While drawing up your bucket list of things to do and souvenirs to buy on your next vacation, you may also want to consider buying travel insurance. It is a worthwhile investment considering the various travel risks that you could potentially face. You may wonder, “Don’t I just need travel insurance when I am travelling abroad?”
This is a misconception. Whether domestic or international, travel can be risky. Whether you plan on spending a fortnight in the backwaters of Kerala or the misty hills of Darjeeling, unforeseen problems may arise. These include medical emergencies, accidents, flight delays, cancellations, loss of baggage and more. Here’s why travel insurance is a good bet when travelling within the country.
Coverage against multiple uncertainties during travelIf you are travelling to a destination within the country, you may discount the possibility of mishaps. However, emergencies can happen anywhere, regardless of the duration of travel. With domestic travel insurance, you are covered against:
- Flight delays, which may have a cascading effect on any connecting flights
- Cancellation of flight
- Theft or misplacement of baggage
- Medical emergency onboard the flight
Medical coverageChanging weather conditions or poor sanitation while travelling can cause infections, heat strokes and other illnesses. With rising medical inflation, you may end up paying a lot more for treatment than you anticipated. Travel insurance gives you cover for any medical or accident related conditions.
For example, if you are trekking in Manali and need to be hospitalized after a fall, you may end up spending a lot more than expected. With travel insurance, your hospital expenditure will be taken care of.
Coverage for loss of baggageLoss of baggage can play spoilsport with your vacation plans. While the airline may compensate you monetarily, the stressed caused is incalculable. However, with a travel insurance policy, loss of luggage, including high-value items such as laptops, etc., is covered, thus allowing complete peace of mind.
Personal liability coverageTravel insurance also provides coverage against accidental damage to third party property. This is advisable when you are travelling with your family.
For example, while on a family vacation, you may be liable for inadvertently caused damages at airports, hotels and resorts. If you have travel insurance, the financial impact of such incidents is minimized. In the age of digitalization, you can easily buy a travel insurance policy with a few clicks directly from the website of the insurer.
Click here to know more about travel insurance.
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.
Tuition fee deduction under Section 80C of Income Tax Act
Educating a child can be an expensive proposition for most parents. As the cost of quality education is on the rise, the potential for saving money seems less likely. However, there are tax benefits that can be availed under the provisions of the Income Tax Act, 1961. Recurring expenses such as tuition fees is one such category that qualifies for tax relief, subject to certain terms and conditions.
6 Things you Should Know Before Buying Insurance Policy for Bike
Buying or renewing an insurance policy for your bike can often be overwhelming. Check out this short guide to know the factors you should consider while choosing the best insurance policy for your bike.
PPF Withdrawl: When & How to Withdraw PPF
PPF (Public Provident Fund) is a savings scheme, which is backed by the government on purpose to build a retirement corpus. As PPF is a long-term investment, it comes with a specified lock-in period. Read on to know about the maturity period and the withdrawal systems.
5 Types of Business Loan For Woman Entrepreneurs
There are now many different types of loans options in India for women wanting to explore their entrepreneurial dreams. Read this post to know 5 of the most popular options.