Individuals travel to foreign nations for various reasons, such as tourism, job opportunities, medical treatments, studies, and more. A trip to a foreign nation can be a life-altering experience. However, one prudent thing to consider while visiting any foreign country is having a travel insurance plan.
A travel insurance plan not only safeguards an individual’s financial assets in foreign countries in any unforeseen emergency but also offers them peace of mind.
Depending on the traveller’s requirements, different travel insurance plans are available, such as family travel insurance, student travel insurance and more.
In this blog, we will learn in detail about the importance of international travel protection through travel insurance.
What is a Travel Insurance Plan?
A travel insurance plan provides financial coverage against various unanticipated emergencies incurred during the trip. These include loss of personal belongings, flight delays and cancellations, medical emergencies, etc.
Some of the international travel destinations, such as the Schengen area, Turkey, Russia, the USA, and more, made it compulsory to have a travel insurance plan while travelling.
Types of Travel Protection Policy
Depending on the individual’s need, there are different types of travel insurance plans available.
- Domestic Travel Insurance: A domestic travel insurance plan offers financial coverage to travellers who travel within the home country.
- International Travel Insurance: This is a type of insurance that offers financial coverage to travellers who travel outside their home country.
- Schengen Travel Insurance: A Schengen travel insurance policy offers financial coverage to individuals when they visit any of the Schengen region countries. Having a travel insurance policy with health coverage is one essential requirement for obtaining a Schengen visa.
- Family Travel Insurance: A travel insurance policy that offers coverage to the entire family from unanticipated emergencies.
- Student Travel Insurance: This is a travel insurance plan specifically designed for international students visiting foreign countries to pursue education.
- Senior Citizen Travel Insurance: This travel insurance plan is designed for senior citizens, keeping in mind their travel needs and medical illnesses.
- Individual Travel Insurance: This is another type of travel insurance designed to meet the specific needs of an individual while travelling.
- Single Trip Travel Insurance: A single-trip travel insurance plan is specifically designed to cover the destination specific requirement of the trip.
- Multiple Trip Travel Insurance: This type of travel insurance is suitable for frequent travellers. Individuals who take multiple trips in a year generally choose this plan.
Importance of Travel Insurance
A travel insurance policy offers various benefits to travellers. Some of the reasons to invest in international travel protection are:
- Medical Emergencies: One of the most common travel medical insurance benefits is protection against various medical risks. The policy provides coverage against regular illness, dental emergencies, and more. From repatriation to medical evacuation, a lot of medical aspects are covered under the plan.
- Trip Disruptions: Another travel insurance benefit is financial protection in case of trip disruptions and curtailments. If an emergency causes the trip cancellation or curtailment, the plan will reimburse for the advance hotel booking, flight tickets, and more.
- Baggage Loss: Baggage loss is a common occurrence while travelling. However, with a travel insurance policy, policyholders will get reimbursement for necessary personal items from the insurance company.
- Travel Assistance: With language barriers and other aspects, dealing with any problem in a foreign land can be very stressful. Travel insurance plans offer travel assistance to individuals during trips, in which the insurance company will provide necessary help in case of emergency. From legal help to emergency cash transfers, the insurance provider offers round-the-clock assistance.
- Peace of Mind: Travel insurance offers a significant benefit that goes beyond financial protection, that is, peace of mind. This allows travellers to enjoy their trip without worrying about what might go wrong.
Conclusion
Having a travel insurance plan while travelling to any foreign country is crucial. The plan safeguards individual finances from various unforeseen emergencies. However, before buying travel insurance online, it is best to compare coverage and premiums.
It is also suitable to check the plan exclusions and terms and conditions to avoid any last-minute surprises. Many reputed insurance providers like Tata AIG offer cost-effective travel insurance plans to individuals and groups to safeguard their journeys.