Travel insurance Policy
generally comes in as a last minute buy while you are busy planning your trip abroad. Unlike other general insurance products, Travel Insurance
is still not as popular and the growth in travel insurance is happening at a snail pace. However, the good news is that we are seeing an improving trend, as people are gaining experience (either their own or others) about the need of travel insurance. There is also growth in the number and frequency of travel which is also helping the growth in travel insurance.
Insurance companies in order to improve the acceptance of travel insurance policies to a wider audience are consistently making innovations in their offerings to suit the needs of their customers. The travel insurance policy Coverage
is now more comprehensive than ever and is also designed to be more customer-friendly so that everybody has a package that suits him the best.
Insurance companies have thrived to improve product/price and service offerings through several innovations. 1) Innovation in product offering
We know about travel insurance policies covering any medical emergencies, but this may not be enough. For instance, these days it is becoming increasingly common for travelers to rent a car during their stay abroad. In case, the rented car in which you are traveling gets damaged due to accident/natural disaster or theft, you are eligible for a cover. 2) Innovation to suit individual needs
One of the most important innovations in trip insurance in the past decade is customization. From buying coverage for medical emergencies, trip delays, or even just for baggage loss, travel insurance has gone from a one-size-fits-all to plans that are customized for specific types of travelers and their needs.
Today, you have the flexibility to buy various types of travel insurance plans. For instance, if you fly very frequently you can buy multi-trip travel insurance policy that helps you travel in multiple locations within a year with one single policy. This saves your money as well as time. However, if you fly rarely, a single trip travel insurance may be just what you need. If you are a student, there is a specific policy for you that take care of your financial and medical needs. Besides, travel insurance companies also offer a package especially designed for senior citizens traveling overseas. Some other innovations in travel insurance plans include special packages for family traveling abroad and domestic travel insurance plans that offer you coverage when you travel within India.3) Innovation in pricing and convenience
Over time insurance pricing has evolved to reflect the true cost of the cover. If you are traveling with your family there is a family cover, which provides cheaper insurance. It offers free cover for children and is valid for individuals’ up to 74 years of age. While if you are a frequent traveler, the multi trip travel insurance will cover you for as many trips as you want to make within a year. The insurance includes medical emergency, loss of personal things, cancellation, curtailment and trip interruption and 24-hour emergency assistance at your service. 4) Innovation in service offering
Most travel insurance
policies only become effective from the time you embark on your trip/vacation, but the unfortunate incidence can happen anytime, so there are travel insurance policies which will provide the cover right from the day you buy your policy to the time you return home.
Or sample this, if you are traveling abroad and you suffer from an illness, more important than the cover, insurance provider would provide 24-hour worldwide assistance. You may call the toll-free number to access the 24-hour medical assistance helpline to receive advice or get information on English-speaking doctors in the area where you may be currently stationed.
So, if you are planning a trip abroad and seeking travel insurance you may be pleasantly surprised with the options at your disposal!