How to Buy the Best Travel Insurance in 2020?

How to Buy the Best Travel Insurance in 2020

According to data presented by the World Travel and Tourism Council, tourism in India generated about 9.2% of India’s total GDP in 2018, which amounted to almost Rs. 16.91 Lakh Crore. It is thus redundant to say that the tourism sector is one of the major contributors to India’s economy. This is primarily because most Indians have a penchant to travel.

However, even though vacations and travels usually promise a good time, they can also give rise to situations which can lead you to incur substantial financial losses.

To ensure that you are financially protected against such situations, it is best to be prepared with a travel insurance plan before the trip commences.

In India, there are several financial institutions that offer this insurance policy at affordable premium payments. To avail the best travel insurance policy in India, it is crucial for you to know what features to look for.

Following is a list of factors you should look for before applying for this insurance, to ensure that you avail the maximum benefits from the insurance policy –

Check the coverage limit –

The first factor you should check before applying for an insurance policy is the coverage amount it provides. For instance, if you avail of a domestic travel insurance policy, you can avail up to Rs. 50,000 as financial assistance in India and up to Rs. 1 Lakh while travelling internationally.

Note that this coverage amount can vary from one insurance provider to another. Thus, to make sure you avail the maximum benefits from your policy, it is crucial to compare the coverage amount they provide.

Check the benefits offered –

Various travel insurance online policies offer different benefits that can aid in considerably reducing your financial liabilities while travelling. However, the benefits offered are specific to each policy offered by various insurance companies.

Thus, to maximise the benefits received from your insurance policy, you should check the points below –

  • Coverage for medical emergencies and hospitalisation.
  • Monetary compensation for trip cancellation or rescheduling.
  • Emergency travel and hotel assistance.
  • Loss of important documents like passports.
  • Personal liability coverage in case of any injury or loss to a third party.
  • Financial compensation for any losses incurred due to any act of terrorism.
  • Card blocking services that allow you to block all your debit and credit cards through a single phone call if you lose or misplace your wallet.

If you check for the factors mentioned above, you can avail a comprehensive travel insurance plan that can aid you to cover any financial losses incurred in due course of your travels.

An easy claim process –

Before availing travel insurance in India, it is crucial for you to make sure that it has an easy claim process. For instance, the policy offered by financial institutions like Bajaj Finserv comes with a claim process that can make receiving reimbursements hassle-free.

For instance, by following the few steps mentioned below, you can claim against your insurance policy –

  • Avail the insurance and carry the softcopy of your policy document during your travels.
  • In case of any emergency, you can call your insurance provider’s helpline number to notify them about your losses.
  • Then you will have to gather the required documents, authorise and submit them.
  • Upon submission, your claim will be reviewed and then settled if everything is in order.

Check the policy’s affordability –

Apart from the instances mentioned above, you should also check the premium payments you will have to make to avail the benefits of the travel insurance plans. Ensure that you can afford the premium payment to make sure that there are no hassles while availing the policy.

These are a few things that you should check to make sure that you purchase the best travel insurance plan.

Additionally, few insurance aggregators also offer customised insurance policies like a road trip travel insurance plan that can make your trip even safer. So, make sure you check all the options at hand to ensure that you avail the best insurance plan in 2019.

Choose also solo traveller cover:

According to the reports generated by NASA’s Earth Observatory, the number of accidents of lone hikers in iconic destinations like Kedarnath and Himalaya has increased manifold. Reportedly, Annapurna-1 tops the fatality rate with 29%, followed by K2 and Mt. Everest with 32% and 4% respectively. Adventure and hazards come hand in hand when you are travelling or hiking without any companion. The risk of getting affected by the uncertainties amplifies when you are all by yourself with no aid or support. To evade these situations efficiently and enjoy a stress-free experience while travelling, individuals can secure a solo travel insurance policy offered by several financial institutions. Such a policy would provide them with substantial coverage for all contingencies that one can face while on a trip.

Written by Olivia Wilson

Olivia Wilson is a digital nomad and founder of Todays Past. She travels the world while freelancing & blogging. She has over 5 years of experience in the field with multiple awards. She enjoys pie, as should all right-thinking people.

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