Pack the right travel policy this holiday – Live Mint
In June last year, Gurugram-based Gaurav Surana, 33, a business development professional, and a group of nine people planned a holiday in Prague and Frankfurt. Their flight from Frankfurt from Prague got cancelled at the last moment and was rescheduled via Zurich. After a layover of three hours at Zurich, they found that this flight got cancelled too. The group then decided to take a train to Frankfurt. In all this, they lost about 12 hours, but were able to recover the costs of the cancellation, thanks to the travel insurance they had packed in.Unexpected events can mess up your itinerary and become a financial nightmare. “In most of the developed world, medical expenses are prohibitive due to the skewed conversion rate. Due to flight delays, cancellation, baggage loss or delays, etc., a traveller may face financial penalties,” said Bhaskar Nerurkar, head of health claims, Bajaj Allianz General Insurance. That’s why having a travel insurance helps. Here’s what you should consider when buying travel insurance.
There are single-trip travel insurance policies as well as year-long multi-trip plans.
A single-trip policy is meant for just one trip, be it domestic or international, for the selected time duration and, typically, comes at relatively lower premiums. It is applicable for the entire trip, i.e., it starts from the time one boards a flight from one’s home city or country till the return date or end of policy, whichever is earlier. It may also cover specific activities such as adventure sports like bungee jumping and skydiving.
A year-long or annual multi-trip policy is purchased on an annual basis and covers multiple trips taken in a year. “This policy reduces the trouble of issuing individual policies for every trip and is a single, cohesive cover which is applicable for the entire year with cover benefits as stated in the policy,” said Nerurkar.