Overseas travel insurance covers unexpected medical expenses of travelers when they are overseas. The core offer is coverage of medical expenses. However,these policies also offer protection against non-medical covers. For instance,checked baggage loss or delay,financial emergency money (given to the insured when abroad when there is loss of personal belongings),third party liability,etc Why travel insurance? There has been a considerable increase in the number of people opting for the insurance due to the following reasons: Growing awareness *Consumers apprehension about unforeseen medical expenses during overseas travel *Apart from medical insurance,travel insurance covers many other unforeseen eventualities *Travel insurance is a mandatory requirement for getting a Schengen visa. It is advisable for people to opt for insurance during domestic travel as well. Online portals today sell domestic travel insurance bundled with the airline tickets. The online media are rapidly gaining popularity,especially in the travel segment. What to look for? An individual should ensure that insurance is bought from a registered insurance company with a good brand name and track record. All documentation regarding the insurance policy must be presented to the customer in a clear and transparent manner. Before buying the policy it is advisable for the customer to conduct comparative analysis about all the companies and their offerings like their online services,claims process,toll free payment options,network of hospitals etc. The customer should buy the policy that suits his requirements and needs. Before leaving the country,one should save the policy number and the company's toll free number in the mobile. Travel insurance cover also helps in case something happens to the insured while traveling domestically. If he or she suffers from an ailment covered under that policy,then the company furnishes claim insurance for the same. Even if the person does not have a domestic travel policy but is covered under the health insurance policy for the specific ailment,he can claim insurance. Travel insurance for students studying abroad For students who wish to pursue studies abroad,taking an insurance policy abroad for studies becomes more of necessity than a choice because of the following reasons: *Universities make it mandatory for students to have a medical coverage *Buying an insurance policy in India helps students seek a waiver from the compulsory university insurance,resulting in substantial saving. Student medical insurance in India will cost one-third of the amount he or she will have to pay in countries such as the US. The waiver form can be downloaded from the university website and sent to the appropriate person indicated. The insurance company representatives across India can help the students fill up the waiver forms *In addition to the medical cover specified by the university,a student medical policy is bundled with a host of non-medical benefits like passport loss,bail bond,two-way compassionate visit *The policy starts in India and ends here. The payment is done in Indian currency,which leads to saving foreign exchange What to consider before buying? Before selecting a travel insurance policy a student should keep in mind certain things in mind. In addition to the medical cover,it is important for the students to have,as a part of the policy or can be purchased separately as well,certain non-medical covers. Some of these covers are: Personal liability. This benefit will compensate the student in the event where the student becomes legally liable to a third party under statutory liability provisions in private law(law pertaining to the place where the event has occurred) Bail bond. If the student is arrested or detained by the police or judicial authorities while abroad,and if the offense for which he is arrested or detained is bailable,then the amount up to the maximum specified in the policy,will be provided to the appropriate authority/court as the bail amount towards the arrest or detention Study interruption. As compensation paid to the student in the event of Study Interruption,In the event of hospitalisation of the student for more than one consecutive month from either a injury or sickness,or in case of death of any one immediate family member or the sponsor during the entire policy period,which leads the insured to discontinue studies for the remaining part of the course for which fee has been paid. Sponsor protection. In the event of injury to the student's sponsor,resulting in death in any form,insurance company should reimburse the student the tuition fee incurred for the remaining period of this education fine prints to be checked It is important for the student to check for the credibility of service partners of the insurance company who actually service the student and pay claims,when abroad. Does the insurance provide for cashless cover (i.e. do they pay the hospitals directly),or does the policy require the insured to pay first and then reimburse the claim later. Most universities may not accept a reimbursement policy. Also,it is financially not viable for students to pay upfront and then seek reimbursement in India. The claim procedure is another very important aspect which should be thoroughly understood by a student before buying insurance. It is important to store the claim number and the policy number in the wallet. u The writer is head (marketing) at ICICI Lombard General Insurance
