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All You Need To Know About Travel Insurance

10 September, 2018

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Most of us are familiar with life, health, and motor insurance, but are not so familiar with travel insurance. If you have traveled abroad, then perhaps, the travel insurance would have been covered as part of your itinerary and would have done by ticketing agent as it is mandatory. However, travel insurance is applicable for your travel within the country as well.  Presuming that nothing will go wrong while traveling within your country may not also be a good thing.

Having travel insurance can help you reduce the liabilities and risks associated with travel. Especially, if you consider the train travel, loss or theft of baggage is quite a possible scenario. Airlines have also been known to misplace your luggage, etc. Hence, it is good to know that you have options of taking on travel insurance to counter these scenarios.

Various travel insurance policies

Domestic travel insurance provides you with coverage for any possible medical emergencies, permanent disability and death, checked-in lost/stolen baggage, travel delays and any other mentioned personal liability.

International travel insurance coverages include comprehensive medical expense coverage, baggage lost/delayed, hijack and delays in travel, any repatriations/evacuation to India, and loss of travel documents/passport, etc.

Student travel insurance is availed by such students who take admission in educational programs in universities abroad. This is rather easy travel insurance to process and includes medical expenses, loss of passport, and study interruptions.

If you are traveling as a group, you may check on the group travel insurance options rather than the individual ones, to save on the premiums. This can even be a family travel insurance for members of the same family.

For senior citizens aged between 61to 70 years, there is a separate travel insurance policy that can be taken. This includes medical expenses including dental treatments, cashless hospitalization and the other travel associated coverages like loss of baggage, etc.

Insurance Providers

A few of the travel insurance providers in India are:

  • SBI Travel Insurance
  • TATA AIG Travel Insurance
  • Bajaj Allianz Travel Insurance
  • HDFC ERGO Travel Insurance
  • Bharti AXA Travel Insurance
  • Apollo Munich Travel Insurance

There are a few more that are not listed here as well.

Train travel

Earlier in India, the IRCTC, the provider of all the online services of Indian Railways had provided free travel insurance to all its customers, who had booked tickets online through their website. This was done so that the customers are aware of travel insurance, and also to encourage online ticket booking. However, there was news in the past two days that now IRCTC will be charging 92 paise per ticket for the same and has tied up with  ICICI Lombard General Insurance, Royal Sundaram General Insurance, and Shri Ram General Insurance to provide the same. This applies to all tickets in the sleeper, AC, and chair car categories.

The customer (nominee) will get paid Rs 10 lakh in the case of death and 7.5 lakh in the case of partial disability. This compensation will be over and above the ones provided by the government in case of any crisis/accidents, etc. Injured will be paid Rs 2 lakh as well.

Air travel

Almost all airlines provide you an option to choose the travel insurance when booking the tickets, for which you have to pay a little extra. If you are traveling domestically, your life and health insurances, already available may cover certain conditions that can occur during travel concerning health and medical expenses. But it certainly will not cover the loss of baggage, delays, cancellations, etc. Hence, to be on the safe side, and to have peaceful and pleasant travel, you may choose to opt for the travel insurance.

As recent as last month, a lot of trains and flights in and out of Kerala were rescheduled, delayed or canceled due to the devastating floods that happened in the state. Many people were left stranded across the state. That is just an example of why one needs travel insurance to cover such contingencies.

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