Skip to main content

Single or Multi trip Travel Insurance Policy

Indians love travelling. The thought of exploring new places, learning new cultures and tasting local cuisines is both exciting and enthralling. But in that excitement, many of us generally forget to secure oneself from any unexpected events one can face during their travel. These can range from loss of baggage, flight cancellation, accidents, etc. Conclusion: One needs to have a forceful travel insurance policy in place before they board their flight, regardless the kind of trip they are taking.

So, the next steps involve doing a thorough research on the various policies available in the market vis-à-vis one that meets your requirements to the closest. Broadly, there are two types of travel insurance policy available in the market for travellers travelling abroad: single and multi-trip travel insurance policy. But first let's understand the basic difference between the two:

Single trip travel insurance

As the name suggests a single trip travel insurance policy provides coverage for one domestic or international trip. Even if one is on a single trip, they can visit multiple destinations or multiple countries, and that is still considered a single trip while you are away from your home. The policy will last until one returns home from the trip.

The policy cover starts from the time one flies from the home country to the foreign destination and remains in force till the date of the return/ end of policy (whichever is earlier). The insurance policy comes with an extendable facility and quick claim resolving option. Single trip insurance can be bought as soon as one plans to leave. Such policies generally cover hospitalisation expenses, emergency dental treatment costs, loss of checked-in luggage, among others.

Those who travel occasionally and for a long duration, single trip travel insurance is an appropriate choice. It is also cost-effective as one needs to pay only for the exact length of the trip.

All insurance companies have a cap on the number of days that are to be counted as a single trip. Normally, a single trip plan provides cover for a period of around 180 days.

Multi-trip travel insurance

Multi-trip travel insurance plans are generally purchased on an annual basis. The policy term, which will be in force for a period of 12 months, begins from the date on which it is bought. All trips one makes during the year will be covered under the same policy. Multi-trip travel insurance policies generally cover loss of passport, emergency medical expenses, trip cancellation among others.

The cover is basically set for 365 days, wherein a person can fly abroad as many times as he wants under the same insurance policy. If one goes on multiple official trips in a year or believes in exploring the world, then this is the best option for you. That said, some multi-trip plans do have a limit on the duration of travel which may vary from 30-70 days per trip. Hence, reading the fine print is always advisable.

To be eligible for a multi-trip travel insurance one should hold a domestic health insurance policy in the country of their origin.

The differentiator

Single trip insurance policies are designed for people who only take one or two holidays a year, whether that is a short trip to Singapore or a three-week jaunt in Europe. Multi-trip policies, on the other hand, are for those lucky enough to enjoy more than two journeys a year. These policies are often better value for money than buying single trip cover for each separate holiday. Multi-trip policies allows one to make unlimited journeys in a year. Moreover, most policies will limit the length of each trip (usually between 31 and 45 days), but double-check for any restrictions before you buy.

Things to keep in mind

Whatever policy one decides to opt for, there are certain things one must cross-check. Key ones being destination, duration of stay, possible medical expenses, (including sports/activity-related injuries in case your focus is thrill or adventure travel), the cash and valuables you will be carrying, trip cancellations in case of multi-trips and policy limits and exclusions.

Destination is crucial as most insurance companies have separate cover for Europe and the rest of the world. Some worldwide policies even exclude the US, Canada and the Caribbean. The level of cover and feature varies from country-to-country and plan-to-plan.

Though every policy offers basic medical cover for unexpected or new injuries and illnesses, one must ensure that they are covered for all medical emergencies. All existing medical conditions must be declared before the purchase of the policy, otherwise there are chances of denial.

The cancellation cover must be enough to encompass the pre-paid cost of the trip(s). The cost of emergency items of clothing should also be accounted for in case the luggage is misplaced and damaged by the airline.

In nutshell

Both plans have different uses and advantages. The choosing criteria is solely based on one's requirements and policy options. A single or multi-trip travel insurance policy makes your journey worthwhile and provides you complete peace of mind in a foreign territory.




SIPs are Best Investments as Stock Market s are move up and down. Volatile is your best friend in making Money and creating enormous Wealth, If you have patience and long term Investing orientation. Invest in Best SIP Mutual Funds and get good returns over a period of time. Know which are the Top SIP Funds to Invest Save Tax Get Rich - Best ELSS Funds

For more information on Top SIP Mutual Funds contact Save Tax Get Rich on 94 8300 8300

OR

You can write to us at

Invest [at] SaveTaxGetRich [dot] Com

Popular posts from this blog

ULIP Review: ProGrowth Super II

  If you are interested in a death cover that's just big enough, HDFC SL ProGrowth Super II is something worth a try. The beauty is it has something for everybody — you name the risk profile, the category is right up there. But do a SWOT analysis of the basket, and the gloss fades     HDFC SL ProGrowth Super II is a type-II unit-linked insurance plan ( ULIP ). Launched in September 2010, this is a small ticket-size scheme with multiple rider options and adequate death cover. It offers five investment options (funds) — one in each category of large-cap equity, mid-cap equity, balanced, debt and money market fund. COST STRUCTURE: ProGrowth Super II is reasonably priced, with the premium allocation charge lower than most others in the category. However, the scheme's mortality charge is almost 60% that of LIC mortality table for those investing early in life. This charge reduces with age. BENEFITS: Investors can choose a sum assured between 10-40 times the annualised premium...

Section 80CCD

Top SIP Funds Online   Income tax deduction under section 80CCD Under Income Tax, TaxPayers have the benefit of claiming several deductions. Out of the deduction avenues, Section 80CCD provides t axpayer deductions against investments made in specific sector s. Under Section 80CCD, an assessee is eligible to claim deductions against the contributions made to the National Pension Scheme or Atal Pension Yojana. Contributions made by an employer to National Pension Scheme are also eligible for deductions under the provisions of Section 80 CCD. In this article, we will take a look at the primary features of this section, the terms and conditions for claiming deductions, the eligibility to claim such deductions, and some of the commonly asked questions in this regard. There are two parts of Section 80CCD. Subsection 1 of this section refers to tax deductions for all assesses who are central government or state government employees, or self-employed or employed by any other employers. In...

Am you Required to E-file Tax Return?

Download Tax Saving Mutual Fund Application Forms Invest In Tax Saving Mutual Funds Online Buy Gold Mutual Funds Leave a missed Call on 94 8300 8300   Am I Required to 'E-file' My Return? Yes, under the law you are required to e-file your return if your income for the year is Rs. 500,000 or more. Even if you are not required to e-file your return, it is advisable to do so for the following benefits: i) E-filing is environment friendly. ii) E-filing ensures certain validations before the return is filed. Therefore, e-returns are more accurate than the paper returns. iii) E-returns are processed faster than the paper returns. iv) E-filing can be done from the comfort of home/office and you do not have to stand in queue to e-file. v) E-returns can be accessed anytime from the tax department's e-filing portal. For further information contact Prajna Capit...

IDFC - Long term infrastructure bonds - Tranche 2

IDFC - Long term infrastructure bonds What are infrastructure bonds? In 2010, the government introduced a new section 80CCF under the Income Tax Act, 1961 (" Income Tax Act ") to provide for income tax deductions for subscription to long-term infrastructure bonds and pursuant to that the Central Board of Direct Taxes passed Notification No. 48/2010/F.No.149/84/2010-SO(TPL) dated July 9, 2010. These long term infrastructure bonds offer an additional window of tax deduction of investments up to Rs. 20,000 for the financial year 2010-11. This deduction is over and above the Rs 1 lakh deduction available under sections 80C, 80CCC and 80CCD read with section 80CCE of the Income Tax Act. Infrastructure bonds help in intermediating the retail investor's savings into infrastructure sector directly. Long term infrastructure Bonds by IDFC IDFC issued an earlier tranche of these long term infrastructure bonds on November 12, 2010. This is the second public issue of long-te...

Bharat Bond ETF

Top SIP Funds Online   The government of India has paved the way for the launch of India's first corporate bond ETF called as Bharat Bond ETF. Edelweiss Mutual Fund will be managing it. The fund is mandated to invest in AAA-rated bonds of select public sector companies (see the table 'List of constituents and their proportions in the portfolio'). The government has a threefold objective behind launching this product. One, to deepen the liquidity of the Indian debt markets and provide a gateway for easy retail participation. Two, to solve investors' dilemma of picking premium bonds. Lastly, to help the underlying government-owned companies raise funding for their operations. But does it make sense for you, the investor, to invest in it? Lets find out. What is the product? As the name suggests, it is an exchange-traded fund which will be listed on a stock exchange from where its units can be bought and sold post launch. It will have two variants - one maturing in 3 ye...
Related Posts Plugin for WordPress, Blogger...
Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now