Benefits of Travel Insurance: People travel to create pleasant memories, but sometimes unpleasant incidents spoil the whole fun. In such a situation, this insurance can prove to be of great use to you…
(Parthanil Ghosh)
Every person travels. Many people travel to fulfill their hobbies while others have to travel for household and office work. Often people travel to create good memories, but the uncertainties of life make one stop for nothing!
In such a situation, many times it happens that due to unpleasant incidents the fun of the journey gets completely spoiled. If this has ever happened to you, then today we are going to tell you about prevention.
This is how to ensure good memories
According to the US Department of Transportation, US airlines mishandled 2,20,000 bags in April 2022. Mishandling here means bags lost, damaged or stolen. The best way to ensure that your trip leaves you with great memories and no jitters or worries is to carry your trusty travel companion, travel insurance. It is an important part of travel experiences around the world, especially during peak holiday seasons.
Importance increases due to these reasons
In the US, sales of travel insurance policies increased 16 percent between December 26, 2022 and January 8, 2023, to avoid the challenges of year-end cancellations. In comparison to the previous financial year, India recorded a huge growth of 112 percent in the financial year 2022-23.
As Indians’ travel horizons are expanding, a travel insurance policy has become more important than ever. Its importance is even greater because unexpected expenses during the holidays can create a huge financial burden, due to which the joy of the holidays may have to be cut short.
Many countries have made it mandatory
In the year 2021, more than 80 lakh people took international trips. During January-March 2023, 375.04 lakh passengers traveled by domestic airlines. Indians are continuously rising among the highest spenders on travel.
For this reason also travel insurance is necessary. If any medical need arises during the journey or any other unexpected situation occurs, then travel insurance is also necessary. Many countries have made travel insurance mandatory. Let us know, what are the benefits of travel insurance:
1: Lots of options for medical needs
Individual travelers, families, business travelers and students traveling to study abroad can all get travel insurance as per their needs. Medical emergencies can occur anytime and anywhere, resulting in unexpected expenses and increased travel costs. The anxiety and trouble caused by this can spoil the entire travel experience.
Travel insurance provides cover for sudden medical emergencies such as severe toothache or serious injury, accident, disability or medical emergency and medical evacuation as per rules and regulations. With travel insurance, travelers are able to focus on what’s important to them at every step.
2: It is economical
Travel insurance premiums fit every budget and can be customized to suit the needs and circumstances of each traveller. One can get it for the entire family and extend it to multiple trips. Business travelers who frequently travel by air can avail special annual, multi-trip insurance, available with easy premium payment and renewal options. Travel insurance policies are available for certain country groups.
For example, if you’re visiting the Schengen countries, which include 26 European countries, you can get a single group travel insurance instead of 26 separate policies for all countries in the group.
Travel insurance makes for a worry-free entire holiday at a very nominal cost. For example, the cost of travel insurance for an international airfare of Rs 95,000 to the US for a seven-day journey would be Rs 672, which is 0.7% of the ticket price.
3: Reduces travel hassles due to routine and adverse events
Travelers generally face a lot of hassles due to misplaced documents, lost or delayed baggage, flight schedules or extended hotel stays due to unexpected situations. There has been a significant decline in complaints from domestic passengers in India, however, the main causes of inconvenience to passengers include in-flight problems (38.6%),
baggage (22.2%) and refunds (11.5%). Additionally, 1 in 4 travelers has had their luggage lost or delayed in the last three years. Travel insurance helps control such troubles by covering the expenses.
4: 24/7 support and special benefits
With travel insurance, no matter what time zone a person is in or what time he needs help, he is not alone. He gets round the clock assistance from a strong 24×7 call center support staff.
5: Coverage for domestic and international trips
Medical emergencies, lost/damaged luggage, or delays spoil the travel experience, whether domestic or international. Travel insurance provides peace of mind and comprehensive protection to both domestic and international travelers.
6: Easy policy purchase and claim settlement
Buying travel insurance through online platforms has become very easy. You can visit the website of any insurance provider and get a policy customized for your specific needs like duration of trip, coverage and medical coverage or trip cancellation protection etc.
Things to keep in mind while choosing a travel insurance plan:
Duration of journey: The travel policy must be for the entire duration of the journey, including your stopovers or layovers. This covers the journey completely.
Exclusions in the policy: Understand the exclusions, limits and pre-defined conditions of the policy that may not be covered. Be careful to understand specific activities or destinations that may have additional requirements or restrictions.
Network of hospitals and assistance services: Before taking out travel insurance, check whether your insurance provider has a wide network of hospitals or medical facilities in the places you plan to visit. Also, check to see if they offer 24/7 emergency assistance services for medical emergencies or other travel-related issues.
Emergency Assistance and Customer Support: Unexpected incidents can happen at any time, so it is important to choose a policy that offers 24/7 emergency assistance. This will make it easier to contact the insurance company, especially when the policyholder is in another time zone or geographical area.
Claim Settlement Ratio: The policyholder is faced with the truth when a claim arises. Therefore, it is important to choose a reputed insurance provider that has good claim settlement ratio and turnaround time.
Additional Benefits: Check your insurance policy for additional benefits such as coverage for travel delays, missed connections, rental car protection, dental treatment, etc. Assess whether these are necessary for your journey or not.
Choose a right insurance company: Check the kind of customer service the insurance company is providing. Look for companies that provide prompt customer support and assistance, especially in emergencies. Check to see if the company has a 24/7 helpline and whether they offer a dedicated customer service helpline or online chat support.
