Travel Insurance is a type of insurance that provides risk cover against accident, disease, death, theft, tour cancellation, forced termination or any such losses that are incurred while traveling, whether in own country or overseas. Visitor Insurance and Overseas Medical Insurance are other two terms used synonymously with Travel Insurance.
The popularization of Travel Insurance owes to growing needs of traveling, whether for work, business, study, leisure or medical purposes. The travel insurers devise policies to cover most possible risks to which travelers may be exposed during travel. Some of the commonly identified risk types can be listed as under
Ø Medical Emergency
Ø Cancellation, curtailment and trip interruption owing to death, disease or serious illness, legal or government notification, compulsorily joining orders such as in case of defense personnel or sudden termination of employment.
Ø Repatriation of Remains
Ø Return of a minor
Ø Trip Cancellation
Ø Trip Interruption
Ø Visitor Health Insurance
Ø Accidental death, injury or disablement
Ø Overseas funeral expenses
Ø Lost, stolen or damaged baggage, personal effects or travel documents, such as passport or ticket
Ø Delayed baggage (and emergency replacement of essential items)
Ø Flight connection was missed due to airline schedule
Ø Travel delays due to weather
Domestic vs. Overseas Travel Insurances two broad aspects:
ü Domestic Travel
ü Overseas Travel
In India, the most popular are Overseas Travel Insurance, due to the simple perception that the risks involved while traveling to other countries are greater and hence greater cost implications. For instance, passport lost or flight missed could hamper the rest of the tour in such a manner that one ends up incurring unimaginable losses. And this is where the need of travel insurance for overseas travel is becoming a must.
Travel Iinsurance comparison review