A travel plan would be incomplete without adding that extra bit of security required to safeguard yourself from unexpected financial needs arising out of an emergency situation. In a post-Covid world, a travel insurance plan is no longer looked at as an additional expense but a necessity, and rightly so.
Forbes Advisor India analyzed more than 50 travel insurance plans and chose the ones that are most pocket-friendly with maximum benefit to the policyholder.
Methodology
Geofinoly India analyzed more than 50 travel insurance plans are scored them on the basis of these key considerations:
Coverage for Medical Needs (20%): These include medical evacuation, covid coverage, pre-existing conditions inclusion, among others.
Cancellation (20%): This involves cancellation period, options to extend coverage, among others.
Cost of the Policy (20%): This includes the cost for buying the policy, extending as well as canceling it.
Additional Coverage (20%): This involves trip delay coverage, baggage reimbursement, theft, flight cancellation and hotel charges, among others.
Flexibility (20%): This includes emergency cash transfers, visa fee reimbursement, and the likes.
How To Choose The Best Travel Insurance Plan In India
To be able to choose the best travel insurance plan in India, you need to keep key factors in consideration. These factors will help you decide how useful your travel insurance plan will be when you’re suddenly stuck and if your travel insurance company has the provision you need to bail you or your loved ones out of tricky travel-related issues.
Flight Changes
Your travel insurance plan must be able to accommodate changes to your travel plans especially if it is related to flight cancellations. Some policies also accommodate flight rescheduling due to unexpected events and they may be worth considering.
Medical Emergencies
An ideal travel insurance policy should be able to facilitate the maximum possible medical assistance especially in the event of unexpected hospitalization. If your policy does not factor in medical aid, the expenses related to emergencies in a foreign land could be more-than-expected.
Other Emergencies
It is hard to predict an expected emergency situation such as a natural one including floods, earthquakes or volcanic eruptions, and man-made ones such as robbery, wars or curfews. Your travel insurance policy facilitating coverage for such emergencies would ensure you don’t burn a hole in your pocket for no mistake of yours during a trip.
To choose the right plan, closely look at these factors:
Coverage
Never assume the kind of coverage your travel insurance plan provides. Studying the policy document thoroughly to learn what kind of expenses are covered during your trip can save you time and money.
Additional Riders
Consider adding riders that can make any emergency situation easier. At the time of purchasing your policy, ask for additional riders especially if you are traveling abroad.
Claims Ratio
It is paramount to know the ratio of claims your insurance company has paid on an annual basis. This claims ratio is readily available and for any policy holder, a policy would make sense only if the possibility of being able to claim their expenses easily exists.
Best Travel Insurance Companies Frequently Asked Questions
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