Imagine planning your perfect getaway — scenic landscapes, cultural explorations and thrilling adventures await. But what if an unexpected medical emergency, lost baggage, or last-minute trip cancellation turns a dream vacation into financial setback?
Travelling is one of life’s greatest joys, and as the Dalai Lama famously said, “Once a year, go some place you’ve never been before.” Whether you’re craving for a culinary escape, a wellness retreat, or an adrenaline-fuelled expedition, travel opens up a world of possibilities. But let’s be real — unexpected mishaps like medical emergencies, lost passports, or flight cancellations can disrupt plans. That’s where travel insurance comes in to ensure you’re protected.
Single/multi-trip cover
When it comes to travel insurance, you have two main options: single-trip travel insurance and multi-trip travel insurance.
Single-trip travel insurance covers you for one specific journey, whether domestic or international, for up to 30 days. Your coverage starts when you leave India and ends when you return home or when the policy expires. It’s a good option if you travel occasionally and only need protection for a single trip.
Multi-trip travel insurance, on the other hand, is designed for frequent travellers. It covers multiple trips throughout the year. The trip duration in a multi-trip plan can be chosen between 30, 45, 60, and 90 day though the total travel duration across all trips should not exceed 180 days. This flexibility makes it a convenient and cost-effective choice for those who travel regularly for work or leisure.
Travel insurance policies are generally valid for broader geographies rather than specific countries. If you purchase a policy for a region such as Southeast Asia, it will cover multiple destinations within that region, including Thailand, Bali and other nearby countries. This makes it particularly useful for travellers who enjoy visiting different places within the same geographical area.
Saving money
If you travel frequently, a multi-trip travel insurance policy can be a more economical and convenient option. If you take three trips in a year with a sum insured of $2,50,000, a multi-trip policy costs about ₹3,861 while a single-trip policy for all three visits separately costs about ₹6,474. This can save you ₹2,613. The pricesare for a 30-day trip duration.
Saving time, effort
Beyond cost savings, a multi-trip policy also saves time and effort. Instead of purchasing insurance every time you travel, you have a year-long cover in place, ensuring continuous protection without the hassle of repeated purchases. Multi-trip policies often include baggage loss protection and other enhanced benefits providing comprehensive coverage.
Why it is essential
No matter which type of policy you choose, travel insurance is a key safeguard against unforeseen expenses. It provides coverage for medical emergencies, trip cancellations, lost baggage, and passport loss. If you’re travelling to a country where healthcare costs are high, having a good travel insurance policy can prevent significant out-of-pocket expenses. Some policies also offer 24/7 assistance, which can be invaluable in case of emergencies abroad.
Additionally, some countries require travel insurance for visa approval, making it an essential part of your travel planning. Whether you’re travelling for leisure or business, having the right coverage ensures you’re prepared for any unexpected situations.
Choosing right policy
Before purchasing travel insurance, consider factors such as your destination, the duration of your trip, and the valuables you’re carrying. If you plan on engaging in adventure activities, ensure your policy covers them. It’s a good idea to compare prices online for better deals. Reading the fine print is crucial to understanding what is included and excluded, so you’re not caught off guard in case of a claim.
The bottomline
Travelling is an exciting experience, but being unprepared for unexpected events can be stressful and costly. Whether you travel occasionally or frequently, having the right travel insurance policy can provide financial security and peace of mind.
If you take multiple trips a year, opting for a multi-trip policy can help you save money while ensuring you’re covered at all times.
(The writer is Head, Travel Insurance, Policybazaar.com)
