Contribution in the tourism industry reached a high of $208.9 billion in 2016, essentially demonstrating that Indians love travelling as much as India offers travel destinations. Interestingly, it stood for 9.6% of India’s total GDP. With innumerable Indians travelling across India and abroad, the issues one might face during their travel are not unknown. From sudden flight cancellations to medical emergencies, there can be various types of troubles which plague a trip.
Financial products like travel insurance policies protect individuals during such instances of emergency. Essentially, these cover plans provide mental peace, which is one of the principle motives of a holiday tour. Primarily, there are many aspects of travel which are protected by travel insurance plans.
These aspects conversely form the reasons why one should avail a cover plan for his or her travels –
- Assistance in case stranded: Even for well chalked out tour plans, travelling comprises numerous variables which must come together in proper chronology for a hassle-free overall experience. In case one misses a single flight or a train due to some natural calamity, there can be a domino effect on the reservations which may follow.
Any customer who goes on to buy travel insurance essentially receives financial protection from all such scenarios. Typically, NBFCs offer Rs. 50,000 if stranded due to natural causes within India. In case an individual is stranded abroad, they offer a higher amount which reaches Rs. 1 Lakh.
- Blocking plastic money: Blocking credit and debit cards immediately in case they are stolen or misplaced is imperative to protect against frauds and malpractices. Most plastic money providers offer easy blocking services which can be accessed online, though blocking multiple cards one after the other can take a lot of time.
Holiday cover plans typically provide the service of blocking all the cards with one phone call. For travellers with numerous plastic money cards, this does not just ensure avoidance of hassle but also a much more prompt blocking of the cards.
- Medical emergencies: Be it abroad or domestic travel insurance policy, they provide financial safety in case of medical emergencies. From minor bouts of fever to major accidents, any accident can suddenly spoil a vacation. Additionally, accessing emergency funds during travels can be difficult especially if there is a situation which requires hospitalisation. Having a travel cover can provide emergency funds which reach up to Rs. 3 Lakh.
- Baggage loss: Baggage loss is very common especially during lengthy travel plans. Additionally, there always remains the chance of theft or burglary during travels. Under such circumstances, travel cover policies offer financial protection of baggage in case of displacements.
Furthermore, companies like Bajaj Finserv also offer plans like Personal Trip Effects Cover which provide high reimbursement amounts reaching Rs. 1.15 Lakh in case of losses.
- Roadside assistance: Getting stranded due to a car breakdown is very common especially for individuals travelling through tricky terrains. Essentially, travel insurance India provides the assistance required if someone is stranded while on a tour. From vehicle repair to fuel refill, every sort of assistance is offered under different insurance plans on offer.
Generally 5 litres and 2 litres of fuel are granted for four and two wheelers respectively.
While the above reasons demonstrate why it is generally wise to have travel insurance online in place, there are a few ancillary policies which ensure complete safety during travels.
Travellers who are leaving their house empty should consider home protection insurance policies, to keep their assets financially insured. Availing such additional schemes ensures further peace of mind while on travels.