International Travel Insurance Policy & Its Coverage

Should you have foreign travel on your mind, you would have to make a carefully planned list of all the things that you might need - right from your passport and hotel reservations to medications and cash, in case of emergencies.However, amid the rush, don’t forget the all-important travel insurance. In fact, your travel insurance policy should be the first thing that you buy once you commit to your international travel plans. That’s because overseas travel can be fraught with potential hazards, such as an unlikely illness, accident or loss of passport and other important documents, for that matter.Buying an insurance cover at the right time can give you the much-needed peace of mind while travelling to a foreign land and allow you to concentrate on more important business at hand.

Leading insurance companies cater to the requirements of a diverse group of international travellers – from solo travellers and adventure enthusiasts to young families and senior citizens. Stated below are some of the more common international travel insurance policies:

• Individual travel policy
• Family travel policy
• Single-trip and Multi-trip travel policy
• Policy aimed at students and senior citizens in particular

The following risks are covered under an international travel insurance policy, depending upon the needs of the insured:

1. Medical emergencies A comprehensive international travel insurance policy would cover financial risks arising out of any medical emergency - such as injury, illness, accident, hospitalisation, medical repatriation, surgery – on foreign shores.
2. Cancellation or delays in trips A slew of contingencies - including inclement weather, snags in connecting flights or any other medical emergency that may come up - might force you to go against the schedule and postpone your trip or curtail its duration.With an international travel insurance policy, all the money that you had shelled out towards reservations, sightseeing and re-booking, for that matter, would be refunded, in keeping with the guidelines as mentioned in the policy.
3. Loss/theft of luggage, passport, important documents and other valuables The cost of obtaining a new passport or important documents, damage to valuables or the replacement cost of lost or damaged luggage is covered herein.

Damages arising out of personal liability A personal liability cover can lay down a financial safety net against losses that may have resulted from damages (bodily injuries or harm done to others’ property) caused to a third-party while you were still on the trip. Hijack and home burglary allowance Your international travel insurance policy may also provide you with a hijack distress allowance or a risk cover against burglary at your home while you are away.
Travelling to shores far off is a venture in itself. Counter the risks inherent in any travel plans by buying a befitting international travel insurance policy and choosing sanity over stress.

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.