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Published in Mint on 19th May 2018.
In between all the shopping for your next holiday abroad, don’t forget to take adequate travel insurance along with you. You get a travel insurance cover for both domestic as well as international trip. It is important to get an insurance cover for international trip as a medical emergency can cost you a lot of money. Medical care overseas is expensive, especially if you are going to developed countries. Travel insurance comes handy in case you have a medical emergency or for flight delays. If you are wondering how to pick the right product, here is what you should know:
Check the cover
Look for a travel insurance that has a medical cover, personal accident cover, cover for flight delays, loss of passport, baggage and cancellation. “All the countries that are being visited, even in transit, should be covered. There should be some cover for emergencies owing to preexisting diseases,” said Kapil Mehta, co-founder, Some travel insurance cover pre-existing diseases in case of a relapse.
However, if you already know about the disease and try to claim it, you will not be covered. Insurers also provide cover for terror attacks, hijack, medical evacuation or financial emergency in case of theft. Most travel insurance cover it.
Single and multiple trips cover
You can take cover for single or multiple trips—single trip cover is valid for one trip only whereas multiple trip cover is valid for one year. “Multiple trip cover works for individuals who travel overseas at least six times in a year. It is expensive than single trip cover. However, if you are travelling overseas 1-2 times a year, a single trip cover is adequate,” said Nikhil Apte, chief product officer, product factory (health insurance), Royal Sundaram General Insurance Co. Ltd.
Cover based on country
Insurance companies provide cover based on the destination that you visit. Check whether the country that you are going to recognizes the policy. “If you are going to countries where you need Schengen Visa, you should check whether the Visa authorities recognise the policy,” said Mehta. In some countries you can’t enter without travel insurance. Also the premium will be higher for countries where the medical cost is higher.
The amount you need
Make sure that you take adequate insurance cover. Remember that medical expenses are higher overseas so take a higher sum assured. You don’t want to be in a situationwhere you have an insurance policy, but it doesn’t have enough cover. Also make sure that you opt for cashless option because you may not have enough money to pay upfront. While you are looking for travel insurance, shop around to get the best premium on the policy. “There should be a very well defined cashless claim process,” said Mehta.