Travel Insurance

I can remember the Christmas Eve from seven years back because it was the best ever. I was at my hometown back then. My father surprised us with the holiday tickets to the Singapore, received from his office as appreciation gift. The trip was for the New Year. We all became so excited about that. Although my mother seemed a little off. When my father asked her about what happened she said although she is excited, worried about the uncertainties in an unknown country. After the Christmas he gave my mother another surprise with the travel insurance he purchased that day. Then the New Year came and we were in Singapore. When we were sightseeing my mother lost her purse. Although our mood was little off, we knew that our insurance company will pay us back for that. Back then I didn’t know much about the Travel insurance. After two years when I was doing my MBA, I came to know about it completely. I understood how it is a great insurance to have when someone is traveling.

Travel insurance is really so useful because it covers almost all the uncertainties and mishaps when traveling in one’s own country or abroad. It covers medical expenses, loss because of the flight delays, loss of baggage, personal accident, loss of passport or documents etc. Some insurance company also offers add-ons like fire or burglary cover for your home while you are travelling. One can opt for the same before or during the travel. The insurance is of two types i.e. single trip and multi trip plan. Some people like businessman travel a lot in county or outside the country. Multi trip plan is made for them, although anyone can have it if the need arise. Multi trip plans are cheaper than the single trip plan because insurance company doesn’t have to bear the additional administration cost and not policyholder doesn’t has to submit document again and again. There are some other insurance in the market like individual travel insurance, family travel insurance, student travel insurance, senior citizen travel insurance etc. Before opting for any travel insurance plan we may need to jolt down our requirement of cover otherwise it may ended up become costly. A professional financial planner can be of help here. Insurance company fix the premium considering the facts like total number of persons, age, duration of the stay, travel destinations, cover needed, additional benefits, pre-existing illness etc. After the assessment of our need we need to choose a company. We can assess the companies based on cost for the same level of cover, special features, network of hospitals etc.

Although a holiday tour is always fun, it can be the best if you have a basic travel insurance. Chances of mishap is always high in an unknown place. The main concern is of our health while travelling. So while travelling in a country where medical cost is high, it can a big problem. And the fact is that the insurance itself is not costly that much. Let’s say a family of four where husband is 40 years old, wife is 35 years and children are 15 and 10 years old, wants to go to London for 10 days. A basic travel policy is going to cost them about Rs.2100 for a sum assured of $100000 USD. One can claim for the cover while travelling or get reimbursed it later. It is always advisable that one should note down the global customer helpline number of the insurance company. Although the insurance cover so many losses, can decline to pay for the expenses arising use of liquor or drugs or any hazardous activities, any intentional self-injury or suicide or attempted suicide, some pre-existing illness etc.

India being a developing country, evolving so fast and now it’s the fifth largest economy in the world. Now we are financially secure than ever and our lifestyle choices has changed a lot in the last decade. People are now travelling in India and outside India so frequently. Our holiday destinations can be anywhere in the world. This is all the bright side. When comes to the dark side, no one of us wants to discuss that. Over the past decades chances of mishap has also evolved. Medical conditions are the most common mishaps while travelling. Beside that one can suffer any kind of accidents or accidental death, lose baggage or documents or passport, burglary during travel and lot more. While travel some exquisite holiday destinations is all exciting, any mishap during that is not. The difference between the currencies can make the situation worse. Well I love travelling and if that too with my family then it be like cherry on top of a cake for me. But yes, it is also true that I always take care of the little needs while travelling. When one knows he has taken care of the uncertainties then the person feel relaxed and has not anything left to do except enjoying which happens by choosing one travel insurance. It helps us not to let ruin our beautiful holiday moments with our loved ones and make it even more beautiful and memorable one.

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