Purchasing Travel Insurance!

By Kishore Sabareeshan | September 7, 2018

Want to know how to pick the right Travel Insurance plan for your upcoming holiday? Read on and find out how to choose the right policy for your needs; it’s easy!

Purchasing travel insurance

Ok, quiz time?

What are the first things that flash in your mind when you think of travel?

If you answered ‘adventure’, ‘fun’, or ‘relaxation’, you’re probably an optimist like most people who are looking forward to switching to vacation mode!

While there’s nothing wrong with this, your optimism can be balanced with a hint of realism to make your travels safe and secure. As a realist, you’ll not only think of the fun elements of your upcoming trip but also look at the flipside, purely as a cautionary measure, not as a party pooper.

Why should I?

Well, though we really wish you a hassle-free trip, there’s still a very slight chance that you may face minor hiccups on the way. In order to give you peace of mind during your travel, we suggest you stay protected from these hiccups and enjoy peace of mind. Sounds good, right?

If you’ve probably guessed by now, we’re talking about getting Travel Insurance. Over the years, people have misunderstood Travel Insurance in more ways than one. Don’t worry though. We’re here to give you simple, clear information that will make you a pro at not only understanding Travel Insurance but also deciding which plan to choose for your upcoming trips.

Since you’re already reading this, we presume you’re interested in buying a Travel Insurance plan.

How do I purchase it?

Just read on – we’ll take you through the whole procedure without making it sound drab; promise!

First things first, let’s talk about eligibility. Each plan has its own eligibility criteria, so let’s take things one at a time!

Family Travel Insurance – Plans under this cover two adults up to the age of 60 years and two children up to the age of 21 years. Usually, you can avail floater benefits with this plan.

Student Travel Insurance – A majority of plans accept students anywhere between 16 and 40 years of age. You could consider this plan if you are going abroad to pursue higher education.

Senior citizen Travel Insurance – This one’s for the old-timers. These plans cover the age group of 60-85 years. Most importantly, for these plans, insurance companies do not subject applicants to medical tests.

Now that we’re clear about eligibility, let’s try and understand what you need to consider buying a Travel Insurance plan.

Additional Reading: Why You Should Never Go On Vacation Without Travel Insurance

Where are you headed?

Your destination plays a role in determining the sum you’ll be insured for. Typically, premiums are high for places where health costs are expensive.

How long is your trip going to last?

Naturally, the longer your stay, the higher the premium. This is why many frequent flyers choose to get an annual multi-trip policy and save money! These plans are usually valid for a whole year. There are no restrictions on the number of trips you can take within the year.

Additional Reading; Why A Multi-Trip Travel Insurance Is A Good Option

What’s my trip going to be like?

Say, there are two friends, A and B. A is off on a leisure holiday. So he’s probably going to be doing a lot of sightseeing, eating and chilling out. On the other hand, B is travelling to feed his adrenaline rush by trying out a line of thrilling adventure sports activities like scuba diving or bungee jumping.

Do you think both these personalities can take the same Travel Insurance policy? No, sir! A and B will have to do their homework and find a Travel Insurance plan that will specifically cover them according to the activities they’re about to engage in.

How a Travel Insurance premium is determined

Your Travel Insurance premium depends on six different factors.

Age and general health – Any pre-existing illness that is tied to an undesirable habit like smoking or drinking will strictly not be covered

Sum assured – Higher the summer, bigger the premium; simple as that

Plan type – Single-trip, multi-trip, etc

The other three factors are things we’ve already discussed – your travel destination, travel duration and extent of coverage.

Here are some Travel Insurance plans provided by leading insurance companies. Please note that the numbers here are subject to change. Therefore, it’s better to check with the company before you go ahead and apply!

Additional Reading: 6 Travel Insurance Myths That Need To Be Busted Right Away

Apollo Munich Travel Insurance plan (individual)

This plan is available in different variants. For individuals between 6 months & 70 years of age, the sum amount bandwidth ranges from Rs. 25,000 to Rs. 5,00,000. A worldwide cover, this policy is available in individual, family, senior citizen, annual multi-trip, cashless claim and reimbursement claim variants.

Bajaj Allianz Travel Insurance policy

Another great option, this Travel Insurance plan covers hospitalisation, loss of baggage as well as other incidental expenses. Based on your needs, you can choose to go in for an individual, family, senior citizen or student travel plan.

Tata AIG Travel Insurance

This plan gives you coverage for medical assistance, emergency medical evacuation, and repatriation, as well as accidental death. You can choose from four plans, namely Travel Guard, Student Guard, Asia Travel Guard, and Domestic Travel Guard.

SBI Travel Insurance

A flexible policy, you can use this plan for trips as short as a day to a maximum of 180 days. You can also choose to take up the annual multi-trip version of this plan if you’re a frequent flyer.

HDFC Ergo Travel Insurance

Any Indian who falls between the age group of six months to 70 years is eligible for coverage under this Travel Insurance plan. Based on your needs, you can choose between the individual, family floater, annual multi-trip and student travel insurance plans.

If you’ve reached here, you’ve got all the download you need on how to go about purchasing a Travel Insurance plan. For more information on Travel Insurance and policies, click here.

While we’re talking about insurance, want to get a FREE quote on a Term Insurance plan? It’s simple.

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