Exploring the society, historic locations, art, music and culinary delights in foreign locations is in the wishlist of many of us. After managing to have enough resources at your disposal, when you finally decide to embark on your journey, it is also of prime importance to get your journey insured against possible risks.
Travelling involves a significant investment and deserves to be insured. Before you purchase a domestic travel insurance policy or foreign travel insurance policy, you should keep the following points in mind:
Research your destination and your cover: Geo-politics is volatile. It is vital to know the socio-political conditions of your destination. While in India or in a foreign country, you can face various contingencies like a natural disaster, riot, ethnic violence and criminal activities like theft.
It is recommended that you conduct a detailed research about the place in the following ways:
- Wikipedia: Know about basic facts like culture, custom and practices of the land
- Media Reviews: Get information about the socio-political and weather conditions of the place by reading the reviews of those who have already visited the place
- Ministry of External Affairs website – Check for any travel advisory about that country and the contact of the Indian consulate there.
Equipped with this information, you can choose your travel insurance from a variety of products available today. These insurance policies shield you against contingencies like:
- Trip interruption and cancellation
- Loss of baggage
- Cancellation or delay of the flight
- Medical conditions
- Theft of travel documents
For instance, if you are travelling to a place with possibilities of social unrest, you can opt for a travel document protection cover to guard vital documents.
Know about the cost of cover
The cost of insurance depends on your age, travel duration, place and the type of protection. Ideally, it should be 5-8% of the trip.
For example, if you are travelling to a politically unstable region or engage in adventure sports, you may end up paying more as a risk premium.
Declare any pre-existing diseases
While buying a travel insurance plan, you should declare your pre-existing medical conditions. It increases the transparency of your contract with the insurer and helps the underwriter for better risk assessment.
At the time of claims registration, an assessment will be undertaken by the insurer. If the data of your pre-existing medical conditions are already available, it significantly increases the chances of claim approval.
But, if you fail to provide the information about any pre-existing medical conditions, your insurer will be at liberty to reject the claim.
For example, you may be asthmatic or have similar medical complications which you have failed to declare to your insurer. Now, if you suffer from a medical condition while engaging in activities like trekking or mountaineering, your plan may not cover the costs of your treatment.
Consider possibilities of future trips
If you are planning for more than one trip, its beneficial to opt for a multi-trip policy. Moreover, in case you are travelling with your spouse or family, such plans can help you save substantially in terms of time and money.
Know the exclusions of your plan
Go through the policy document and have an understanding of the conditions which are not covered in your plan. Your policy may not provide coverage for:
- Damages caused by acts of terrorism, war or similar political unrest
- Complications resulting from mental conditions like depression
- Damages caused due to narco-addictions
- Injuries sustained during illegal sports
- Availing alternate modes of medical treatments
Today, there is no dearth of travel insurance solutions in the market and one may choose the travel insurance policy that best suits their needs.Travel insurance solutions offered under the Pocket Insurance category of Bajaj Finserv can provide you with affordable covers for the trip you undertake. For instance, with a Trek Cover, you can get a coverage of up to Rs. 1.5 lakh at a nominal premium of Rs. 699. With this plan, you can also avail emergency assistance for travel tickets and emergency hotel bills.