Travel Insurance as we all know, offers protection against any loss or damage due to flight delays, cancellation, baggage loss, or any other medical, financial and legal emergencies arising during your trip. We meet different people, see different cultures, and try new food and get acclimatized to a totally new environment and climatic conditions.
Amid this, we can succumb to any medical emergencies or other kinds of uncertainties. Domestic travel insurance is considered as a perfect protection shield against all the unforeseen circumstances while you travel alone or with family for personal or business trips.
It gives coverage for your end to end trip. There are also single and multi-trip policies, offering you security against any unforeseen circumstances.
Why there is a Need to Change The Thinking of Urban Travellers?
Consumer awareness in the domestic segment is still at a nascent stage, which is likely to improve in the coming years.
Overseas travel segment is emerging at 15% yearly, with nearly 5 crore passengers traveling to different countries and another 15 crore touring within India alone.
More so because the cost of unanticipated perils in an unknown environment that the visitor is exposed to is huge and can badly affect the entire trip.
If awareness initiatives are taken in this regard, then the travelers will grow more mindful about the possible risks they are exposed to while traveling even within the country.
Just as one hardly misses their toolkits, medicines, toolkits and other important things during their trips, it is time that they start putting domestic travel insurance on their ‘not-to-be-missed’ list’ to help them be in-control of injuries and huge medical expenses incurred during the trip.
Instructions to Buy Most Workable Travel Insurance Plan
As there are so many options that are available online, it can be confusing to decide the one. Here are some instructions that you can follow to buy the most workable plan:
#1. Check if the Insurance Company Is Reliable
It’s important that you buy a domestic travel insurance policy from a reliable source. For this, you need to ensure the authenticity of your insurer.
Make sure the company has great goodwill in the market and good customer reviews on its website. Customers would only trust their insurer if they meet the promises as mentioned in the plan.
#2. Premium Cost
While selecting a travel insurance plan, considering the premium cost is imperative. Undoubtedly, you will go with the insurer who gives you travel policy which is convenient for you to pay off, is affordable and easy on your pocket.
#3. How convenient is it?
The market is full of various travel insurance policies. Among so many plans, what helps you in finalizing one is how convenient and seamless is the process.
#4. Reason for Travel
Depending on the purpose you are traveling for, you would need to select your travel insurance plan. Select a plan that gives you maximum coverage and meets your travel requirements.
If you are traveling for higher education, you can go for student travel insurance plan, corporate plan for business trips, and individual travel insurance plan for a vacation and so on. Similarly, there is corporate insurance for business trips, family insurance for family trips, and senior citizen insurance for elderly parents, individual/group travel insurance and single/multi-trip insurance.
The premium varies with the age of the insured person. If the traveler’s age is less, the premium would be less and vice versa. For elderly people there are senior citizen travel insurance plans, as they might be having some pre-existing illness, to cover that the policy premium would be extra.
Your travel insurance premium is decided on the basis of the country you are traveling to. Simply put, travel insurance for domestic flights would have less premium amount as compared to international flights. Because the medical treatment overseas is much expensive as compared to what it is in India.
#7. Travel Span
Your travel duration is important to calculate the policy premium. The longer the travel span, the higher would be the premium and for short travel span, the premium would be less.
People who travel too frequently are suggested to go for a multi-trip annual travel insurance plan, to save the extra premium cost.
#8. Sum Insured
Simply put, if you buy a policy that offers higher sum assured, the premium would be more as compared to a policy with lower sum assured.
#9. Claim Settlement Ratio
You need to research the claim settlement ratio of different insurance companies. The company with maximum claim settlement capabilities would have an edge over its other industry counterparts.
#10. Additional Coverage
If you want to avail extra benefits or wish to enhance the scope of coverage then you would have to pay an extra premium to get other benefits.
Some of the Add-on Benefits
Mentioned below are some of the add-on benefits that you can add to your domestic travel insurance policy –
- Get your pre-existing illnesses and diseases covered
- If you are going for an adventure trip, then look for a policy that covers adventure sports/life-threatening activities
- Loss or damage cover in a war zone and nuclear-inflicted areas
- Any coverage for sudden death and accidental disabilities
- Third-party bankruptcy cover
So, if you really want to enjoy your trip without any worries and hindrances; then you must look out for various travel insurance policies covering domestic travels.
Over to You!
Above all, make sure the insurance service provider you chose has a good solvency ratio and does not go bankrupt in future. No doubt, a domestic travel insurance policy would safeguard you from any risks and uncertainties’ within the country. So, to invest in the right one, make sure that you choose them on basis of the above-mentioned points.