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The Covid-19 pandemic has disrupted travel plans of people across the globe. However, there is a ray of hope with the massive vaccination programme initiated by the government. Once everything is safe, travel and vacation plans will start again. Till then people are advised to travel only for necessary reasons like medical emergencies, work, relocation or family crises. In India, the travel insurance market was valued at over $80 million in 2018. It had a compounded annual growth rate of 12%. However, according to reports, the travel insurance market is just about 1% of the global travel insurance industry.
Travel insurance necessary
In such a pandemic situation travel insurance becomes necessary. It protects you and/or family against travel-related accidents, unexpected medical expenditure during travel, losses such as baggage loss, loss of passport, etc and interruption or delays in flights or delayed arrival of baggage etc. Overseas travel insurance is also compulsory to obtain a visa for entry to some countries.
Irdai’s tips
The Insurance Regulatory and Development Authority, the insurance regulatory body of the country, has given some tips to general people while buying travel insurance. Take a look:
Do’s
Plan for your travel insurance ahead of time just as you plan for your visa and other paperwork.
Take care to fill in the proposal form completely and truthfully after getting the necessary medical tests done and obtaining the medical report as required. If you hide any medical condition, it might become a headache for you later.
Plan for the travel period ahead of time and ensure that your insurance covers the entire period.
If you have to extend the period of cover, plan for it before the cover expires and provide the required documents to the insurer.
Make sure you have gone through the policy document completely and make a note of the contact details of the agency servicing the claims so that it is handy in the event of an emergency.
If you are cutting short your travel period, check your policy to see if you are entitled for a refund.
Don’ts
Don’t delay while taking your travel insurance till the last minute.
Don’t get pushed into taking a cover only as recommended by your travel agent. Get as much information as possible and exercise your choice.
Price is the most important criteria while buying an insurance policy. A large number of people opt for the cheapest cover travel insurance policy. Don’t do this. Because it might not meet your needs.