Page 27 - Insurance Times May 2022

nature of coverage before paying a high premium. As per a be an adequate sum insured for him and or his family. Then
leading Wealth Advisor, Mr. Vivek Rege , Religare Health he and his family should also go in for a thorough medical
Insurance Company does not pay for pre and post check-up and ascertain their state of health well in advance.
hospitalization treatment costs abroad. Moreover, there are
additional expenses for Out Patient Department optional Does he have any pre-existing disease? Then it would be
cover. The co-payment clause also adds to the expenses. The prudent to select either a global cover, if funds permit, or a
maternity benefit extension is only available in a family floater policy with pre-existing conditions. He should also check for
and so it is ruled out in case of an individual. other benefits such as Medical Evacuation, Dental Treatment,
Outpatients Department Cover (in case OPD treatment is
He also goes on to say that these covers maybe four to five required) Hospital Cash and availability of cashless facilities
times as expensive as standard health policies, particularly to avoid out-of-pocket expenses in foreign currency. Is he a
as the sum assured necessarily has to be high. The benefits senior citizen? Then the requirements will be different and
are well-defined and may not allow flexibility at the time of suitable travel plans have to be examined.
claims. Pre-existing conditions also have a waiting period of
three to four years, which varies across policies and so one A Personal Accident cover is usually part of the package and is
has to pay premium for quite some time before one enjoys very necessary. Baggage loss covers, loss of Passport and other
this advantage. Further, insurers of these policies settle claims important travel documents are part of the standard covers
on reimbursement basis mostly, and so there is a huge out- but usually come with a deductible. The same must be verified
of-pocket expenditure in foreign currency before receiving in advance. Delayed or cancelled flights can be covered and
the claim in India. the customer can get compensation. Additional stay in hotels
due to hospitalization can also be covered and it is for the
However, on balance, it is still a new and better proposition customer to decide whether these covers are really necessary.
for the foreign traveler compared to the standard and
restricted covers available earlier. It is expected, that with If he has purchased flight tickets and has hotel accommodation
time, the range of covers may also become more affordable, booked in advance then he should also check the trip
comprehensive and customer friendly. cancellation cover rules as otherwise he will suffer a big loss, in
case of trip cancellation due to some unforeseen peril. There
Which is the best Travel Overseas are different conditions for payouts in trip cancellation covers
Insurance Policy? across different insurers. The same should be examined before
taking the cover, as it may prove to be very useful in case of trip
This is a question which would definitely come to the mind of cancellations due to some unforeseen reason.
the Overseas Traveler, when he is looking for travel insurance
at the time of going abroad. However, even for academic Last, but not the least the claims ratio of the selected insurer
purposes, to give a considered answer to this question requires must be examined to verify as to what is their record in claims
a lot of thought. Selecting travel insurance should not just be payout. Is it satisfactory as compared to other insurers or does
an afterthought after all other travel arrangements have it rank way below the others? The policy conditions and
been made. This is as important as other travel arrangements, exclusions vis-à-vis the coverages must be examined thoroughly.
as some perils can jeopardize an otherwise perfect trip. This The claims procedures for different kinds of claims must also
is where a good overseas travel insurance plan is a life saver. be examined to avoid unpleasant surprises at the time of claims.
A budget should also be kept aside for travel insurance.
To sum up the best travel insurance policy is one which meets
A good overseas travel plan would definitely not be the the customer's specific requirements adequately within a
cheapest policy or the one casually recommended by the reasonable premium; provides him with the promised support
overseas traveler's travel agent. Though of course the at the time of distress and is prompt with the payout, at the
Proposer should compare prices, and the travel plans of the time of claims.
major insurers , there are many other important aspects to
be examined, as well. Steps for hassle-free claims under Travel
First and foremost, whatever may be the age profile of the Insurance Policies
Proposer it would be wiser to focus on the medical costs of The most important part of any policy is the timely payment
hospitalization in his destination country to decide what would of claims and the same holds true for Travel Insurance Policies.

The Insurance Times, May 2022 27