Types of Travel Insurance

The term ‘insurance’ has been quite active in the financial market since many years now. But when we talk about the same, what is the most common type of insurance that comes to our mind? Without a thought, its ‘health insurance’. Today insurance is not just about simply covering one’s health, but also a lot of different aspects. That said, other kinds of insurance policies are gaining a lot of popularity among the masses and many people are opting for them. One such dimension of insurance industry is ‘travel insurance’.

Its one of the most sought-after insurance policies in the field of insurance. Travel insurance plans are available in a very wide variety and are designed to manage the safety and other related concerns of a traveler. These range from any kind of mishap to resulting unexpected expenses that one can face on a trip. Mostly, it covers medical expenses, last-minute trip cancellation, theft or loss of luggage, flight mishap or accident and other similar losses that might be incurred by a person while traveling.

The most confusing part of settling for a particular type of travel insurance is understanding which type of policy would best suit one’s requirement.

The most difficult part of buying travel insurance is to know which type of plan to choose. No one wants to end up buying the wrong plan. You need to ensure you have the right coverage so that you are saved from any surprises.           

For most people, package plans are the most-preferred plans as they provide coverage and are more beneficial. These types of plans are quite popular as they fit the requirement of most travelers. They also offer coverage for trip cancellation and are bundled as ‘Package Plans’ with several other benefits. Standalone policies covering trip cancellations are not available in the market, which is the very reason why such packages are a hit among travelers.

Travel medical insurance plans are also very popular as they provide emergency medical coverage when the insured is outside his or her home country.They provide coverage for medical emergencies, repatriation, accidents and emergency evacuations. Many a times these plans also include comprehensive-style benefits, which are mostly limited.

Medical evacuation plans provide coverage for medical evacuations and security evacuations.These plans ensure quick evacuation services and take you to the nearest medical facility or hospital.

Travel accident plans are also very popular these days. They provide any kind of international accident protection and also give term life benefits for avid travelers.

Annual travel plans are lauded for providing many coverage in one single plan. Such a plan covers you for travel expenses incurred in one year. They are ideal for frequent travelers and retirees who prefer having a single coverage for the whole year.

While traveling mostly remains on the cards for students, servicemen and businessmen, it is always advisable to opt for a suitable travel insurance plan which is tailor-made according to one’s requirements. This way one can not only enjoy a fun-filled trip but also eliminate any kind of uncertainty.