The conventional single-trip travel insurance
You may be travelling occasionally - say maybe once or twice during a year. In this case, all you will need is an insurance cover that will stay valid only over the course of the trip. Hence, a traditional single-trip travel insurance plan will be a perfect choice for you.
It will give you a safety cover against travel-related risks, right from the time you set foot on your journey till you come back home. It is then that your coverage will expire.
What happens when you have to travel more often?
What if you are that quintessential globe trotter? Travelling frequently for pleasure or profession? No matter what your motive be, you would still need a travel insurance policy in order to stay guarded against an array of risks -- resulting from factors such as loss/theft of luggage, loss of passport, expenses incurred while attending to a medical emergency, etc. However, buying insurance every time you decide to travel might not be convenient after all - considering it involves fulfilling of statutory requirements; not to mention the time and cost involved of acquiring one.
Here, a multi-trip travel insurance plan comes to your aid. This is an annual insurance policy, designed to cover all the trips that you go on over the policy period (generally up to maximum of 30 days in a year). You may visit a number of destinations multiple times, but the risk cover continues for one whole year, beginning from the date of policy purchase.
What is the standard coverage?
Some of the common inclusions are:
- Automatic cancellation cover
- Lost or theft of baggage
- Overseas Medical cover
- Personal liability cover: This covers legal and financial damages resulting from harm inflicted by the insured on a third-party (either through bodily injuries or property damages).
- Provision for add-ons
By paying a nominally higher premium, you can choose from the following add-on covers:
- Cover for expensive items bought or important documents in hand
- Backpackers’ policy for longer durations of travel
- Protective cover for your home while you are away
- Insurance for an eventuality such as a hijack
- Cover for lost passport
List of exclusions
Risks arising out of the following behaviors or conditions are not covered under multi-trip travel insurance:
- Theft or loss of luggage and passport due to negligence
- Loss of passport or luggage that is not reported to police within 24 hours of the incident
- Pre-existing medical conditions
- Depression or any other mental ailment
- Terminal disease or travelling for treatment
- Damages arising out of nuclear war
- Instances of alcohol or drug abuse
- Medical complications arising out of HIV/AIDS
Hence, by opting for multi-trip travel insurance, you can avail of a year-long, affordable, and continuous insurance cover that adds the much-needed protection to all your travels.
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.
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