Types, Eligibility and Benefits of Travel Insurance

Traveling is a pleasant activity. However, certain unpredictable events can make it extremely unpleasant. Travel insurance cannot protect you from such mishaps but it can certainly provide financial cushioning and minimize your monetary loss. It also offers peace of mind in challenging situations.

Types, Eligibility and Benefits of Travel Insurance - Acko

Read on to understand the various types of travel insurance, its eligibility and benefits.

1.Student Travel Insurance

Studying abroad is already an expensive proposition. Unforeseen medical and other expenses can make it even more exorbitant and financially unimaginable. Thus, travel Insurance is a necessary investment for students traveling abroad.

Who is eligible?

  • Anyone who is above the age of 16 years (and not more than 35 years) and is travelling outside India for pursuing further education is eligible for Student Travel Insurance.

Benefits:

  • Emergency medical expenses including dental treatments and evacuation.
  • Accidental expenses resulting in disablement or death. Body repatriation back to India.
  • Compassionate visits by family member in case of hospitalization of the policyholder.
  • Passport loss and expenses incurred for re-issue.
  • Delay, cancellation or missed connection flight.
  • Delay, loss or damage caused to checked-in luggage.
  • Bail bonds in case of detention.
  • Sponsor protection (for tuition fees).
  • Interruption in studies.
  • Third party liabilities (including medical expenses) that the insured needs to pay in case of a lawsuit or other such damage.

2.Senior Citizen Travel Insurance

When it comes to travel, age is just a number. However, one needs to take some additional precautions and preparedness in this case. Travel insurance for senior citizens not only provides financial support but also brings peace of mind to the insured and the family members back home.

Who is eligible?

  • You should have a good health track record. Pre-existing illnesses are not included in the scope of the international travel insurance policy for travel insurance for senior citizens.

Benefits:

  • The most important benefit of this international travel insurance policy is access to quality health care facility across the globe. The policy provides cashless medical and accidental cover to the policyholder.
  • In case of death, it offers repatriation of remains or cremation /burial in the place of travel.
  • Travel, stay and boarding expenses for family members in case the insured’s hospital stay exceeds certain number of days.
  • Cost of return to India in case of a medical, political or catastrophe evacuation
  • Cost or damages incurred due to loss or damage caused to checked-in baggage
  • Expenses due to loss of passport
  • Expenses incurred on account of flight delay or cancellation. It also provides for missed connections or departures.
  • Personal liabilities
  • Special Distress Allowance in case of an unfortunate event like a plane hijack.
  • Emergency cash advance

3.Family Travel Insurance

This travel insurance is perfect for a family travelling together. All the family members are insured through one single policy. It is convenient for the insured as well as the insurer.

Who is eligible?

  • The proposer should be at least 18 years old.
  • Family members can be in the age bracket of three months to 70 years.

Benefits

The scope of the policy is similar to any other travel insurance policy. It provides for medical cover, loss of baggage, missed or delayed flights and other such incidental expenses. Some additional benefits specific to family travel insurance are:

  • Hotel extension in case of an emergency
  • Home insurance in India
  • Daily cash allowance or emergency cash advance

4.Domestic Travel Insurance

Travel insurance is available for travel within India as well. It provides coverage for expenses incurred for medical emergencies, lost baggage, travel related delays (including cancellation) and personal liability.

Ensure to read the terms and conditions of the travel policy before purchasing it.

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