These are the different types of travel insurance available in the market today. We have mentioned the common inclusions and exclusions in a single list, while the unique features of each are mentioned separately under each insurance type.
Student Travel Insurance, Single trip, Annual multi-trip, Senior Citizen, Family Travel, and Corporate Travel
are the different kinds of travel insurance.
Student Travel Insurance:
The number of students traveling abroad to study is increasing each year, and student travel insurance assists such students with an insurance cover for medical and non-medical situations. This type of insurance has unique features such as auto-renewal and policy extension facilities too. Not only does this type of insurance cover a student for hospitalization and medical expenses, but also helps with visits to and from the family, and in the unfortunate incident of deportation from the country of study.
Benefits and Inclusions:
- Coverage in case of an interruption in the course of study due to a medical emergency – semester fee paid would be reimbursed
- Return ticket fare for a family member in case the student were hospitalized for a period of 7 days or more
- Coverage of bail amount if the insured were arrested for a bailable offence while studying abroad
- Coverage in case of the demise of the sponsor paying the tuition fee for the student
- Cover for two-way flight expenses for compassionate visit from the insured’s family
This covers a single trip to and from India – the validity of the policy is over upon return to the home country.
Benefits and Inclusions:
- Shortened trip and missing a flight connection would be covered
- Coverage for emergency dental treatment
- Losses occurring due to break-in and burglary at the insured’s home in the country of origin
- Losses and damage occurring due to fire at the insured’s home in the country of origin
This type of insurance is recommended for those who make frequent / multiple trips throughout the year. It is also highly advisable for businesspersons traveling to specific locations several times. Multiple trips to and from India are possible within a span of one year under such a policy.
With the rise of the trend of short breaks and vacations, people are traveling frequently to various destinations. The number of people traveling for business has increased as well – and hence it makes sense to cover oneself against any untoward incidents and unpleasant experiences when traveling to a foreign land. While the insurance cannot prevent such incidents, it would certainly reduce the burden of the possible huge expenses if any of the incidents described in the inclusions were to take place. If you were frequent traveller, it would make sense to take annual multi-trip travel insurance rather than undertaking the hassle of taking insurance each time you travel.
Benefits and Inclusions:
- Coverage for an unlimited number of trips in a given year
- It is cost-effective to take a multi-trip insurance, as opposed to paying for insurance several times
- Losses occurring due to break-in and burglary at the insured’s home in the country of origin, when the insured is traveling
- Expenses incurred resulting from delays in a trip for over 12 hours for reasons such as natural disasters, the airline, medical reasons, or others, would be reimbursed
- Possible to club the family’s travel insurance under one ‘umbrella’ plan, thereby lowering the cost of insurance premiums
The above features are indicative only and could differ depending on the insurance company. These are subject to inclusions /exclusions depending on the chosen policy and insurer.
Senior Citizen Travel Insurance
Post-retirement travel should be a time of relaxation, unwinding, and a time of peaceful existence. In order to maintain this calm and peace, it is advisable to take the necessary and adequate precautions when traveling during your senior years. Senior citizen travel insurance may not prevent unforeseen and unpleasant circumstances, but it would help to ensure that you are not burdened by huge unplanned financial setbacks. Ensure that you compare and make a thorough assessment of the various policies and plans available, and buy one that would suit your travel needs during your ‘golden’ years, to the maximum. Buying insurance online is now convenient, right, and cost-effective too. Several leading insurance companies have some good travel insurance plans for senior citizens.
Benefits and Inclusions:
Apart from the common inclusions mentioned above, the following are the other benefits:
- Speedy disbursal of claims keeping the age of insured in mind
- Easy access to the claims and grievances departments for added convenience
- Expenses incurred in the event of using experimental and unproven treatment methods
- Barring allopathic treatment, other forms of treatment or alternative medicine expenses are not covered
Family Travel Insurance
When your family is traveling together for a vacation, the last thing you would want is for your trip to be ruined because of some unexpected financial problems and other problems that could be the cause of humongous expenses. A single policy for your family would take care of several possible problems that you and your family could face when traveling. Family travel insurance serves as a safety net, allowing your family to enjoy the well-deserved break
Some of the key features and benefits of a family travel insurance policy are as follows:
- One comprehensive policy for the entire family would be cost effective, reducing the premium since most insurance companies include children from the age of 3 months to 21 years. Additionally, a single policy is easier to manage rather than several different policies for each family member
- Buying individual family member policies would be a lot more expensive, as compared to one that covers the whole family
- Several insurance companies allow the insured to customize the policy to the needs of the family, including even short trips. There are several policies on offer including annual trips, round trips, and single and multiple trips
- There are benefits such as cashless claims, minimal documentation, swift renewal of the policy online, and even assistance when traveling abroad
- For international travel, the insurance amount is divided equally among all those covered in the policy
- Claim disbursement now offered is swift, simple, and requires very little documentation
Please note that reading and understanding the policy before purchase is extremely important, for you to know the inclusions and exclusions, thereby preventing any nasty surprises.
Corporate Travel Insurance
When traveling on family business, there would be a number of responsibilities and duties that one would need to fulfil. Managing the travel expenses and insuring the person traveling is the responsibility of the company.
Short tours – A day trip for a conference or meeting usually does not warrant travel insurance, but a medical insurance should already be in place instead. It is possible to buy extended cover by customized riders for additional premium.
Common Inclusions for all types of travel insurance:
- Expenses related to emergency medical evacuation of the insured back to India
- Medical expenses arising out of medical emergencies whilst abroad, such as any sudden injury, illness, or death could be covered. In case of single trip insurance, daily allowance could be provided in the event of hospitalization
- In case of an untimely demise of the insured, the transport expenses arising out of the transfer of the insured’s mortal remains to the country of origin or for burial abroad, could be covered
- Compensation for personal accident as a passenger in a common carrier whilst abroad, causing death or permanent disability could be covered
- Expenses related to loss of baggage and personal belongings by a common carrier could be covered
- Cover of expenses related to loss of passport and related expenses incurred on replacement of the passport/ for duplicate passport
- Some insurers provide access to funds in the event that the insured loses their money while traveling
- In the unfortunate even of a hijack, the insured would be provided an allowance
Common Exclusions for all types of travel insurance:
- Claims arising due to pre-existing medical conditions – this is a common exclusion across all policy types too
- If the insured person travels against the advice of a medical practitioner, or is on the waiting list of receiving a certain medical treatment; or is traveling for treatment or has been diagnosed with an incurable and fatal medical condition – no claim would be entertained in all these cases
- Suicide attempt or death by suicide, and intentional self-inflicted injury or illness will not be covered
- Mental illnesses and nervous disorders are not covered. Also persons suffering from or undergoing treatment for stress, anxiety, or depression are not covered
- All venereal diseases are excluded including HIV and AIDS
- No cover when serving in the armed forces of the country of origin – both in peace and war
- No insurance cover provided for people charged with misdemeanour, felony, crimes, civil unrest, rioting, and other such activities. Also no cover would be provided if the insured is part of an illegal act or violation or attempted violation of the law or resisting arrest
- Harm caused to the insured due to being under the influence of alcohol, drugs, and other intoxicating substances – unless specifically prescribed by a physician
- No cover for injuries or death or other loss caused by war, revolution, invasions, military operations, mutiny or other such acts
- No cover in the event of death, disability, or injury caused when learning to operate an aircraft, or being part of aircraft crew or other such related activities
- No insurance cover provided for loss or injury as a result of exposure to dangerous equipment, nuclear reactions, radioactivity, nuclear fuel and waste, and other such dangerous equipment
- Complications arising from hereditary problems resulting in malformations and other problems
- Wilful exposure to dangerous situations and activities will result in no claim. The only exception being if the insured were trying to save the life of another person
- Participation in dangerous sports such as skydiving/parachuting, winter sports, hang gliding, scuba diving, bungee jumping, mountain climbing, white water rapids and several others, would not receive insurance cover
- No cover provided if the insured participates in dangerous professional sports for which the insured is untrained and unqualified
- Loss resulting directly or indirectly from pregnancy or illness resulting or aggravated by the condition, will not be covered
- Injury or death of the insured when riding a motorized two-wheeler as a rider or as pillion
- Loss, injury, damage, legal expenses, or death from acts of terrorism is not covered
- Legal liability, loss, damage, injury or death arising from travel to or through restricted countries – such as Afghanistan, Cuba, and others
- Expenses connected with unattended or unreported baggage, travel documents, and other personal belongings are not covered
Every type of policy would have a specific timeframe, and when a claim is made during that timeframe, a claim is easy to go through. If the policy has ‘expired’, a claim would not go through. Please note that the prices of policies vary according to the tenure selected.
It is extremely vital and critical for the proposed insured person to read the policy terms, conditions, and wordings thoroughly. This is important to understand what you are paying for, and what kind of claims you can or cannot make – read the inclusions and exclusions of all types of travel insurance policies carefully before buying.
Insurance is all about keeping yourself and your loved ones safe from unexpected financial duress and providing for them in their gravest need.