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Why You Should Opt For Medical Travel Insurance?

Oct 29, 2018 | 2 years ago | Read Time: 3 minutes | By iKnowledge Team

Emergencies can strike at any given time but situations can turn to worse if you are in a different country. To avoid such instances, it is recommended that you purchase medical travel insurance.

Travelling comes with a thrill that elevates the human mind and is a widely recommended stress reliever. We all wish to travel the world at least once in our life. For many, it might just be another vacation, but for most of the people, a fancy vacation can only be a dream-come-true. Although the idea of a world tour or vacation seems exciting, there are many factors that can ruin your entire trip in a second.

Accidents can happen anywhere in the world, and some can be life threatening. You might like to think that a minor scratch, or even a major injury, like a fracture, couldn’t really stop you from enjoying your vacation. Then you have no idea what heads your way.

There may be advanced and high tech medical treatments available abroad, but these treatments don’t come cheap. Keeping the value of Indian currency in mind, the cost of a basic treatment in some countries can be nightmarish. For example, it costs more than USD 119,624 for the entire treatment of a broken leg, which if converted, in Indian currency, can be around 8,24,1437 approximately. Such charges can not only ruin your vacation mood, but drain your bank account substantially. To keep your vacation spirits high, and your savings untouched, it is recommended that you buy travel medical insurance.

What is a travel medical insurance?

The concept of travel medical insurance is like that of a basic life insurance policy or a health insurance policy. Travel medical insurance covers the medical expenses incurred by the policyholder while on a trip.

Why should you opt for travel medical insurance?

The health insurance policies or term plans that you own might not cover the medical expenses incurred abroad. This means, even if you are financially covered in your country, you can face grave financial consequences when abroad. 

How is a travel medical insurance beneficial for you?

Typically, a travel medical insurance can provide you with the benefit of financial cover at the time of medical emergency on a trip. However, there are some companies that offer additional benefits with a travel medical insurance. Here are some of the benefits mentioned below:

  1. Medical Evacuation: Imagine you are skiing on a snow hill, suddenly you trip hard which fractures your hand and you also suffer a major blow to the head. The hospitals near such snowboarding destinations may be able to fix the fracture but they might not be able to treat the head injury. In this case, you might be shifted to a different hospital for advanced procedures. The medical emergency evacuation benefit covers the transport charges, irrespective of the mode of transport.
  2. Coverage in Case of Death: In case if the policyholder were to die on the trip due to any circumstances, the Repatriation of Remains benefit covers the cost of transporting the body back to the home country. Similarly, if the policy holder adds the Local Burial or Cremation benefit to the plan, the insurance company will also bear the cost of burial or cremation in nearby vicinity. Many travel medical policies, however, also include an Accidental Death and Dismemberment benefit (commonly referred to as AD&D), which provides a predetermined amount to you or your beneficiary.
  3. Cover for Unforeseen Circumstances: There are very few companies that offer this benefit, but it can be very helpful at times. We never know what can happen next when you are touring in a foreign country. Moreover, crisis’ like terrorism, political evacuation, or natural disaster can strike any moment. Hence, it is necessary that you look for Cover for the Unforeseen Circumstances benefit in the policy.

Your journey and trip abroad should give you good memories that last forever. Don’t let unforeseen circumstances ruin your trip and don’t let your family face the consequences of a tragic incident. Buy a life insurance plan today!

IA/Oct 2018/4483



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