Riskless travelling

INSURANCE: Business and leisure travellers should pack a policy in their bags, with the other essentials.

Imagine yourself finally landing at the Mauritius airport for the dream vacation that you have been planning for a long time.

There are many things that can go wrong "" you could lose your passport, drop your cash and valuables or require medical attention. Given the risks involved in a travel, it is advisable to buy a travel insurance policy to insure you against the unexpected.

Most overseas insurance policies have a minimum sum insured of $ 50,000 to a maximum of $500,000. The plans cover medical expenses incurred abroad due to emergencies and personal accident.

On an additional premium, the policy can be extended from covering medical care to home insurance, financial emergency assistance, emergency evacuation, accidental death and dismemberment, personal liability and assistance services in case of emergencies.

Travel inconveniences like baggage loss, passport loss, trip cancellation, missed connections and hijack distress are also covered. Private insurers like ICICI Lombard and Tata-AIG have policies "" Gold Plan and Platinum plan "" covering these, which can also be modified to a Family Plan covering six people.

Public sector general insurance companies have a worldwide plan for people going for employment and education "" a sum insured of $ 100,000. In case you are on a trip to the US and Canada, the sum insured is $50,000 to $500,000. Many insurers have a multi-trip plan especially designed for the frequent traveller. Opt for the multi-trip insurance to save time, money and effort.

Besides there are specific travel insurance policies designed for South East Asian countries. For instance, TataAIG has a plan called Asia Guard, while ICICI Lombard has the Bronze Plan for these countries with a reduced sum assured of $15,000.

There are plans available for senior citizens too. Check out ICICI Lombard's Salt and Pepper Plan launched a year back covering senior citizens (75 to 85 years). However there are several exclusions to it such as dental treatment.

The premium of any policy depends on the place of travel, time period of travel (7 to 90 days), sum insured and the age of the person. Since medical expenses are high in the US and Canada, the premium is high on these policies compared to insurance policies for neighbouring countries.

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Choosing the right policy

TRAVELLERS: Choose your policy depending on the place, purpose, period of stay and your age group.

PRICE: While public sector firms have a standard price for travel insurance policies, the cost varies in the private sector. So shop around to find a good price. Know what your policy covers and check the exclusions.

STUDENTS: If you are seeking admission to a foreign university, ensure that the plan covers you even when school is not in session.

ONLINE ADVANTAGE: Ensure that the insurance policy details are online. In case medical attention is required, hospitals can go online to check the policy. Also ensure that the insurance company has a global presence.