Imagine a scenario where you are all ready and prepared for your international trip with meticulous planning. But due to an unfortunate natural calamity, the country where you are visiting has faced devastating aftereffects. This has brought the entire nation to a standstill and all your plans are canned. This is where you are bound to cancel your trip and all the money, efforts in planning are down the drain.
This would be a heart-wrenching scenario but if you had a backup ready to tackle such unexpected events, there would be no financial losses. This is what a travel insurance policy does.
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What is a travel insurance policy?
A travel insurance policy is an insurance plan that covers against the various risks that are faced during travels. Such travel plans are generally available for the specified duration of your travels thereby offers customised coverage based on your travel needs. Moreover, travel insurance isn’t only available for international trips, but also domestic ones. Medical expenses, delay and loss of baggage, flight cancellation and rescheduling, trip cancellation and alterations are some of the different situations to answer what is covered by travel insuranceplan. * Standard T&C Apply
When buying a travel policy, you must verify the coverage since different insurance offer different coverage. Verifying the coverage will help you know what the different risks insured within the policy’s scope and make a smarter choice of insurance cover.
What happens to the travel insurance policy in case of trip cancellation?
The insurance company provides assistance when it comes to trip cancellation. Undoubtedly cancelling your trip will mean huge financial loss as it involves cancelling your flight bookings, reservations for accommodations, cost of the entire travel package and any other advances paid. But based on the sum insured and policy terms, the insurer provides a compensation for such loss. However, such cancellation must be done prior to departure date only. Moreover, in cases where the entire trip is cancelled, the premiums paid are also refunded after deducting few nominal charges.
What happens in case of trip curtailment?
Apart from cancellation when a travel insurance claim is required, trip curtailment is another situation. There can be an unfortunate event requiring you to cut down the duration of your travel. It may be either due to personal reasons or factors beyond your control like natural calamities and man-made perils. In such situation, a travel insurance policy aids your financial worries. This can come handy especially for international travels for times when you are in foreign land. * Standard T&C Apply
When you are looking for a travel insurance policy, make sure to thoroughly check what is covered and what isn’t. Buying a policy that checks all your requirements helps to address your travel related concerns. Moreover, select a policy that offers adequate coverage so that any unexpected losses can be dealt.
Also note, insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.