Executive Director, HDFC ERGO General Insurance.
Vacations are meant to take a break from the routine and they help discover the other side of the world. Traveling overseas – or to a place we have never been before – for vacations allows one to temporarily leave behind the old ways and adopt new ways of thinking. In fact, vacations are important for hard-working individuals – professionals as well as businessmen. While these escapades bring in the much-needed change in routine lives, travels are not devoid of risks – related to travellers’ belongings, their heath, their money or even their lives.
These risks have financial implications and they are generally more severe than the same risks faced during the domestic travels. Sometimes, even a seemingly small oversight may result in a loss of money in foreign currency. Situations like loss of baggage, accidents, other medical emergencies etc. are not rare while travelling overseas. Even situations like the cruise or tour operator going bankrupt or the need to cancel the trip due to illness or other unforeseen events are possible where the financial liabilities loom large. How to ensure that the overseas vacation is without any unpleasant memories?
What helps in such situations is an International Travel Insurance policy. Therefore, if you plan travelling overseas for a vacation, you must ensure to get a comprehensive International Travel Insurance. Imagine travelling to a country like USA or UK and getting into a medical emergency that requires immediate hospitalization. As it is, medical care is extremely expensive in most developed countries. Also as the exchange value of Indian rupee from the US dollars is not generally favorable to Indians, they might end up spending much more than what they would spend on medical expenses in similar situation back home. In such a situation, only a comprehensive Travel Insurance can protect the traveler from spending a large amount on an unexpected sudden emergency. Thus, while planning your vacation overseas, ensure that you are covered with an International Travel Insurance before getting on board. It is one piece of document that you should have it alongside your travel tickets.
There are a number of situations that may arise when one travels for which one may not be always prepared. A comprehensive Travel Insurance is designed to cover a number of unexpected and unwanted situations such as medical expenses, loss of luggage, trip cancellation, flight accident and any other problem one can possibly encounter while travelling outside of the country. The Travel Insurance protects the policyholder from incurring any extra expenses due to unforeseen circumstances.
A standard Travel Insurance covers medical costs incurred due to illness or accident including medically-necessary and prescribed emergency evacuation. It covers outpatient, in-patient, medical aid, therapies and diagnostic tests.