TravTalk India Online Magazine
Buying travel insurance is a smart way to guard against the unexpected, but making sure that some essential coverages are included in the policy should be considered before buying insurance. TATA AIG Insurance offers customised travel insurance policies suitable for various individuals.
Janice Alyosius
Investing in travel insurance is like taking precautions for the unseen certainties that could lead to a hindrance during a trip.
Travel insurance prepares us for the unexpected expenses. Since everything has begun to open up and people have started to to travel, knowing about travel insurance is a must. Parag Ved, President and Head – Consumer Lines, Tata AIG General Insurance, in a recent interview, answers some frequently asked questions by the consumers regarding insurances.
Right Travel Insurance
The required travel insurance policy should offer the right cover needed. TATA AIG offers multiple travel insurance plans. Additionally, they also offer customised travel insurance policies suitable for various individuals. Buying travel insurance is a smart way to guard against the unexpected, but making sure that some essential coverage are included in the policy should be considered like hospitalisation cover, trip cancellation on account of pax being detected positive and trip interruption on account of pax being detected positive, should be covered. This helps in making travel hassle free. There are four main categories of travel insurance as suggested by Ved— leisure, business, student and multi-trips.
Medical coverage
Ved Indicated that there are six major medical coverage that come under travel insurance:
Medical Emergencies – Travel insurance policy will help in dealing with the financial implications that come with meeting with an accident or falling ill while travelling. The policy will cover everything, right from a regular illness that requires hospitalisation to dental emergencies and even fatalities.
Medical Evacuation – At the time of emergency medical evacuation to the nearest hospital, the policy will take care. In case someone needs to be evacuated and brought back to India for medical treatment, the travel insurance policy will look after that as well.
Accidental Death and Repatriation – Due to unforeseen circumstances, an accident or medical emergency abroad could end up being fatal. TATA AIG’s travel insurance policy will provide the nominee with the full sum insured amount if this happens. It will also take care of the cost of repatriating the insured individual’s remains back to their city of residence. Compassionate Visit – when someone is in hospital, TATA AIG provides a two-way ticket for a family member to come and take care of the patient.
Interruption of Study – If someone has purchased a student travel insurance policy and has to interrupt the education because a family member is ill, TATA AIG reimburses any unused tuition fee.
In case of trip cancellation or reschedule also, travel insurance helps. Trip cancellation pays the non-refundable part of the tickets and hotels/ Insurance COI can be endorsed to new dates if need be.
Invest in travel insurance
Ved also mentioned that we need to buy travel insurance in case of loss of passport, baggage, or documents; health problems; flight cancellation or delay; and emergency medical evacuation. Ved further stresses that the right travel insurance will not only secure our health and personal belongings, but also guarantee peace of mind while travelling. He added, “Travel insurance helps you get a fair value as part of the claim up to the SI, minus the refunds or rebates given by the airlines or hotels (depending on the coverage) and ensures nothing spoils your perfect vacation.”
