Just packing one’s bags and embarking on a journey across the world might seem like a dream to many, but it is often just that, a dream. Today, in 2024, foreign travel is more accessible than ever, and travellers can explore the world at their own pace at a comfortable price. With countries like Thailand, Vietnam, and Indonesia promoting visa-free entry or visa on arrival and establishing affordable accommodations and restaurants for tourists, more and more Indians are taking their time to travel internationally on a budget as backpackers.
But while it is easier than ever before to travel, it is also essential for tourists to secure their journey and travel with confidence and peace of mind. While many people think they are healthy or are young, one thing to note is that when travelling, individuals are exposed to several risks. These risks vary in severity and frequency; however, they can result in significant financial loss or a negative travel experience. This is where opting for a risk management tool like travel insurance offers the best protection to travellers.
However, while many know this, there are still many questions about its viability, benefits, and how to obtain the right policy. This article serves as a guide for Indians planning an international trip and will help travellers secure their trip with the right international travel insurance.
What is international travel insurance?
International travel insurance is a type of insurance that travellers opt for when going on an international trip to secure their journey from several covered travel-related risks. These travel-related risks are usually medical and non-medical, and their impact can result in financial loss and a negative travel experience. However, with international travel insurance, the effect of these risks can be mitigated, and travellers can explore their destinations without worrying about them.
How does international travel insurance work?
Just like any other kind of insurance, international travel insurance is a contract established between an insurance provider and a policyholder. Under this contract, an insurer guarantees compensation, reimbursement, or cashless claims related to medical treatment in exchange for an initial premium amount. The premium amount charged for the policy is nominal compared to the sum insured; however, do note that just having a high sum insured does not mean you will be eligible for the entire sum. Read through the policy document before making any assumptions and being unaware during a time of need.
In addition, it is vital to note that compensation or reimbursement is only provided up to the coverage assigned for each risk, and the guarantee is only applicable when a policyholder is exposed to risks covered in the policy document and not listed in the exclusions.
What are the benefits of international travel insurance?
As previously stated, being covered with insurance offers travellers financial protection from several covered risks to a particular sum insured. This includes coverage risks ranging from missed connecting flights, loss of checked-in baggage or loss of passport to trip cancellation, medical emergencies, personal accidents, and several others.
However, it is not just the financial protection after the fact. Travel insurance enables travellers to secure their health at reliable hospitals, get access to countries that mandate insurance as a criterion for entry, and a lot more. Not just this, as domestic health insurance policies only cover policyholders within India, travel insurance provides health insurance coverage beyond that and allows travellers to secure their health during international travels. All of these benefits made travel insurance a must-have for any foreign trip.
How to choose the right international travel insurance India?
While most insurance plans offer similar coverages to tourists, there are still several differentiators that enable travellers to choose and buy their preferred insurance policy. For example, one of the most critical factors when selecting an insurance policy is the scope and extent of coverage. While several insurers might offer coverage for trip cancellation, not everyone has the same eligibility criteria and the exact total coverage. This is also the case for risks like personal accidents, where specific criteria offer coverage up to the sum insured.
It is also essential to have adventure sports coverage when planning to participate in adventure sports. Any policy that does not explicitly have adventure sports coverage has it in its exclusions list, and any claim resulting from injury or loss while participating in adventure sports will not be accepted.
The following criterion to assess is the sum insured; while an insurer might cover a wide range of risks, if the coverage is insufficient in compensation, it can result in financial loss. However, certain countries that mandate travel insurance as a requirement for entry also mandate travellers to have coverage up to a particular sum. For example, travellers planning a trip to Germany or any other country in the Schengen Area must have a policy that provides coverage of at least €30,000.
Travellers should also consider the insurer’s reliability and specific plans before considering purchasing an insurance plan.
Conclusion
Travellers considering international travel insurance online must first understand their travel needs and then look for a reliable insurance provider to protect them from the financial impact of covered risks. This includes not just medical but also non-medical travel-related risks, which is why, regardless of a traveller’s fitness or age, everyone is recommended to opt for the right insurance policy and travel the world with confidence and peace of mind.
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