Do I need travel insurance for my overseas holiday?

According to a report published by tourism Australia, "the number of Indians travelling overseas is set to rise from 15 million today to 50 million by 2020." Young Indians today are bitten by the travel bug and do not shy away from taking at least one trip abroad each year. Post-liberalizations there was an upsurge in the Indian economy leading to far greater disposable income and opportunities to plan a trip abroad. Instead of going to a destination located domestically, today people prefer going to a foreign destination such as Thailand, Dubai, Malaysia to spend their weekends.

Planning for any trip is great fun. You shop for the right wardrobe, book the best hotels and even plan out the itinerary for different days of your stay. But, have you ever considered including a travel insurance plan in your"to do list"? Whether you are travelling solo or with family and friends or on a business trip overseas, travel insurance will come to your rescue in situation of crisis. No matter how trying the situation is,a comprehensive travel insurance plan can save your day on a foreign soil.

Typically, travel insurance online offered by companies such as HDFC ERGO provide cover for the following scenarios and situations:

Medical Emergencies: While overseas, if you are taken seriously ill or experience an unexpected health condition, the cost of treatment including hospitalization, diagnostic tests and medication shall be covered by the insurance plan. Secondly, if you are supposed to be evacuated or taken to a different location to attain better medical facility, your insurance company will pay for that as well.

Accident: In the case of an accident leading to death or permanently disablement, the victim or his or her family will receive a part of the compensation. However, it should be noted that accidents caused due to indulgence in risky sports such as para gliding, bungee jumping or negligence are not covered. Therefore, do not fail to read the fine prints of your travel insurance policy.

Flight Delays: Flight delays or cancellation is yet another unforeseen circumstance that can let down your holiday spirits. If you have a travel insurance policy, your insurer will provide compensation towards re-scheduled travel tickets as well as cost of accommodation, in case you have to spend an extra night or day in the city.

Baggage Loss: One of the biggest woes of travelling is baggage loss during transit. It is a very common scenario and passengers have to face the repercussion of losing personal items, travel delays, loss of time etc. This can be a big turn off for your holiday spirits. While it's impossible to compensate for lost time and of your personal belongings, a travel insurance plan will definitely cover the expense of replacing your baggage.

Theft: Travel insurance also provides cover in situation of theft- for example falling victim to pickpocketing or hotel burglary.

In brief, travel insurance policies offer a number of advantages to overseas travelers. Life is extremely unpredictable and it's always better to be prepared for the unexpected. While things are relatively easier to manage domestically, with international destinations things can get a little complicated. Therefore, to be on the safer side of the fence, travel insurance cover in essential if you are frequent traveler or travelling overseas for the first time.

There are a number of travel insurance policies available online.It is the quickest and the most efficient way to purchase a plan without the need to undergo exhaustive paper work. Some insurance policies do not cover pre-existing health conditions, pregnancy, mental health condition and accident caused due to indulgence in adventure activities. It is important to be aware of these clauses that will assist you to make your travel plans accordingly.

A holiday is a very special moment in a person's life. It's the few days of a year that you get to enjoy by yourself or in the company of loved ones. Naturally you want to make the most of the time and enjoy to the fullest. Helping you have a great time on a vacation is the exact premise of travel insurance policies. Therefore, if you think that you do not need travel insurance when travelling overseas, think again. With a little extra cost, you stay protected from far greater financial loss.