With the world becoming accessible easily and quickly, travelling around the world has become a frequent activity. People travel for business purposes, holidays, as well as for education. Buying a travel insurance plan has become important to avoid financial losses.

How does Travel Insurance help?

Firstly, travel insurance plans give you peace of mind on your journeys. Secondly, they offer several benefits like a cover for medical expenses. It provides emergency foreign cash for accidents, injury, disability or death. This cash includes hospitalization, funeral expenditure, and damage or loss of personal property. In such cases, travel insurance plan also bears the travel cost of the insured’s family members.

Also, it offers a cover for emergency situations like repatriation and evacuation caused due to bad weather, riots, or other such events. Travel insurance plan protects you against delay or loss of baggage and passport. Along with this, travel insurance compensates losses incurred due to flight delay, cancellation, and interruption. In such cases, your travel insurance plan offers compensation for food and stay. In addition, travel insurance offers a cover for theft as well. Also, travel insurance plans provide protection against legal liability to the insured.

What is the eligibility?

There aren’t too many eligibility criteria to buy a travel insurance plan. However, health and age are two basic factors that are taken into consideration. Generally, it depends on the type of travel insurance plan you buy.

Let’s take a brief look at the type of travel insurance plans that are available.

A travel insurance plan could be based on the duration or frequency of your trip. You could select from a single journey travel insurance plan, multi trip travel insurance plan, long- stay travel insurance plan, etc. Also, there are travel insurance plans especially for students and businessmen to suit their specific needs and requirements. Many companies buy travel insurance plans in bulk to protect their employees. Students get special benefits of travel insurance plans like compensation of fees in case the student leaves the course as a result of accident, injury, death, and other such emergencies.

Several banks in India offer travel insurance plans. However, it is wise to choose the right plan that serves your needs efficiently. Also, it is important to note that travel insurance is mandatory for international travel. In case of domestic travel, travel insurance is not compulsory but it is advisable. This is because a travel insurance plan provides financial safety and security in a foreign land. It allows you a hassle- free journey with an insurance plan that covers all your needs.