Are you planning a trip abroad? Choose your travel insurance plan wisely

Oct 02, 2018 | 3 months ago | Read Time: 3 minutes | By iKnowledge Team

While you are on a trip by yourself, with friends or with your family, you cannot rule out the possibilities of unfortunate events. Be prepared for the same with the ideal travel insurance plan.

Choose your travel insurance plan wisely - Aegon Life

Family holidays are special in every way. Not only is it about having a great time with your loved ones but also one that requires more responsibility towards each member, so that they experience a fun filled journey all through. Therefore, while planning an overseas vacation with your family, do not overlook the importance of a travel insurance and the probability of running into an untoward incident during the trip. A right travel insurance plan is essential in ensuring your family’s safety as well as yours. You must ensure that the necessary arrangements are made concerning finance in case an emergency comes up. Before opting for a travel insurance plan, conduct your own research about the insurance provider.

A lot of financial planning goes into making a trip happen. And you don’t want to be caught offguard by the expenditure in case of any misfortunate event. For this reason, you must opt for a travel insurance policy which can help cover the loss and provide support during the tough period. According to a renowned aggregator,, there are more than 50+ travel insurance plans available. Any travel insurance plan has a minimum of 20 covers related to travel risks, miscellaneous risks, health risks and so on. While choosing the policy, you must inquire about every cover in detail. Everything from hospitalisation expenses coverage to dental expenses should be clarified. The coverage should be based upon the duration and other mishaps such as trip cancellation, trip delay, baggage loss, and baggage delay. Understand the deductibles in each of these covers.

Focusing on the specifics, there are about five things to consider before buying a travel insurance plan:

Financial Emergency Assistance:

Emergency Assistance works like an emergency loan which helps in time of dire need. Not all insurance providers offer this benefit. Thus, you must check with the insurer regarding this facility before buying travel insurance. Also, learn about the limit as it varies from one insurer to another.

Baggage Loss:

With this benefit, you can get coverage for your lost baggage which helps to recover the amount of the essential items in the baggage, in case your checked bag is lost. However, you should know that the loss is covered only when you are travelling abroad and not while returning.  

Delay in Flight:

Any type of flight delay is not liable for the insurance company to pay the amount. However, if a flight is delayed for more than 12 hours due to bad weather, strike or another mechanical failure, you will be provided with expenses to get through the tough period. There are many insurance companies which provide benefits even in case of a flight delay of up to 4 hours.

Hospital Cash:

While patient expense cover is a primary benefit of all travel insurance plans, out-of-the-pocket expenses are not covered under hospitalisation charges. However, the amount spent on the medicines and other miscellaneous expenses have a major impact on your travel budget.

Loss of Passport:

What’s the worst you can expect while travelling abroad? Quite literally, passport loss can ruin an entire travel plan and delay your return to your home country indefinitely. The expenses of living in a foreign country in the situation of a loss of passport are challenging. Though insurance companies providing travel insurance also cover the loss of passport, you must know exactly how much they are willing to cover.  

Financial planning should be considered before the trip, and the right plan encompassing financial security must be considered.  

IA/Sep 2018/4430


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