Here are the Different Types of Travel Insurance Policies You Must Know

Have you ever wondered- is it important to have travel insurance?

Well, when you plan for a domestic or foreign trip, you have a list of items that you would like to pack for your trip. The list includes clothes, accessories, footwear, electronic gadgets, passport, foreign currency, etc. In the excitement, you might forget to cover your trip with a comprehensive travel insurance policy. A travel insurance policy should be purchased as soon as you have made travel arrangements for the trip. After the confirmation of flight tickets and hotel accommodation, you should confirm the travel insurance plan so that various kinds of risks will be covered by the plan in an efficient manner.

Different Types of Travel Insurance Policies

There are different types of travel insurance policies which are offered by various travel insurance companies in India.

Student Travel Insurance Policy

It is a policy designed specially to fulfil the insurance needs of students. A student pursuing a diploma or higher education at a foreign university must buy a student travel insurance policy.

A student travel insurance policy can be purchased with minimum paperwork. In fact, you can buy the policy online from the comfort of your own home. Extensive coverage is offered under a student travel insurance policy.

The student travel insurance policy will cover the following risk factors:

  • Medical coverage
  • Emergency dental treatment
  • Loss of baggage
  • Loss of travel documents
  • Study interruption
  • Compassionate visit
  • Personal liability
  • Coverage of sponsor
  • Emergency cash assistance

Individual Travel Insurance Policy

If you are undertaking a domestic or foreign trip, you should buy an individual travel insurance policy. The policy can be customized as per your needs. It will offer the highest coverage.

The following risk factors are covered by the individual travel insurance policy:

  • Emergency medical treatment
  • Emergency dental treatment
  • Cashless hospitalization
  • Personal liability
  • Legal assistance
  • Medical evacuation
  • Loss of baggage
  • Flight delay
  • Trip cancellation
  • Loss of travel documents

Group Travel Insurance Policy

A group travel insurance policy is ideal for a group of members travelling to the same location for the same purpose. A group can buy a group travel insurance policy at an affordable price. The premium is low and it will cover various kinds of risk factors.

The insurance policy will offer most of the features of an individual travel insurance policy. However, the coverage will be lower than an individual policy.

Senior Citizen Travel Insurance Policy

A senior citizen bears a higher risk factor as compared with a younger person. Hence, insurance companies will charge a higher insurance premium to cover senior citizens. If the age of the senior citizen is less than 70 years, no medical examination is required.

The senior citizen travel insurance policy will offer all the features of an individual travel insurance policy. Certain age-specific benefits will be extended by insurance companies so that senior citizens can get much-needed insurance coverage.

Single Trip Travel Insurance Policy

A single trip travel insurance policy is designed to cover a single trip. It will cover various risk factors from the beginning of the journey until the return. As soon as the trip is over, the insurance policy will become invalid.

Multi-trip Travel Insurance Policy

A multi-trip travel insurance policy will cover multiple trips under a single travel insurance policy. The policy is valid for up to one year. You will not want to purchase an insurance plan for every trip when you have access to the multi-trip insurance plan.

There will be a great convenience as well as savings with the multi-trip travel insurance plan.

Family Travel Insurance Policy

A family travel insurance policy will cover the financial risk for all the family members. You can reduce the insurance premium by buying a family insurance plan. It is a better option than buying an individual travel insurance policy for each family member.

Corporate Travel Insurance Policy

A corporate travel insurance policy will cover the needs of employees and business executives. The policy can be availed to fulfil the needs of frequent travellers on business trips. The plan covers domestic as well as international trips.

Over to You

As the comprehensive travel insurance policy provides the much-needed comprehensive insurance coverage, there is a need to buy the most appropriate travel insurance policy as per your needs. You can buy a single trip or multi-trip policy as per the number of trips you will take. An international travel insurance policy will attract a higher insurance premium. As a result, it will cover higher risks and offer higher compensation than a domestic travel insurance plan. Additionally, legal liability and expenses will be covered by the travel insurance policy.

The benefits offered by a travel insurance policy outweigh the premium. Hence, you should buy travel insurance before starting your trip.

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