Are you wondering what is travel insurance? You might have heard about various insurance in recent times or might have heard about the term Travel insurance also specially after the incident of Malaysian Airline crash. But do you really aware why you need a travel insurance?
With the term insurance, most people understand about LIC policy only, many people may not accept it but this is a fact. But the other side of the experience also tells that India is learning things fast as we can see that there are various types of insurance products are getting introduce everyday like critical illness insurance, cancer care plan etc.
In this article I will share about Travel Insurance plan, which may be a new term for many of us. When I heard about this insurance then first question arises in my mind is why I need a travel insurance as I have already purchased to life insurance, medical insurance, car insurance etc etc.
What is Travel Insurance
But after discovering many other useful facts I can say that travel insurance is an insurance which covers different requirements which are related to your travel need or while you are on a travel or trip, completely different than typical insurance concept.
Why you need travel insurance
Generally if you plan a 1 week trip in Goa or South India or anywhere within India then you may not feel the necessity of travel insurance. As if something happen during the trip you can handle the financial burden and other difficulties.
In many cases we have our relatives in different different cities who can help us. Many people plan like that only so that they can fight with uncertainties during a travel trip like medical emergencies, any accident happened, ticket cancellation etc etc.
But if you are planning a trip outside India, a foreign trip with your family then you have to think about all the risks and uncertainty that can happen during that trip. In India a foreign trip is not such affordable that a person can travel with his/her family many times in his/her lifetime.
In fact middle class or upper middle can make this dream true 1-2 times max in a lifetime. There are many reasons for that but the major reason is the cost of the entire trip with family. There are many other things that you have to consider before travelling and for that a adequate travel insurance can take all your tension and make your trip most enjoyable.
Few reasons why you should buy a travel insurance:
1) Medical Emergency: If you or your family member get ill during the trip then how will you manage that medical cost. Medical expenses are already in much higher level in India and other countries too. In India you might use you health insurance policy but outside India you cannot use that one. But bearing that cost outside India will ruin your entire travel budget and plan.
2) Adventure Sports: Many people like to travel foreign locations to enjoy the adventurous or dangerous activities, like whitewater rafting, scaling a mountain, or hunting wildlife Traveling etc. But have you ever though if something happen to you during those activities how will your family or you fight financially and medically there.
In case you die your life insurance policy may not provide the death benefit lump-sum to your family as the same happened in these activities outside your home country.
3) Baggage Lost: In many cases people lost their baggage and many people also carry imported expensive items with them. So in case of lost baggage how can you fight to get that back.
4) Trip Cancellation: In case due to some reason you have to cancel your trip and you have to return back to your home country immediately what will happen to your all your bookings and cancelled tickets.
So these are few basic things or need for which one must buy a travel insurance whenever plan a trip. There are many other reasons which I will update this post with more detail and if possible with examples or real life scenarios. Travel insurance is quite common these days as you may find an option while booking any flight ticket online.
Do share your thoughts or any query related to travel insurance by writing a simple comment below. I will be sharing couple of articles on this topic to explain how things are when you purchase a travel insurance in India.