What is Overseas Travel Insurance?

Overseas travel insurance or commonly called international travel insurance provides coverage for a variety of unexpected events ranging from lost belongings to emergency medical care. These plans aim to secure your travel and provide for you in a foreign land; thus, establishing strong a need for international insurance plans. Though with multiple insurance providers, it can be a little tricky to analyze which plan to choose. Well, to make it simpler for you, here is all the information you need to know about overseas travel insurance.

• Individual – covers only the policyholder travelling abroad
• Family – covers families travelling abroad together
• Student – provides for students travelling abroad
• Senior Citizen – Includes people above the age of 60 travelling overseas
• Group – covers a group of people travelling abroad together
• Corporate – provides customized insurance for corporate trips abroad
• Medical – includes all medical emergencies for the insurer travelling to another country

Every insurer provides different inclusions in the insurance plan, most of which are customized to suit the needs of the traveller. That said, some of the common events included in all international insurance plans are:

• Medical-related Coverage: This type ofcover provides for all medical needs and emergencies in a foreign country such as emergency medical expenses, hospital daily allowance, dental expenses, medical evacuation, medical and body repatriation, accidental death, and permanent disablement. Some policies also cover the transportation of the mortal remains or burial.
• Baggage-related Coverage: An international travel insurance policy includes all uncertain baggage-related events such as loss of baggage or personal documents, loss of checked-in baggage, and delay in checked-in baggage.
• Journey-related Coverage: A foreign travel insurance policy includes all events that affect the overall trip, including personal liability for third party damage, financial emergency assistance (robbery, theft, dacoit, etc.), hijack distress allowance, flight delays, missed-connection, trip delays, loss of passport, legal requirement, and hotel accommodation (while recovering from medical emergencies).

The type of benefit provided for different coverage depends on the insurer and the terms of the policy.

Even though overseas insurance policies provide exhaustive coverage, yet there are some exclusions; these vary by policy but generally include:

• Loss or health condition resulting from war or breach of law
• The occurrence of an event under the influence of alcohol, intoxicant or from mental incapability such as depression, suicidal attempt, etc.
• An injury that is self-inflicted or caused due to adventure sports
• Problems because of pre-existing health conditions
• Travel is undertaken against physician’s advice
• Patients suffering from venereal diseases or HIV/AIDS
• Purpose of travelling is to seek medical care abroad
• Cosmetic or obesity treatment

Overall, overseas travel insurance is a very comprehensive and useful policy which is more of a need in these times than a necessity. Be prepared for the unknown, always!

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.