistance for emergencies, including medical emergencies and travel assistance.

Personal liability coverage

Travel insurance provides personal liability coverage, protecting the traveller from any legal liability arising from accidents or other incidents while traveling.


Travel Insurance Products Include

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International Travel Insurance

This policy covers unexpected events that may occur during international travel, including emergency medical expenses, trip cancellations, and loss of baggage or passport. In addition to the standard coverage, some international travel insurance policies offer additional benefits such as coverage for acts of terrorism or natural disasters in the destination country. Some policies also offer emergency medical evacuation services, translation assistance, and legal assistance.

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Student Travel Insurance

This insurance is designed for students traveling abroad for higher education. It provides coverage for emergency medical expenses, accidents, and travel-related risks. Depending on the policy, student travel insurance may also provide coverage for academic interruption or study program cancellation, as well as for loss of study materials or personal items. Some policies may also offer coverage for mental health issues or pre-existing medical conditions.

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Family Travel Insurance

This product provides coverage for families traveling together, including emergency medical expenses, trip cancellations, and loss of baggage or passport. Some family travel insurance policies may offer coverage for children under a certain age for free or at a reduced rate. Additionally, some policies may offer additional coverage for pregnancy-related issues or for family members with pre-existing medical conditions.


Travel Insurance Coverage General Inclusions

Medical Emergencies

This includes coverage for unexpected medical expenses, hospitalization, emergency medical evacuation, and repatriation in case of a medical emergency while traveling. This coverage may also include pre-existing medical conditions if disclosed and approved by the insurance provider.

Trip Cancellation or Interruption

This coverage provides reimbursement for non-refundable travel expenses if a trip is cancelled or interrupted due to unforeseen events such as illness, injury, or natural disasters. Some policies may also provide coverage for cancelled or interrupted trips due to work-related issues or terrorism.

Baggage and Personal Belongings

This includes coverage for loss, theft, or damage to baggage and personal belongings during travel, as well as reimbursement for essential items in case of delayed baggage. Some policies may also cover loss or damage to electronic devices such as laptops and cameras.

Personal Liability

This coverage provides protection against claims made against you for accidental injury or damage to property caused to a third-party during travel. This coverage may also include legal fees associated with defending against such claims.

Trip Delays

This includes coverage for additional expenses incurred due to flight or trip delays, including accommodation, transportation, and meals. Some policies may also provide coverage for missed connections due to flight delays or cancellations.

Legal Assistance

This coverage provides legal assistance and advice in case of legal emergencies while traveling, such as arrest, wrongful detention, or legal disputes. This coverage may also include translation services for non-native speakers.

Emergency Assistance Services

This includes 24/7 emergency assistance services such as emergency medical assistance, travel information, and concierge services. Some policies may also include travel and medical assistance for family members or traveling companions.


Travel Insurance Coverage General Exclusions

Here is a list of general exclusions (things that are not covered under travel insurance)

Pre-existing medical conditions

Many travel insurance policies exclude coverage for pre-existing medical conditions, which are medical conditions that the traveller had before purchasing the policy.

High-risk activities

Travel insurance policies may exclude coverage for injuries sustained during high-risk activities, such as extreme sports, skydiving, and bungee jumping.

Intoxication

Injuries sustained under the influence of drugs or alcohol may be excluded from coverage.

Illegal activities

Travel insurance policies typically exclude coverage for injuries sustained while engaging in illegal activities.

Non-emergency medical treatment

Many travel insurance policies exclude coverage for non-emergency medical treatment, such as routine check-ups or elective procedures.

War or terrorism

Travel insurance policies may exclude coverage for injuries sustained in acts of war or terrorism.

Natural disasters

Some travel insurance policies may exclude coverage for injuries or losses sustained in natural disasters, such as earthquakes, floods, or hurricanes.

Non-medical emergencies

Travel insurance policies may exclude coverage for non-medical emergencies, such as lost or stolen passports or missed flights.


Myths about Travel Insurance

Some of the popular myths surrounding travel insurance are as follows

Myth One: Travel insurance is expensive and not worth the cost.

While the cost of travel insurance varies depending on several factors, including the type of policy, destination, duration, and age of the traveler, it is usually quite affordable and can be a lifesaver in the event of an unexpected emergency.

Myth Two: My credit card already provides travel insurance, so I don't need a separate policy.

While some credit cards offer travel insurance as a perk, it's important to read the fine print and understand the limitations of the coverage. It may not provide comprehensive coverage and may have restrictions on the type and duration of travel.

Myth Three: I don't need travel insurance if I'm young and healthy.

While being young and healthy may decrease the likelihood of needing medical attention while traveling, accidents and other unforeseen events can happen to anyone, regardless of age or health status. Travel insurance can provide peace of mind and protection against financial loss.

Myth Four: Travel insurance covers everything.

Travel insurance policies have exclusions and limitations that vary depending on the provider and policy. It's important to read the policy carefully and understand what is and isn't covered to avoid any surprises in the event of a claim.

Myth Five: I can buy travel insurance after an event and still be covered.

Travel insurance typically needs to be purchased before an event occurs to be covered. Waiting until after an event, such as a natural disaster or illness, may result in a denial of coverage or limitations on the benefits available.

Myth Six: Travel insurance only covers medical emergencies.

While medical emergencies are a significant reason for purchasing travel insurance, policies can also provide coverage for trip cancellations, lost or stolen baggage, trip interruptions, and other travel-related risks. It's essential to review the policy and understand the coverage provided.

Myth Seven: Airlines would compensate for delays and loss of baggage

The airlines can provide you with the facility to fly the next available flight in case of delays. In addition, the loss of baggage claims is often delayed and travel insurance could be the best possible support for a traveller.


Factors Affecting Travel Insurance Premium

Destination

The cost of travel insurance can vary depending on the destination, as some locations may be considered higher risk for certain events, such as medical emergencies or natural disasters.

Length of trip

Longer trips may result in higher premiums due to the increased likelihood of unexpected events.

Age

Older travellers may pay higher premiums and be considered at higher risk for medical issues or other unexpected events.

Health

Pre-existing medical conditions or chronic illnesses may result in higher premiums, as these conditions may increase the likelihood of medical issues during the trip.

Coverage amount

The coverage selected can affect the premium, as higher coverage limits may result in higher premiums.

Type of coverage

The selected coverage can also affect the premium, as policies that include additional coverage for activities such as adventure sports may result in higher premiums.

Deductible

A higher deductible may result in a lower premium, as the policyholder will be responsible for paying more out of pocket in case of a claim.


Documents You Need to Obtain a Travel Insurance

Here are the documents that one needs to obtain travel insurance

  • Passport:A valid passport is required to apply for travel insurance, as it contains important information such as the traveller's name, date of birth, and nationality.
  • Visa:Depending on the destination country, a valid visa may be required to apply for travel insurance.
  • Travel itinerary:A detailed travel itinerary may be required to include dates of travel, destinations, and activities planned during the trip.
  • Personal information:The traveller's information, such as full name, date of birth, contact details, and occupation, may be required.
  • Medical history:In some cases, the traveller's medical history may be required to determine the appropriate coverage and premium for the policy.
  • Previous travel history:Some insurance companies may ask for the traveller's previous travel history, including any past insurance claims.
  • Proof of payment:Proof of payment of the travel insurance premium may be required to complete the application process.

Procedure for Filing a Travel Insurance Claim

Here are the steps that one needs to take to file a travel insurance claim

Step One: Contact the insurance company/aggregator/agent

The first step is to contact the insurance provider immediately after the incident. Most insurance companies have a 24/7 helpline that can be used to report the claim.

Step Two: Provide necessary details

The insurance company will ask for specific information about the incident, such as the date, time, and location of the incident and any relevant policy details.

Step Three: Submit the claim form

The insurance company will provide a form that needs to be filled out and submitted along with any supporting documents, such as medical bills or police reports. The claim form can usually be downloaded from the insurance company's website.

Step Four: Provide supporting documents

In addition to the claim form, the insurance company will require supporting documents to process the claim. This may include medical bills, receipts, and other documentation related to the incident.

Step Five: Follow up with the insurance company

After the claim has been submitted, it's important to follow up with the insurance company regularly to ensure that the claim is being processed promptly.

Step Six: Await the claim decision

The insurance company will review the claim and decide whether to approve or deny the claim. If approved, the insurance company will provide the appropriate compensation.


Why should you choose Policy Leader

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Instant Claim Support*

We offer instant claim support to our customers, making the claim process quick and efficient. Our dedicated team of professionals is available 24/7 to assist customers with any queries during the claim process.

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Schedule a Home Visit with Our Advisors

Our team of advisors understands that each customer has unique travel insurance requirements. We offer personalized one-on-one consultations to discuss our client’s specific needs and suggest an insurance solution that suits their budget and coverage requirements. Customers can also schedule home visits with our advisors for further assistance.

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Customised 1:1 planning

Policy leader offers customized 1:1 planning to ensure that the policyholders get the best possible coverage as per their specific requirements. Their experienced advisors analyse the policyholder’s needs, assess their risk profile, and suggest the most appropriate policy options that offer comprehensive coverage at affordable premiums.

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Multiple Insurers Under One Roof

We work with multiple insurers and offer a range of travel insurance policies, ensuring our customers have various options. Our expertise in the industry and our status as leading insurance brokers across the country allow us to provide our clients with the most comprehensive travel insurance solutions.

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Compare & Save upto 85%*

On Travel Insurance

*Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.

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