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Buy travel insurance before you take that holiday

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WITH the vacations here, one thing that's quite possibly on every mind is a holiday. Nobody would like to see months of planning go to waste because of some unforeseen turn of events.

This is where travel insurance can come in and take care of your worries.

Medical emergency: Medical emergencies, despite all precaution, can happen anytime. At times they may also involve hospitalization.

A travel insurance plan can cover you for such eventualities against payment of a daily allowance. Accident, illness, whatever it is, there are appropriate covers for each. Plans also cover accidents that may result in permanent disability or death.

Trip delay/cancellation: This option can be availed of only in situations where the return flight you are booked for is delayed by 12 hours or more. Such covers don't extend to delays caused by the insured person's failure or to check in and similar circumstances.

But your travel insurance policy will take care of situations where a trip is

cancelled because of unforeseen events such as a sudden sickness culminating in hospitalisation, death in the family or sudden hospitalization of a family member.

Loss/delay in baggage: A common thing that happens to people, especially ahead of or after international trips, is either loss of baggage or delay in receiving it. Most travel insurance plans cover these eventualities. But such delays involving baggage are paid for only if the destination isn't India (country of residence).

Loss of passport: Another crucial aspect covered under most travel insurance plans is the loss of one's passport. A travel insurance policy provides you with reimbursement for the costs involved in getting a new passport done. However, the loss must be reported to the appropriate police authorities within 24 hours.

Leisure activities: Your vacation abroad is all about taking it easy and making it memorable. These days, some insurers offer cover for golf-related events and even adventure sports. This could include celebrations for a golfer's hole-in-one in a country abroad. Also, in case of injury through participation in an adventure sport, this insurance cover will take care of the costs borne by the insured.

Things to keep in mind while buying travel insurance: In addition to what's been said above, there are a few points one must keep in mind while buying a travel insurance. These are:

■ Claim settlement: Check the insurer's claim settlement records. The last thing you want while travelling is a delayed claim settlement payment. You should also look into the claim processes your insurer follows.

■ Network tie-ups & contact numbers: Make sure you are aware of the network tie-ups your insurer has in the international city you are located in. This will make handling any emergency a lot easier than it otherwise would be. In some countries where a partner/network tie-up is not present, some insurers directly coordinate with hospitals and other service providers to resolve a claimant's query, request, and claim. It is also advisable to find out about any toll-free contact number your insurer may have at overseas locations. This number would give that welcome ease while contacting them in case of unanticipated emergencies.

Happy Investing!!

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