3 Surprising Benefits Of Travel Insurance

Travel insurance, also known as visitor insurance or overseas medical insurance, is a special type of insurance plan, which can protect you from unforeseen emergencies, while travelling to a foreign country. Remember, an unexpected emergency - either medical or non-medical - can arise at any point of time during your trip abroad. So, understanding what is travel insurance along with its advantages and features is of key importance. The best travel insurance plan is invariably the backbone of every travel plan, ensuring complete peace of mind. In the face of globalisation, boundaries have shrunk and foreign travels have become more affordable. This has resulted in a significant increase in the number of globetrotters in India. Be it a frequent flyer, or someone who is going to a foreign destination for a vacation, a travel insurance plan is a must. There is, however, a section of people, who believe that travel insurance will drain their money and result in loss of time. This is far from the truth and the best travel insurance plan will protect your hard-earned money. What’s more? In the present era of digitalisation, you can easily buy travel insurance online from the comfort of your home. 

How To Buy Travel Insurance Online?

You can buy travel insurance online in a few simple steps:

• Log in to internet banking
• Enter the details about passengers and dates of travel
• Select the sum insured amount - ranging from $50,000 to $1 lakh 
• Make the requisite payment
• Congratulations! You have now availed of travel insurance

Types of Travel Insurance Plans: You can avail of two types of travel insurance policies:

1. Single round trip plan: This single trip plan is best suited for people travelling abroad for a one-time vacation. It provides coverage for up to 180 days from the date of travel. The policy covers the individual along with all family-members travelling alongside. You can buy this policy for travelling to any part of the world.
2. Multi-trip plan: This multi-trip plan is best for frequent flyers. It can provide coverage for 365 days from the date of travel, regardless of the region of travel. 

After knowing what is travel insurance, here is a look at its three surprising benefits:

1. Coverage for medical expenses: The best travel insurance will provide coverage for your hospitalisation and immediate medical expenses, if you contract any illness or sustain an injury during your foreign trip. It will also provide for dental treatment, in case of illness or injury to your natural teeth. You must, however, remember that any pre-existing disease, whether declared or undeclared, is not covered under the policy. Besides, this plan would cover the costs of expenses, resulting from you meeting with an accident. It also provides coverage for the policyholder’s sudden demise or permanent disability due to an accident. Another key advantage of the best travel insurance plan is that it provides for the cost of medical evacuation, in case of the policyholder’s illness along with the transportation expenses for repatriation of remains, in case of the insured’s untimely demise. 
2. Loss/delay of checked-in baggage: While on your trip abroad, you can face a situation where your baggage is lost or delayed. The best travel insurance plan will provide coverage for such inconvenience and loss. In case of the entire baggage being permanently lost by the carrier, the insurance company will pay the sum insured, as per the terms and conditions of the policy. For delay of checked-in baggage, the insurance company will provide a fixed allowance. Typically, a delay of six hours or more is considered for providing the allowance. 
3. Miscellaneous non-medical benefits: Apart from the above mentioned coverage, the best health insurance will provide you with a wide slew of benefits. This includes a trip delay, where you will be reimbursed for additional expenses incurred, in the case of the trip being delayed for more than eight hours. It also provides coverage for missed (connecting) flights, in case of delayed arrival of the earlier flight. It can also reimburse you the costs incurred in obtaining a new passport, if you lose your passport on your trip abroad. Trip cancellation and interruption because of a natural calamity or sudden death/hospitalisation of the policyholder’s immediate family-member is also covered under travel insurance. Here, the cancellation charges and transportation expenses for return will be borne by the insurer. You are also entitled to other benefits, like financial emergency allowance, compassionate visit allowance and hijack distress allowance. Many insurers also provide for person liability coverage, where you will be covered from any third-party claims, arising out of an accident. 

Conclusion

Thus, availing of the best travel insurance is a must before travelling abroad. It will act as a financial cushion against a wide range of sudden emergency situations. You can zero in on ICICI Bank's travel insurance plans, which are equipped with a wide slew of benefits such as cashless hospital treatment worldwide and lifetime renewal facility with zero upper age limit.

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