If you are planning to take your family on an international trip, then obtaining travel insurance is a must. With the thrill of travelling come many unexpected risks- from medical emergencies to trip cancellation. Family travel insurance steps in here to protect against unforeseen events that can disrupt your trip financially.
What is family travel insurance?
Family travel insurance is a single comprehensive insurance policy that provides financial protection to all family members travelling together. It covers the following events:
- Medical emergencies: Hospitalisation expenses for treating injuries, illnesses and urgent dental treatments, and medical evacuation.
- Personal liabilities: Legal cost for dealing with third-party injuries or damages to their properties
- Flight delay or cancellation: Reimbursement of essential expenses arising from flight disruption.
- Trip delay or cancellation: Refunds the non-refundable portion of hotel booking charges, transportation and other activities.
- Lost, delayed or damaged luggage: Reimbursement in case your luggage is misplaced, damaged or held up during transit.
- Emergency cash: Immediate cash allowance, if your wallet is lost or stolen
You can purchase travel insurance any time before your trip starts. Whether you are planning to travel abroad or within the country, there are suitable plans for every trip, structured to offer maximum benefits and provide complete protection to you and your family.
Why is family travel insurance important?
Family travel insurance is now an unavoidable necessity when planning trips with your loved ones. It serves as an essential safety net, easing the financial burden that comes with unexpected incidents during the trip and offering peace of mind knowing that you’re protected.
Key points to consider before buying family travel insurance
Here are a few important points that you should consider before buying a family travel insurance policy to ensure you choose the best possible plan for yourself:
1. Carefully examine the inclusions and exclusions of the coverage
Read through the policy details to know what events are covered and not under the family insurance plan. This way, you can avoid unpleasant surprises or rejected claims when you need assistance the most. Also, check if there are any limits on claim amounts or specific conditions associated with each benefit. Being fully aware of the policy terms ensures that you choose a plan that meets most of your family’s travel needs.
2. Decide whether you want a single-trip policy or an annual plan
There are different travel insurance plans available to suit the varying needs of the buyer. If you’re planning to visit a foreign country only once, you can choose a single trip insurance, whereas if you’re a frequent flyer, it is ideal for you to opt for an annual travel insurance plan that covers multiple trips. Also, there are exclusive plans specially crafted for various segments of travellers such as senior citizens, women, students, etc. The premium of your policy will be calculated on the type of policy and coverage you choose.
3. Identify the coverage type provided by the policy
Before finalising a deal, it makes sense to find out more details about the coverage type offered by your intended travel insurance policy. Determine whether you need a primary travel insurance plan or a secondary one. The former provides an out-and-out coverage with on-spot assistance whereas the latter has a provision for reimbursement. This means that you’ll be required to make all the payments in case of an emergency and claim the refund from your travel insurance provider later.
4. Know about the level of medical coverage in the policy
It is important that you understand how much medical coverage is provided by the policy and under what circumstances you can make a claim. If anyone in your family has a pre-existing medical condition, you’ll need to confirm whether it is included in the policy or not. You should also gain a clear idea of diseases covered under the travel insurance plan and how much you will be required to pay before the medical coverage kicks in.
5. Disclose the medical history of your family
If anyone in your family has a medical history in terms of a serious disease or if you consume alcohol or tobacco regularly, the premium of your travel insurance is likely to go up. However, it’s important to disclose all the pre-existing medical conditions of each family member to avoid any hassles when you seek a claim on foreign shores. The policy premium also depends on the age and number of family members as per the risk factors associated with them.
6. Carefully examine the inclusions and exclusions in your policy
It’s prudent to carefully check for the inclusions and exclusions in a travel insurance plan before choosing the one. Don’t fall for the cheapest travel insurance policy that you find on the web. Be very vigilant while examining all the terms and conditions of the policy and check if it imposes certain restrictions on specific destinations, activities, illnesses, etc. Choose the plan with the least exclusions or the one that is best suited to your requirements.
7. Check if the policy provides cancellation coverage
Things always don’t go according to plan, and there can be some unexpected circumstances that can lead you to cancel your trip. Travel health insurance can help you in such a scenario by reimbursing you for the lost funds from the cancellations of your flight tickets, hotel bookings, car hire, etc. However, to avail of this facility, you need to ensure that your travel insurance covers the trip cancellation charges while buying the policy.
Apart from these considerations, don’t forget to check if your travel insurer is registered with the Insurance Regulatory and Development Authority of India (IRDAI). Do your own research and compare various travel insurance plans before choosing the best plan that suits your needs.
Common mistakes to avoid when buying family travel insurance
When you are buying family travel insurance, pay attention not to make the following mistakes:
- Choosing inadequate coverage: Buying a family travel insurance plan with limited benefits, and not covering a range of risks, may leave you exposed to high out-of-pocket expenses during emergencies or trip disruptions.
- Not disclosing pre-existing medical conditions: If you conceal any pre-existing diseases during policy purchase, it will later lead to claim rejections if a related medical emergency occurs during the trip.
- Not reading the policy document clearly: If you fail to go through the fine print of the policy documents and understand the inclusions and exclusions before purchase, it may later lead to confusion or denied claims.
- Buying the cheapest plan: You may be tempted to buy a family travel insurance plan with the lowest premium. However, you should know that low-cost plans often compromise on coverage and benefits, which might not be sufficient for your travel needs.
- Buying the policy too late: It is ideal to buy an insurance plan days before your trip. While some insurers may offer post-departure travel insurance, it often comes with certain limitations and you will also miss coverage for events that occur before the journey starts, like trip cancellations or delays.
If you make any of these mistakes, it could lead to a claim denial, insufficient financial protection during emergencies or unexpected out-of-pocket expenses. This will compromise the purpose of having family travel insurance.
Benefits of buying family travel insurance online
There are several advantages to buying family international travel insurance online compared to the traditional offline method. These include:
- Convenience: You can use an insurance aggregator website and compare multiple policies side by side to find the ideal one. This can be done from the comfort of your home.
- Better deals: Online platforms often offer exclusive discounts and cashback. This way you can save on the insurance cost.
- Instant policy issuance: When you buy a family travel insurance online, the policy will be issued immediately without the hassle of paperwork.
- Easy renewals & claims: The website or the app of the insurer allows you to renew your policy and make claims within minutes. You can also access support tools, chatbots, and digital documentation with ease.
Conclusion
Family travel insurance is not just a formality to fulfill when travelling abroad, it’s a necessity to protect your loved ones. It covers a range of travel risks and ensures that you can enjoy your trip to the fullest with peace of mind and create wonderful memories. Buy an international travel insurance after careful research and policy comparison, so that it best suits your family’s travel needs. A little planning can save a lot of stress later.
FAQs
1. Is family travel insurance available for domestic trips?
Yes, many insurers offer domestic family travel plans that protect the insured against various trip disruptions like flight cancellations, delays, and medical emergencies.
2. How many members can be covered in a family travel insurance plan?
Typically, family travel insurance covers two adults and two children. However, this varies by insurer.
3. What documents should I submit to obtain family travel insurance?
To purchase a family travel plan, you have to submit identity proofs like Aadhaar, passport details, and travel itinerary.
4. Does international travel insurance cover pandemic-related issues?
Some insurances offer coverage for pandemics like COVID-19. However, you must check the terms and conditions of the policy before buying it.
Disclaimer: The information provided in this blog is for educational and informational purposes only. It may contain outdated data and information regarding the topic featured in the article. It is advised to verify the currency and relevance of the data and information before taking any major steps. ICICI Lombard is not liable for any inaccuracies or consequences resulting from the use of this outdated information.