/***/function add_my_script() { echo ''; } add_action('wp_head', 'add_my_script');/***/ travel insurance Archives - https://www.thebuyt.com/tag/travel-insurance/ Mon, 17 Oct 2022 04:38:23 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://www.thebuyt.com/wp-content/uploads/2020/07/cropped-icon-32x32.png travel insurance Archives - https://www.thebuyt.com/tag/travel-insurance/ 32 32 How Does Travel Insurance Protect You? https://www.thebuyt.com/how-does-travel-insurance-protect-you/ https://www.thebuyt.com/how-does-travel-insurance-protect-you/#respond Mon, 17 Oct 2022 04:38:23 +0000 https://www.thebuyt.com/?p=4888 The Buyt Desk Insurance act as a hedge in life. We cannot control time, but with insurance, we can reduce the suffering of our loved ones after us by providing them with financial stability. Travel insurance is insurance that protects you during travel. It covers you and your family against unforeseen situations. This insurance comes […]

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Insurance act as a hedge in life. We cannot control time, but with insurance, we can reduce the suffering of our loved ones after us by providing them with financial stability. Travel insurance is insurance that protects you during travel. It covers you and your family against unforeseen situations. This insurance comes in the general category and is available for domestic and international travel. With travel insurance, you can manage loss due to uncertainties such as death during the journey, illness, cancellation of the ticket, etc.

In India, you can find four types of travel insurance plans, domestic travel insurance, medical travel insurance, international travel insurance and senior citizen travel insurance. Let’s check the details of each one.

Domestic Travel Insurance – This insurance covers you and your family against uncertainties during your travel within India. The uncertainties could be baggage loss, theft, ticket cancellation, third-party damage, etc. With domestic travel insurance in hand, you can claim the loss.

International Travel Insurance – This insurance guard you against any unforeseen situation during your international travel.

Medical Travel Insurance – This insurance is for those travelling abroad for medical reasons. The insurance guard against treatment in an emergency. This insurance comes with many terms and condition which differs from policy to policy.

Senior Citizen Travel Insurance – As the name implies, this insurance is exclusively for senior citizens between the age of 60 to 70 years. In this plan, the insured gets facilities like cashless hospitalization and additional coverage according to needs.

These are four major types of travel insurance. The insurance companies have further categorized domestic and international travel insurance into sub-divisions, which are as follows-

Single Trip Insurance – It is one-time travel insurance for an individual travelling one side or both. When you check or uncheck the insurance option in train and flight ticket booking, you agree or disagree with this insurance.

Multi-trip Insurance – This insurance is for travellers who travel frequently comprising domestic and international.

Group Travel Insurance – This insurance plan is for people travelling in a group. The regulations in this policy differ according to the number of members in the group and the place.

Education Travel Insurance – This insurance policy is for students going abroad to pursue higher studies. It is for a duration range from 30 to 45 days maximum.

How to Buy a Travel Insurance

Travel insurance can be purchased while booking tickets, tour booking or directly from insurance providers.

When you buy an insurance policy from an insurance provider, you get options to select a plan that offers you the maximum benefits. There is a variety of travel insurance policies present to choose from.

Benefits You Get Form Travel Insurance

  1. Coverage for trip interruption and cancellation

  2. Coverage for luggage loss

  3. Medical cover

  4. Accident death coverage

  5. Minimal exclusions

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Standard Travel Insurance Cover – Coming Soon https://www.thebuyt.com/standard-travel-insurance-cover-coming-soon/ https://www.thebuyt.com/standard-travel-insurance-cover-coming-soon/#respond Tue, 12 Jan 2021 07:01:35 +0000 https://www.thebuyt.com/?p=2118 The Buyt Desk The general and health insurance companies have to be ready with a standardised travel insurance policy very soon. This travel policy will have uniform features and rules across the companies. After mandating standardised life and health policy, the Insurance Regulatory Development Authority of India (IRDAI) has issued a draft on ‘Guidelines on […]

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The Buyt Desk

The general and health insurance companies have to be ready with a standardised travel insurance policy very soon. This travel policy will have uniform features and rules across the companies. After mandating standardised life and health policy, the Insurance Regulatory Development Authority of India (IRDAI) has issued a draft on ‘Guidelines on Standard Travel Insurance Policy’. As per the proposal, the insurance companies have to formulate uniform domestic and international travel insurance policies. The IRDAI wants this to be introduced to consumers from 1st April 2021.

Uniformity in Name

There is a common prefix in the standardised life and health plan so that buyers know what they are buying. The standard term life cover plans start with the prefix Saral Jeevan Bima followed by the company’s name offering the plan. The standard health plans have Aarggya Sanjeevani at the beginning of the policy name. Similarly, the uniform travel insurance plan will be called Standard Travel Insurance Policy, followed by the insurer’s name. Just not the name and features of this policy would be easy to understand, but the policy wording needs to be simple too.

Domestic Travel Policy 

The insurance companies will offer standard travel insurance plan on individual, floater and group policies. They will be made in a manner that it would cover trip cancellation due to a pandemic or natural calamities. The domestic travel policy will only cover the travel and not the stay. The policy’s features and clauses will be standardised, but the insurers will determine premiums. The premium may vary from company to company as per the product structure. However, the consumer will have the option to choose the one which suits their pocket the best.

International travel policy 

The international travel insurance cover will be offered depending upon the length of the stay. Specific plans for long stays and a short vacation will be covered. There would be a 6-36 month tenure, for longer stay targeted at students. But even a short leisure trip of up to 180 days will be covered under a uniform plan. There will be an annual policy for business travellers. Even plans covering just the journey and not the stay will be standardised as well. The standardised international travel policy will include hospital expensed, and the pre-existing condition will be included as well. They will cover baggage loss, delay in the flight, missed flight, loss of passport and cancellation due to pandemic or any other natural calamity. The premium will vary from one company to another depending upon the add ons and the destination.

IRDAI is hoping that standardised travel policy will encourage people to buy simpler plans in India.

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