Tourism, as an industry, is thriving in India. It registers an annual growth rate of over 15% year-on-year. International travel is also becoming more prevalent with over 50 million Indians expected to leave for international destinations yearly by 2020.
Travel insurance plans are also gaining fast acceptance as more and more people have come to see the many benefits of having such travel insurance policies in place beforehand.
Purchasing a travel insurance plan requires careful consideration of several factors. Here are a few things that you should look out for when you buy a travel insurance online.
- Coverage limit
It’s always prudent to choose an insurer who offers a high coverage amount. It is impossible to predict how much expense one is going to incur in case of medical or other emergencies. So, a higher coverage limit will fill in the gaps even if the expenses are quite high.
NBFCs like Bajaj Finserv offer up to Rs. 3 Lakh in their medical and non-medical insurance plans.
- Know the eligibility and documents required
It’s crucial that you know the eligibility criteria and documents required to avail an insurance plan at the very onset. Some of the common documents that almost every insurer asks for are income details, bank statement, ITR, passport, and visa (in case of international travel). You should have all the documents at your disposal while availing a travel insurance policy online.
Eligibility criteria vary from one plan to another. For example, under international and family insurance plans, only two adults and two children are eligible for coverage under the policy. In case of senior citizen insurance plans, individuals up to 85 years are eligible for the necessary insurance coverage without any medical check-up.
Go through the list of eligibility criteria and documents before you buy travel insurance online so that the approval is quick and hassle-free.
- Evaluate your needs and avail a plan accordingly
There are several insurance plans that cover different aspects of travel. You must choose a plan that corresponds to your requirements and type of travel. There are multiple plans that you can choose from:
- Domestic travel insurance plan: It covers certain aspects of domestic travel such as medical expenses, flight delays and cancellations, lost baggage, etc. Domestic Travel Insurance cover is applicable as long as you are within the legal boundary of the country.
- Pilgrimage Cover: Individuals embarking on a spiritual journey may avail the benefits of a pilgrimage cover Pocket Insurance schemes brought to you by Bajaj Finserv at just Rs. 599. It provides financial coverage of travel & hotel assistance, accidents, lost effects, trip cancellations and cost of hospitalisation among other things.
- Personal Trip Effects Cover: Losing important documents, cheques or payment cards may severely impede one’s travel plans. A personal trip effects cover protects the insured from such mishaps by providing immediate travel and lodging assistance as well bearing the costs of replacing misplaced legal documents.
There are several other specialised travel insurance plans such as trek cover, Road Trip Cover and Personal Trip Liabilities Cover which are suitable for different aspects of a trip. These insurance plans are offered under the Pocket Insurance category by Bajaj Finance.
- Perform a background check of your insurer
Under no circumstances is it advisable to avail an insurance policy just on the word of your travel agent. Do some research of your own. Make sure that the insurer is registered with the Insurance Regulatory and Development Authority. Always avail insurance policies from reputed providers.
A comprehensive travel insurance policy will allow you to enjoy your holiday without any worries. Consider these points carefully and avail the best insurance policy in India according to your requirements.
