International Travel Insurance for HNIs - Meaning, How to Buy, Claiming Process

HNIs generally have a very hectic, work-filled, and stressful life. Also, they need to travel abroad for business and work-related opportunities or to have a break from their hectic schedule, they may go on a vacation abroad to freshen up and spent quality time with their family. But before going abroad, they must look at the security and safety aspect and by this here, we mean insurance. Now the question strikes, “why would we need insurance for an abroad trip?”. This aspect is most often ignored, but you should never forget that uncertainties and emergencies can arise anytime regardless of the location. Hence, it makes it very important to have International Travel Insurance. In this article, we will talk about what, why, merits, and other aspects of the same. 

WHAT IS INTERNATIONAL TRAVEL INSURANCE?

An International Travel Insurance plan provides a solution to plan beforehand for unexpected situations or contingencies that may arise during abroad travels. This plan gives an overall and comprehensive cover and proves useful in emergencies. In simpler words, these are a type of insurance that provides coverage for HNIs when traveling outside of their home country. This can keep you insured against high hospital bills or high loss due to travel or any other accident. 

WHY BUY INTERNATIONAL TRAVEL INSURANCE?

While planning to travel abroad for work or vacation, you must also have a look at the risks associated with it. These are basically the risks involved in traveling and health. Once you take these risks into consideration and have security from a policy, then you can be totally prepared for travel. Here are some of the risks which can be faced:

1. Health Emergencies:

While traveling abroad, this is the most common problem faced. You may come across any health or medical emergencies because the climate, weather, food, etc of the new country might not suit you. The cost of the treatment and hospitalization can be very hefty in other countries as a result of currency differences. Hence, you should also consider this risk while traveling. 

2. Flight Delays:

One of the prevalent problems face by many HNIs is flight delays. Because of this, you may have to return in an emergency situation. And if you miss the flight for any reason, you have to spend again to buy the tickets. This can be really heavy on the pocket and to cover the same, international travel insurance can play a crucial role. 

3. Loss of luggage:

In transit, you may lose your luggage due to any reason or it may get damaged or stolen. In a foreign country, loss of luggage is a serious concern as that is all you have. The insurance will assist you immensely in this case too.

Must Read: All Details about International Health Insurance 

BENEFITS OF AN INTERNATIONAL TRAVEL INSURANCE POLICY

1. Overall Medical Cover

Coverage of medical and hospitalization-related expenses is one of the most significant covers provided by these plans. If you fall sick or got injured and require medical treatment or hospitalization abroad, the medical expenses on a foreign land can be high but you don’t need to worry as these will be covered under the policy. 

2. Trip interruption or cancellation cover:

As discussed, flight delays or cancellations can result in the cancellation of your whole visit. If this happens, your lakhs of rupees can be at stake as the advanced initiated for hotel reservations, flights, meetings, and food may all go in vain. An international travel insurance plan assists you to prevent this loss to an extent.

3. Coverage of other non-medical travel contingencies:

Contingencies like loss of luggage, loss of passport, missed flight connections, etc. are also covered under these plans. They can be very useful when a little unforeseen situation poses a financial threat. These plans will offer coverage so that you can deal with these problems easily and have a smooth visit. 

4. Add-ons for enhanced coverage:

These plans provide optional additional benefits besides the fixed ones. Therefore, you can customize the policy as per your requirement by opting for coverage at your convenience.

MYTHS FOR INTERNATIONAL TRAVEL INSURANCE

Many people are of the view that these plans are not so much useful because no such uncertainties will arise on the visit and if it does, they will be able to manage the same. Let’s list some of the very popular myths out there:

1. Nothing wrong will happen to me.
2. No big deal if I had to visit a hospital abroad.
3. Domestic health insurance covers illness during the visit.
4. Only people who engage in adventure sports should buy insurance.
5. Insurance is not required for short trips.
6. Claiming procedure is always lengthy.

So, let us tell you that these are totally invalid and false points. You may incur a huge amount of difficulties when in a foreign land for medical issues or any other sort of problem. Insurance will lift the stress over your head and you can focus on your work or vacation. So it’s always better to opt for insurance rather than taking all the risk on your own head and be overconfident about the contingencies. 

INSURANCE COMPANIES OFFERING INTERNATIONAL TRAVEL INSURANCE

There are several insurance companies offering this plan in India. Some of the insurers are:

1. HDFC Ergo
2. Reliance Insurance
3. ICICI Lombard
4. Royal Sundaram
5. Bajaj Allianz

To be eligible for the same, you need to be an Indian citizen and other conditions may vary from company to company and plan to plan. Nevertheless, there is no age bar to buy the same. 

POINTS TO REMEMBER WHILE CLAIMING

In case you intend to file a claim, you must keep these points in mind so that your process doesn’t get delayed. 

1. Keep your travel documents and proof ready.
2. All the information should be furnished correctly.
3. Inform the local police in the foreign land.
4. Gather local communication details.
5. Give an intimation to the insurance provider at the earliest.
6. File a claim whilst you are on your visit.
7. Keep all the needful evidence ready. (differ from situation to situation)