Travel Insurance: Are you also planning for a holiday with your family? If yes then it is important for you to know why taking a multi-member travel insurance policy is a good deal.
Since the opening of international flights, there has been a lot of growth in the travel sector. The travel insurance industry is one of the sectors that suffered the most in the second wave of COVID-19 , however, in the post-pandemic world, demand for travel insurance is expected to grow by 200% between April 2020 and May 2022 . growth has been observed. There has been a lot of change in the travel sector since the pandemic.
There is now a widespread awareness among people about the uncertainties and people now want to secure their travel. Since every travel purpose and plan is different , That’s why Travel Insurance Plan is also different. There are separate policies for single and multiple trips . Specially designed multi member policies are also available in the market for those who are traveling with their families.
Amit Chhabra, Head – Travel Insurance, Policybazaar.com says that traveling to multiple countries is a must to have travel insurance. However , this should not be the only reason for taking travel insurance for yourself and your family. To ensure that your family is protected when they need help in an unfamiliar place, travel insurance should be purchased.
A family travel insurance takes care of your family in such situations just like you take care of your family. After nearly two years of pandemic restrictions and millions of canceled trips ,Lots of people around the world are finally executing their stalled travel plans. If we look at the figures of passengers traveling with family, there has been an increase of more than 47 per cent after the pandemic.
What is Multimember Travel Insurance Policy?
Multimember Travel Insurance Policy] also called as Family Travel Insurance Policy is a policy that covers the entire family when they travel to foreign or domestic places. When you travel with your family it costs much less than buying an individual plan for each member. These schemes also come with additional discounts which make them even more affordable.
Take multi member policy or floater policy?
Travelers are presented with two options for insuring more than one person – Multimember and Floater policy. Chhabra says that both these policies cover multiple travelers against travel risks , the main difference being the sum insured that can be used by each person.
For example , if you opt for a sum insured of $ 100000 for a family of 4 under floater plans , the entire sum insured can be used by 1 person , or divided among 4 depending on the need May go. However , under multimember plans , Each member is allotted a specific Sum Assured which is their individual limit. So , in the above case each person would be individually eligible for a cover of $100000 . Multimember plans cost slightly more than floater plans but offer higher coverage.
Benefits of Multimember Travel Insurance Cover
Cover during Medical Emergency: Any medical emergency situation that may arise during travel is covered by a travel insurance policy. This also includes any illness among the family members or any accident in which they may unfortunately be involved. Chhabra says that most travel insurance plans extend the accident and illness cover to 30-60 days from the date of hospitalization , if it starts during the trip. Some policies also cover the cost of emergency transportation and evacuation services if the patient needs to be moved to another medical facility.
Cover against travel delays, cancellations and curtailments: Traveling with family always comes with certain uncertainties. The trip may have to be canceled or shortened due to a medical emergency. Due to flight delay you may have to look for accommodation in a hotel. The costs incurred due to such incidents are covered by the family travel insurance policy.
If the trip gets canceled due to a death in the family , or a sudden climatic disaster at your destination , you don’t have to worry about bookings that have already been made. According to Chhabra, a travel insurance policy will cover such costs. You also do not have to worry about booking a return flight at exorbitant prices in case the trip is cut short .
Cover Against Baggage Loss: A comprehensive family travel insurance policy protects you against loss of check-in baggage. So if you arrive at your destination and your luggage is lost , you will need to buy new clothing and personal care items that may have been lost. The insurance policy will pay you a lump sum amount to cover such expenses. If the luggage gets delayed due to any reason , you are covered against that as well and you will also be covered for daily expenses till the arrival of your luggage. Chhabra says that abroad , your passport is your most valuable possession. Losing it can lead to a lot of trouble ,Especially if you are traveling with family. Even if the passport of one family member is lost , the entire travel plan can be in jeopardy. In such cases the family travel insurance policy covers you. In addition , it also covers the cost of arranging a duplicate copy of the passport.
Choice of single and multi-trip insurance: Like individual travel insurance plans , many insurers offer the option of choosing between multi-trip or single-trip family travel insurance. Hence families who like to travel several times a year need not worry about buying a policy every time. A multi-travel insurance is not only more convenient , it also proves to be more economical than buying a policy for each trip. Also , as already mentioned , a multi-member policy is always more economical than buying an individual policy for each member of the family.
