Complete Guide on International Travel Insurance

International travel insurance is an integral part of planning a foreign trip. We all take foreign travel insurance policies but few really understand it.

The purpose of international travel insurance is to cover the financial loss under unavoidable circumstances which can happen with any traveler. Insurance companies claim to cover all risks exposed to a traveler. One can opt for a comprehensive plan or specific risk plan. Premium rates may vary with the sum assured and travel duration.

Overseas travel insurance tries to compensate for financial losses caused due to various events which may occur on foreign land. Details of such events are given below:

Events Covered in International Travel Insurance

1. Sickness and medical emergencies needing treatment on a foreign land
2. Accidental physical damage needing hospitalization or treatment
3. Personal liability caused due to damage done to a third party
4. Matters related to trip delay/cancellation
5. Matters related to passport or baggage loss
6. Matters related to airport or plane like accident while boarding or hijack
7. Matters related to evacuation/repatriation
8. Matters related to transfer of dead body or mortal remains
9. Matters related to travel of help from base country
10. Matters related to study or business adjournment due to delay

All such events can cause loss and insurance companies can compensate you as per terms and conditions of plan taken by you.

But it is important that insured as well as nominee, are aware of terms and conditions as well as claim process.

Guidelines for Claim Process in Overseas Travel Insurance Policy

1. All insurance companies offer 24*7 helpline and toll free phone to help and guide you.
2. In case an event occurs, first inform the helpline with your policy number so that they confirm whether the event is covered or not.
3. If it is covered, then they would register your case and mail you a claim processing form.
4. There can also be a local assistance partner who would take over matters related to cashless treatment or immediate cash compensation.
5. In case of reimbursement, you need to maintain all records so that claim is submitted after your arrival in India.
6. All medical bills need to specify reason, diagnosis and treatment. It should not imply that you have traveled abroad for treatment. It covers only the emergency situation caused due to climate change, accident or sudden illness.
7. In the same way, all other events are covered but need proper documentation like Police Report, Airlines certificate, Airport certificate. All expenses incurred need to be supported with bills.
8. In case of loss of passport, all expenses in getting a new passport is covered but would need evidence.
9. In case of mortal remains, prior approval of the insurance company is required. Do not negotiate with any third party. Insurance companies have their authorized agencies who work on fixed rates.
10. In the same way, for medical emergencies choose economic rates. Do not opt for luxury hospitals under hope that all claims will be paid. Send a daily expenses bill to your insurance company and seek their approval.

So do not assume anything. Seek clarifications, then spend your money.

Happy traveling.