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Insurance Article

Travel Insurance - “What you need to know“

June 26 2008
What exactly is Travel Insurance and why do you need it?

In simple words, travel insurance policy is a policy that takes care of the risks you might face during your trip abroad. One usually travels for two reasons- pleasure or business. You do not want anything to ruin your hard earned holiday or your crucial business meeting. But there is a possibility of some unexpected occurrence no matter how perfect the planning is. Unfortunate events such as baggage loss, passport loss, a medical emergency or an accident can affect you. Travel Insurance takes care of the monetary liability and ensures that you are not left stranded in such emergencies.

Now obviously, this would not come for free. There is a nominal price you pay, which is called the “premium”. Premium is calculated based on a number of factors such as your age, place of visit, duration of the trip and the coverages of the policy. There are a number of companies offering Traveling insurance in India. Usually, the travel insurance premium (in india) is charged on a slab basis. There are certain pre-defined slabs for the duration of the trip, and the rate of premium is according to the slab rate. However, ICICI Lombard charges on the per day basis, thereby enabling you to get a cover for exactly the number of days of your trip. For Example, say your tip is of 25 days. And let us assume that the slab is from 15 – 30 days. So you will have to pay for the rate defined for this particular slab. But with ICICI Lombard, you pay exactly for 25 days only.

Here are a few tips to keep in mind while considering a travel insurance policy

Take the policy only for the number of days of your trip. Travel insurance is usually charged on a slab basis. But ICICI Lombard offers you the pay per day facility. So you pay exactly for the number of days you have been away and not more. Don't just compare the prices of travel insurance products, also compare the benefits of the cover, the exclusions on the cover and other product features. While buying a travel policy, look beyond premiums. Give importance to the claims procedure and the cashless hospital network available. 

Do get a list of the network hospitals before deciding on your policy. Also check out for other covers (like terrorism, hijack distress allowance etc) available apart from the loss/ damage of baggage/ passport cover, personal liability cover, medical and personal accident cover. Always read the policy wordings carefully. Be clear on what you are covered for and what not. Clear out any confusion you might have before buying your policy. Buy policy online. It enables you to access your policy anytime, anywhere and all the details are available in one click.

Buying duplicate coverage does not double your benefit. It wastes money and creates confusion that could actually delay payments. Understand the different policies for different travelers.
ICICI Lombard offers different plans -
Senior Citizens and
Multi trip
to suit various needs. Click here to get details of the plans above.
Not only do you get a wide range of plans to choose from, you can also calculate premium, buy online and extend you policy online with us.

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