In India, travel companies offer insurance via many financial institutions. You can avail benefits directly from the travel company in case of a claim, which the insurance provider pays for.
Should you avail a travel insurance policy from travel companies?
Opting for a travel insurance policy from a travel company solely depends on you. You must compare the coverage offered by a travel company with the coverage offered by insurance companies or NBFCs. This would help you choose the right policy based on your specific requirements.
NBFCs also bring you insurance policies that could sometimes be better than those offered by travel companies. For example, the domestic holiday cover offered under Pocket Insurance products by Bajaj Finserv is something you should consider buying.
Features to look for:
Some of the general features that your travel insurance plan must include are:
- Coverage against loss of baggage
Airlines may misplace your baggage permanently or temporarily. While a permanent loss means you can never receive your luggage, temporary one translates to a baggage delay.
In case of permanent loss, your travel insurance will reimburse the market cost of your belongings. You will receive reimbursement of only the essential items during a temporary loss.
Personal Trip Effects Cover by Bajaj Finserv provides coverage of up to Rs. 1.15 Lakh for loss of baggage.
- Protection from personal accidents
Personal accidents while you are travelling can lead to significant financial expenses. These costs will increase even more if there is hospitalisation involved.
Hence, check for personal accidents coverage when you buy a travel insurance policy. It will cover all the expenses you have to incur to avail treatment services.
- Trip cancellation cover
Various reasons may force you to cancel your trip. Medical emergencies or illness can be one of them. You will end up facing a loss, especially if your travel tickets or hotel bookings are non-refundable.
So, buying a travel insurance policy can help you out in such scenarios. Such policies cover a lion’s share of expenses that you lose due to a cancellation.
- Availability of roadside assistance
You may have plans to travel some parts or your complete trip by a car. Although such trips are fun, it can come to an end when your vehicle breaks down. The situation can become worse if there are no repair facilities available nearby.
A roadside assistance cover can be really helpful in such situations
A road trip travel insuranceby Bajaj Finserv provides 24×7 roadside assistance at over 500 locations across India. The policy also offers 5 litres of fuel for your car and 2 litres of fuel for your bike free of cost in case you run out of fuel while on a trip.
- Protection against lost cards
A person may lose their credit and debit cards in case they lose or misplace his/her wallet. In such situations, the first thing you have to do is block them. Hence, make sure the product you choose allows you to block all cards with one single call from anywhere around the world.
- Availability of financial assistance
There may arise situations when you are entirely stranded without any cash. Make sure the travel insurance in India you opt for provides financial support to help you get out of the same. Usually, the monetary aid is offered to help you book hotels and flight tickets for a return journey.
- Coverage against bounced hotel bookings
One other feature that an insurance policy should cover is protection against bounced hotel bookings. Ensure to read the terms and conditions before you buy a travel insurance policy. Also, compare the premiums and the validity of the cover from different policy providers before applying.