What is Travel Insurance?

             

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Tourism has grown in a great way over the years and the growth of online travel companies has proved it right. For many touring a new domestic city or international city is new and may fear unwanted things happening during the travel. Loss of passport or money during transit or traveling in the new city may bring in lots of risk if we don’t have any contact in that city. Make your travel completely risk free with Travel Insurance, I believe many would have noticed while booking flight tickets

that there will be a check box to tick to opt for insurance during travel, they will be charging you a nominal premium. It protects you from baggage loss, sudden medical emergency, theft, loss of passport etc.

What will be covered in my Policy?

The common coverage which you can see among insurance companies are medical emergency, emergency evacuation, repatriation remains, return of minor, trip interruption, trip cancellation, accidental death, funeral expenses, travel delays, hijack etc.

The optional coverage may include travel to high risk countries, additional AD&D coverage, sports with an element of risk, pre existing conditions.

Who provides this in India?

All leading insurance companies provide travel insurance in India and many will be opting while booking their air tickets via online. ICICI, HDFC Ergo, TATA AIG, Royal Sundaram, Reliance General offer this insurance policy.

Different Types to choose from

Domestic, International, Corporate, Student, senior citizen, family and individual travel insurance are different types currently being provided by leading insurance companies. People can choose based on their needs and with whom they travel

Exclusions

There are common exclusions like flights\trains missed due to local war; expenses incurred due to local war, pre existing conditions leading to medical emergency, damage or loss of keys, baggage delay which may be less than 24 hours.

It is best to choose the best travel insurance plan which provides comprehensive coverage, as all will have a small difference. Travel brings in peace of mind if it is hassle free and planned everything n advance and everything works as per the plan. Have a best travel insurance to have a risk free enjoyment.

Insurance and its Types

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What is Insurance?

Insurance is in assurance of what you will be getting during unwanted situations. Insurance by practice has started during early centuries. Traders use to pool in their money and make a corpus and when something bad happens in trade, they will be able to get able support from that corpus. Thus the Insurance has born and it was developed into current stature by England from 16^th century.

Types of Insurance companies

Insurance company is broadly classified into two main types Life Insurance and Non life Insurance companies. All further types are brought under these categories.

Non life Insurance

Motor Insurance, Travel Insurance, Group insurance, Transit insurance etc can be grouped under this general Insurance. Risk and peril are analyzed before giving out this insurance.

Life Insurance

Here the life of a person is insured. Term policy, whole life policy, endowment policy, health insurance etc are brought under this category. Insurance is provided based on the nature of his work.

IRDA

Insurance Regulatory and development authority was formed in 2000, to regulate the Indian Insurance industry. LIC was the monopoly till 2001 and private insurance company was allowed to operate from 2001. After the allowance of private companies the growth of insurance among the people had grown significantly. Recently the FDI limit has been increased to 49% which will increase in the growth of foreign insurers in Indian market. The under penetrated Indian insurance market is a added advantage for them.

The introduction of online term policy has lowered the premium to great extent and people are becoming aware of the need to take insurance with high sum assured.

Is Insurance really needed?

We are living in the world of uncertainties, though we may not know about tomorrow but reducing the risk of tomorrow may bring in stress free future and focus on our growth and asset accumulation. Term policy, health insurance policy, critical illness policy and personal accident policy are very much essential insurance policies before choosing any ULIP or endowment policy.

Get insured to protect your dependent life.