In the local market, the majority of people know how insurance policies and companies work. However, when it comes to working of International Travel Insurance, people hardly know about any of its facets. The coverage, premium, and exclusions are the most critical aspects of any policy that one must know. The agents reveal good things about the policy, but what if the claim comes and what are the chances of getting a claim rejected are some of the facts that they hardly update the buyer about. As a buyer, one must know these facts in advance so that in case of any emergency, he might be aware of the situation.
Get the travel plan in advance: For travelers who want to go abroad by flight or cruise, it is necessary to have a travel plan in advance. One can ask his booking agent for the same or check various plans available by different companies on the internet. One can also go for an online policy if needed. One must note that the travel plan needs to be purchased in advance and not after happening or non-happening of any unforeseen event.
For example, if one wants to move to a country but he suffers from critical disease and forced to cancel the trip, he can claim the flight or cruise refund if the insurance is taken in advance. Once the client is unwell, he cannot go for the insurance as it will not be covered by the company.
Check the plan, coverage, and exclusions: Almost all the companies active in this segment offer the same insurance coverage with a little difference in terms and conditions. One needs to understand the plan in-depth and see what all claims can be accepted and what not. Companies in this segment work on reimbursement methods, and hence, one has to bear the cost first and then put the claim.
If the company approves it, he will get the amount to his account and informed accordingly. With the claim, one needs to provide required documents as asked by the company for the claim settlement. In case of insufficient documents, the claim can stand rejected also. Hence one needs to know all formalities in advance to avoid any last-minute surprise from the company.
Compare the plans: This step is very much necessary for a prudent buyer. In the market, one can find many service providers who offer different travel insurance plans. One needs to check the premium, coverage, and claim settlement ratio as well as exclusions. One needs to go for the one that offers maximum coverage with a better claim settlement ratio and at the lowest premium. One needs to be careful here as only a low premium does not make the plan as the best one.
Read the document carefully: After completion of the formalities, the insurance document is provided to the client, and one needs to go through the same carefully. One needs to know what situations are covered, and in case of a particular situation, will he get the benefit of insurance protection or not. Before going abroad, one must not ignore this step as in case of any unforeseen event; it can be risky for one to depend on the travel insurance without knowing it completely. If one cannot understand the language or feel it challenging to understand, he can ask the agent or call on the customer care for the required clarity. One can also take the help of an expert from the field.
Understand the claim process: If one has gone for a travel plan insurance plan, he needs to know the claim process also. He needs to understand what all documents may be required and how much insurance can be availed in a particular situation. If one knows the process, at the time of the claim, it can be much helpful.
Call the customer care in case of help needed: If one is not clear about any terms and conditions or terminology of the condition, it is better to ask the customer care executive and understand the fact.
Hence these are the points that can help one know how international travel insurance works in India.