“Live without any excuses and Travel without any regrets.” Every one of us loves to travel and discover new destinations or revisit old favourites. Regardless of whether you’re travelling for business or leisure, a travel insurance plan is a lifesaver. It helps to protect you financially when things don’t go according to plan.
Whether you have missed a flight, lost your baggage, face a medical emergency or deal with any other unexpected situation on your travel, a travel insurance plan helps you cut down your losses and potentially save the day. With so many travel insurance plans and over a dozen travel insurance providers, choosing the right one that meets your specific requirements is indeed confusing.
Worry not! Here, in this article, we cover the different types of travel insurance policies, contrast the features, inclusions and exclusions, helping you understand the differences between these plans. You can then compare the features, premium costs and coverage, and choose the right policy that best fits your wanderlust.
Additional Reading: What is Group Insurance Policy?
Major Types of Travel Insurance Plans in India
When it comes to travel insurance in India, you can choose from different plans based on the coverage you require and your specific travel plans. Here are the primary types of travel plans in India.
International Travel Insurance
As the name implies, an international travel insurance plan offers financial coverage for overseas trips. When something goes unexpected, like missing an international flight, you can get in touch with your travel insurance provider. The insurance company pays for booking another flight to help you reach your destination or reimburses the airfare you spend on making the booking.
An international travel insurance plan offers the following cover:
Loss or delay of checked baggage
Delay or cancellation of flights
Loss of passport/other identity cards
Cash assistance during a financial emergency like theft/burglary
Emergency medical treatment
Daily cash in case of hospitalisation
Personal accident cover
Repatriation of the body in case of death
Relief benefits in case of flight hijack
Domestic Travel Insurance
Domestic travel insurance policies are the same as international travel insurance plans. The one significant difference is that it is applicable only for domestic travellers – travels within India. All Indians travelling within India for work or leisure can purchase this travel plan.
It usually includes coverage for loss or delay of checked-in baggage, travel delays, medical emergencies, personal liabilities, coverage for permanent disability, personal accident cover, death.
Student Travel Insurance
As the name denotes, student travel insurance policy is a specific type of travel plan that caters to the requirements of students travelling overseas for higher education. It’s only for students who go abroad for college, university on a short-term or long-term basis. It doesn’t apply to Indians working overseas.
A student travel plan is easy to procure once the student shows proof of admission like the admit letter. This plan offers financial coverage for loss of passport, study interruptions, medical treatments, and so on. Some student travel insurance plans even cover the cost of visiting parents, if the insured (the student) is admitted overseas for emergency medical care.
Medical Travel Insurance
It's a type of short-term travel insurance plan that specifically covers the medical and healthcare expenses of individuals travelling overseas. It includes financial coverage for emergency medical treatment in hospitals abroad, evacuation to your home country during a medical emergency, and so on. The exact inclusions and coverage vary from one medical travel insurance plan to another.
Group Travel Insurance
As the name implies, this travel insurance plan applies to groups of travellers going on an overseas trip. Eligible groups include family members travelling together, work colleagues or even unrelated travellers who are visiting a country abroad as a group.
Some of the benefits of a group travel plan are that it helps in cutting down the travel insurance costs. Another huge benefit is that it reduces paperwork. Instead of applying separate travel policies for each member of the group, group travel insurance helps to cover the insurance needs of the entire group with a single proposal form.
Family Travel Insurance
It’s similar to a group plan. The only difference being that only families who are travelling together can apply for this policy. Generally, a family refers to two adults below the age of sixty and two children below the age of twenty-one. Most family travel plans include loss of baggage, missed/delayed flights, hospitalization charges and other incidental expenses incurred overseas, while on vacation. Family travel plans reduce paperwork and are easy to claim.
Senior Citizen Travel Insurance
Most general travel insurance plans do not offer coverage for senior citizens – people aged sixty and above. If you are a senior citizen, you have to apply for a particular travel plan – the senior citizen travel insurance that is specifically designed for people aged above 60. It includes coverage for medical emergencies, cashless hospitalisation along with other usual benefits of travel insurance.
Single Trip Travel Insurance
Generally, all travel insurance policies belong to this category. It offers financial coverage only for the duration of a single trip. While applying for the travel plan, you have to mention the dates of your outbound and incoming flight. The policy’s coverage starts from the day of departure and ends on your return.
Multi-Trip Travel Insurance
As the name implies, this travel plan offers extended coverage, generally around a year. It’s specifically designed for frequent travellers who go on multiple overseas trips in a year. It’s highly helpful for frequent travellers who don’t have to apply for separate travel insurance plans every time they travel.
Corporate Travel Insurance
These are special travel plans offered by insurance providers to employees of a corporation. Companies can avail these plans to provide coverage for their employees while they go on domestic or international business trips.
Additional Reading: 5 Important Things You Must Know About Travel Insurance
Choose the Right Travel Insurance Plan and Enjoy Hassle-free Trips
Travel insurance plans give you the assurance that if anything unexpected were to happen during your trips, your insurance provider would take care of the expenses. It avoids having to spend a fortune out of your pocket, while you're stranded in an unknown destination. Simply put, it gives you peace of mind, helping you enjoy your vacation, without having to worry about unexpected contingencies.
Before you choose a travel plan, it's highly recommended to compare the different plans available. Understand the features, benefits and coverage, check premium costs and select the scheme that meets your travel needs. Also, since the coverage and conditions vary from one provider to another, make sure to go through the policy document carefully, before purchasing a travel plan.