The insurance company meets the sudden financial burden incurred by the insured party while travelling abroad, to the extent of the terms stated in the policy. Individuals and organizations are both eligible for insurance. However, the terms of the various plans differ to a great extent. Insurance companies offer various plans to cover the various aspects of overseas travel including, medical or accidental emergencies. Persons wishing to purchase a plan from an insurance provider, would be advised to compare the various plans being offered before selecting the most appropriate one. The benefits as well as the disadvantages of each plan needs to be carefully compared before a decision in this regard is made. An evaluation of the price against the advantages of each policy would be particularly beneficial to make an informed decision.
Unexpected costs are a part and parcel of overseas travel which constitute a major part of traveling expenses. Overseas travel insurance plans make provisions for expenses incurred when travelling overseas including rental and insurance of cars and drivers; interruption or postponement of the trip;unexpected medical expenses, including hospitalization or evacuation if required; flight accident; lost damaged or misplaced luggage; and all associated expenses. Overseas travel insurance plans are increasingly important due to the high chances of unexpected expenses when traveling in a foreign country. These plans help meet the contingencies that may arise when travelling abroad, but usually do not cover natural calamities like floods or earthquakes..
An understanding of “What is Overseas Travel Insurance?” is an important need today, particularly as the number of overseas travelers as well as the frequency of visits is increasing. All travel insurance plans, including overseas travel insurance can be purchased at any time from the date of planning your travels till the actual date of travel. Insurance brokers, travel agents or employer’s insurance providers can provide you the details of various travel insurance plans. The exclusions and benefits of individual plans vary and it is advised that the policy document be carefully scrutinized before purchasing the insurance cover.
A nominal amount spent on an overseas travel insurance plan, is a great step to ensure peace of mind when traveling in a foreign land. There are various travel insurance plans that cater to the different types of overseas travel. Corporate travel insurance, student travel insurance, family travel insurance, senior citizen travel insurance and individual travel insurance are various types of international or overseas travel insurance. Each of these overseas travel insurance plans is tailor made to fulfill the needs of a specific group when traveling abroad. For instance a student plan involves minimum paperwork, while the senior citizen plan is designed for people between 61 to 70 years and includes cashless hospitalization and dental treatments when abroad. Medical evacuation, emergency accidental coverage, emergency medical coverage are all various types of plans that need to be considered.
While considering the various insurance plans, take time to understand the clauses and terms. Carefully study the eligibility, terms, limitations, exclusions and other conditions before purchasing an insurance policy. Asking questions about ambiguous terms and conditions, as well as providing complete and accurate information is important. The insurance provider should be aware of the complete medical history of the insured person, including pre-existing medical conditions, prescription medications and treatments. Any false representation may lead to the claim being rejected and can create unwanted complications during emergency situations when traveling abroad.
The cost of purchasing the policy, the country being visited, additional cover and riders, limitations of the policy, are all things to consider while choosing overseas travel insurance. The duration of travel and types of accidents covered as well as ease of claim processing,including access to the help desk are all factors to be considered. Most overseas policies cover medical emergencies as well as damaged, lost or stolen luggage. However, all policy holders are advised to ensure that they have completely understood the terms of the policy. For instance, most insurance covers are terminated as soon as the insured person returns from the trip and will not extend for the duration of the policy if the insured person is in his country of origin.
Always consider the benefits and disadvantages of each plan before purchasing overseas travel insurance. The interpretation of the clauses for each plan varies according to country. This interpretation gains further importance while traveling to different countries under a “multi-trip plan”. It is imperative that the exclusions, benefits and other details of the policy be understood in respect to the country of visit. The variation in interpretation depends on both the country of the insurer as well as the country being visited.
Each standard policy can be personalized by adding various riders to the basic plan. While an in-depth study of each plan is not easy, it is not impossible either. It is a great idea to understand the disadvantages and benefits before you chose a plan. For example, a 24 hour helpdesk is of a necessity when traveling overseas as there may not be any other means to meet contingencies abroad. Most overseas travel policies make provisions for life, health and luggage of the insured individual. The choice of insurance plans should be based on unbiased advice from an expert as well as the needs of the insured person
The insured party is advised to carry all details of the insurance policy as well as relevant medical records when traveling abroad. Getting important papers from home or following up on paperwork after returning home is both frustrating and exhausting. It would be a better idea to keep copies of the policy as well as medical records with a trusted friend or relative. This makes for easy reference in case of any emergency. The original prescriptions and receipts for medical services received abroad need to be submitted, while copies of the documents need to be put on files.