Travels insurance company
A trip in some foreign country means a lot of excitement, packing and of course the thought of insecurities. Travelers must consider about the contingencies and risks one can face while in abroad. Whether traveling for business, studies or pleasure, severity of these risks and their financial implications can be devastating. Travel insurance company will save at this point. Travel insurance company plan provides safe protection to travelers against natural calamities like Tsunami, hurricanes, earthquakes and many man made terrors.
For example, 9/11, London bombing, Bali bombing and various pandemics, such as SARS and Avian flu. Travel insurance company all under one single travel policy and benefits vary from plan to plan. And it differs from one insurance company to another. It may be noted that travelers have no choice but to take a travel insurance policy if they happens to visit developed countries like US, Canada and Germany, where cost of medical services are exorbitantly high.
BENEFITS OFFERED BY INSURANCE COMPANY
Accidental Death: The travel insurance company covers the traveler in case of an accident or loss of life unexpectedly.
Emergency Medical Expenses: Reimburses the insured for the expenses incurred for an accident or illness while overseas.
Emergency Medical Expenses (accident only): Reimburse the insured for expenses incurred for an accident while traveling.
Permanent Disablement: Pays a benefit if the insured is permanently disabled in an accident.
Emergency Travel Benefits: Travel insurance company provides emergency medical transport, body repatriation, emergency travel expenses for a family member and an insured person?s child, or a replacement colleague. Insured can also be shifted to a hospital or clinic of his preference.
Baggage Loss: Pays for replacement of lost baggage, personal documents or personal effects.
Baggage Delay: Provides an amount for emergency purchase.
Loss of Passport: Travel insurance covers necessary expenses at reasonable premium to obtain a duplicate passport or valid travel documents when the original document is lost.
Flight Delay: The company can pay a benefit for each hour if the insured's flight is delayed unexpectedly.
Trip Cancellation: Pays travel and/or accommodation expenses if the insured?s trip is cancelled.
Hijacking: The Travel insurance company also covers a plan that pays a benefit for every 6 hours if the insured is held on a hijacked carrier.
Contingency Travel Benefit: Reimbursement of coffin expenses, legal assistance following a motor accident, emergency hotel accommodation and emergency hotel extension are also covered by the travel insurance.
Frequent Flyer Interruption- Emergency Travel: Pays for the costs of a first class train fare or economy class air fare to return home upon interruption of travel arrangements made with a recognized frequent flyer programme.
Assistance Provider Services: Helps with emergency medical transport or repatriation, related services, as well as advice on pre-departure information such as visa requirement.
STUDY THE TRAVEL INSURANCE PLAN
Mode of claim settlement
Choose the insurance company, which settles mostly through direct payment to the hospitals rather than reimbursing the expenses. Since it can be a serious problem one does not have the upfront money to pay advance before taking treatment.
Policy Extendible in abroad
Check if the policy can be extended further when you have to stay longer than planned.
Check for international help line
Check if there is any help line, which can be contacted in case of emergency when you are trapped in crisis situation in abroad.
Knowing deductibles
The amount of the loss, which the insured has to bear in each and every claim, should be acknowledged. Travel Insurance company should make every effort to make the insured how much amount is to be deducted.
Knowing the exclusions
A traveler should understand carefully what is not covered under the policy. Check that the limits on different aspects of the policy, such as luggage and medical, are high enough to bear.
INSURANCE PLANNING
An individual traveler has to examine how frequently he is going abroad. A traveler should choose a specific Travel insurance company policy if he is traveling for a single trip or at the most two or three trips of very short journey. If the person is likely to travel very frequently and for longer duration, he should look for an Annual Plan, which will offer the economies of premium vi-a-vis the specific trip plan.
INDIAN INSURANCE COMPANY POLICIES
Travel insurance gives a long term cover while abroad for higher studies or on an employment. There are options for business persons or executives who go on foreign breaks. The policies offered by Indian Travel insurance company are more or less the same. Broadly speaking, three types of policies are broken based on the duration of trip durations. Travel insurance plans like a single trip covers a traveler for just single trip. Travel insurance company too offers a yearly plan for upto 180 days. Lastly, a huge number of employees can be covered under corporate insurance plan.
WHERE TO BUY INSURANCE POLICY
Nowadays, traveler could buy Overseas Mediclaim policies from Tata AIG, ICICI Lombard, HDFC Bank,Max New York Life, Royal Sundaram, IFFCO Tokio, Bajaj-Allianz and other general insurance companies - National Insurance, Oriental Insurance, United India Insurance and New India Assurance and so on. To attract the travelers, these companies have begun to offer value added travel insurance packages in addition to offering ordinary Mediclaim facility.
SAFETY TIPS
Make sure to get travel insurance policy at least a month before leaving if possible.
A traveler should call the insurance company to make sure you know what you are covered for. It is important to realize that some travel insurance plans do not cover the insured abroad as well as the evacuation expenses.
Don't forget to bring travel insurance card and travel insurance confirmation with you on your travels.
Make sure the insurance company has a toll free line or collect number that you can call in the event of a claim.
Remember to tell your relatives or family members that you have avail the travel insurance. Always check for the policy number and insurance company contact details.
For example, the international toll free numbers and easily communicable feedback forms. Always enquire that travel insurance company is able to pay claims directly to hospitals.
Most plans do not cover pre-existing medical conditions - make sure you read the plan terms and conditions carefully.
If you have medical insurance, find out from your health plan what benefits apply when you're abroad. If you don't want to avail the benefit of health coverage while you're traveling, you must look for a travel insurance policy that includes medical coverage. You'll probably get the best buy if it's bundled with trip cancellation or emergency medical evacuation coverage.
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