Compensation for losses due to trip cancellationThere are occasions when a trip gets cancelled due to unavoidable circumstances. Such cancellations can lead to monetary losses. In such a scenario, travel insurance comes to your rescue.
The insurer compensates for the losses incurred, thereby ensuring your finances don’t take a dip in such a scenario.
Coverage for medical contingenciesMedical contingencies often arrive unannounced. While they can’t be avoided, they can be tackled with deft planning. Travel insurance gives you the financial muscle to deal with medical exigencies which might crop up during your travel.
It pays for the hospitalization and medical costs incurred for treatment. Some insurers also compensate for ambulance charges. Medical expenses are high in India and higher abroad. Thus, a travel insurance plan not only safeguards your savings but also ensures funds are not a roadblock while availing the best possible medical care.
Compensation for loss of baggageThere can be occasions where you might lose your baggage while travelling. In such a scenario, travel insurance comes to your rescue.
Your insurer compensates for the losses suffered due to lost baggage and the belongings in it. Some insurers also aid in locating the lost baggage, thereby giving you peace of mind. Also, in scenarios where there is a delay in the arrival of baggage, your insurer compensates for the damages incurred.
Coverage for loss of crucial documents like passportWhen you are in a foreign land, loss of essential documents like passport can have multiple ramifications. Not only your trip might be extended but getting a duplicate passport can be expensive, involving a lot of documentation and process.
In such an event, your travel insurance not only reimburses the cost of getting a duplicate passport, but also extends all the possible aid during the period when you are without it. Most travel insurers have tie-ups with agencies to aid travellers in such situations.
Emergency cash advanceIn case you lose your wallet, which has your credit and debit cards, your insurance policy aids you by providing you cash. This service is known as emergency cash advance.
While policies offering such a service may be a little expensive, yet it’s prudent to opt for a policy offering this facility.
In case you have an insurance policy from an existing insurer, find out if there’s a travel insurance offering as you stand a chance of availing a better quote.
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.
Are Savings Enough for Retirement?
Financial discipline and life aspirations determine whether your savings are going to be enough for retirement.
5 Benefits of Health Insurance that Makes it a Must Have Cover
Here are the 5 benefits of health insurance that makes it a must to cover
When Should You Withdraw Money from a Mutual Fund?
In case of a sudden change in fund strategy or an underperformance scheme for more than 3-4 years, it makes sense to withdraw money.
How To Apply For Personal Loan
Applying for a personal loan has become extremely easy these days. With the increase in applicants, banks and other financial institutions have made the process very simple.