Scenarios When You May Require Overseas Travel Insurance

When planning a trip, all of us first make our itinerary of places we want to go, the food we want to eat, and accommodation, however, one of the most important factors for international travel that does not get due importance is overseas travel insurance.While overseas travel insurance is mandatory in certain countries, opting for one for the rest of the places is your prerogative. Wondering why is it necessary if it is not compulsory?We give you five scenarios to understand the importance of overseas travel insurance.

1. A person travelling abroad without Travel Insurance A person is travelling to a first-world country like Europe. During his trip, he falls sick and gets hospitalised. In such a scenario, it will easily take around 20,000 - 25,000 USD for even two-day hospitalisation depending on the seriousness of the injury/illness. Not having overseas travel insurance means you will have to pay for the expenses from your pocket, making it a costly affair.
2. A senior citizen travelling abroad without Travel insurance If a person is a senior citizen who is travelling abroad and is not carrying overseas travel insurance, he/she is at a high risk of spending more money in case he needs hospitalisation. For the elderly, the exposure to risks of falling sick while travelling abroad is higher. However, the coverage, even in overseas travel insurance, is determined after assessing the pre-health conditions of the individual.
3. A student travelling abroad for further studies A person is travelling abroad for further studies and is not carrying overseas travel insurance. Once she lands, her baggage with all the documents gets misplaced by the airlines. If she had travel insurance, she would not have to worry as the liability would have been covered by the insurer. While opting for a health cover is mandatory in most of the countries, choosing an international insurance cover can be an expensive affair.
4. A journalist or person traveling abroad to countries that has threat Suppose a journalist is travelling to one of the high-risk countries for work. Overseas travel insurance in such a situation is a must as it covers potential dangers of these areas such as terrorism, hijacking, extreme climatic conditions and civil unrest etc.
5. A situation of exigency In a case where you have to cut short your trip due to certain exigency, choosing for overseas travel insurance can help in covering the expenses that you may incur due to trip curtailment. Additionally, you can claim the insurance on charges of missing a flight due to the same but not due to sheer carelessness.

Travelling, although a fun activity, can become stressful if you do not plan beforehand for any unforeseen incident that can throw you off-guard. Although you cannot protect yourself from all risks, you can build a safety net around you by signing up for overseas 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.