Travel insurance Policy Questions and Answers

By | August 6, 2015

Why should I buy travel insurance Policy ?

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To obtain a visa for some countries, overseas travel insurance is compulsory. Even where it is not, it is prudent to obtain a travel insurance policy when you are travelling on business or holiday or for education, research etc as medical treatment costs in many countries are much higher than what they are in India and are unaffordable.

Can I extend the period of my travel insurance policy ?

You must check with your insurer regarding this as it would depend on the policy. Read your policy document and understand what it provides. Most policies, especially overseas travel insurance policies have a provision for one or even two extensions.

Is there a minimum duration of period for purchase of travel insurance ?

Generally there will be a minimum stipulated period. Normally pricing of the policy goes by the “trip band” i.e., the number of days of travel involved and there would be a minimum trip band.

Is a medical check -up required to purchase a travel insurance policy ?

You must check up with the insurer and/or the agent or broker about medical tests required and reports that are required to be submitted along with the duly filled in proposal form. Check up about the validity period of such reports as well—normally reports within three to four weeks prior to departure are required.

Do I need prior approval of the insurance company before proceeding with medical treatment should the contingency arise?

Please read the policy thoroughly and understand whether there are such requirements. Prior approval would be required in most cases though there could be exceptions depending on the emergency involved. Get this aspect clarified at the time of purchasing the policy.

 Who is a Third Party Administrator ?

A Third Party Administrator is one who offers claims services on behalf of the insurer. In most cases, they offer cashless facility. You must confirm details from your insurer before you travel. Ensure that your policy document has all the contact details and other relevant information related to the services offered by the Third Party Administrator.

Can I get a refund under my policy if I cut short my travel?

In case your travel doesn’t take off and you show proof of the same, policies would normally provide for premium refund subject to deductions towards administrative costs. Where travel is cut short, policies may or may not allow refund subject to certain conditions. You must read your document and understand whether there is such a provision and if so, how it operates.

Is my visa status relevant to obtain overseas travel insurance ?

In most cases it would be. Normally, such policies are meant for travellers who visit other countries on business or holiday or education or other purposes and not for those residing permanently abroad.

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