Choose Travel Insurance That Fits Your Budget By CEO Rakesh Jain

Published By: Mint

Published Date: 18-10-2023

Travel insurance is an important component of any international trip, providing peace of mind and financial protection against unexpected events. According to Rakesh Jain, CEO of Reliance General Insurance, finding the right coverage doesn't have to break the bank.

The key to securing appropriate travel insurance is comparing policies from different providers to find coverage that meets your personal needs at an affordable price. Whether travelling alone or with family, Jain recommends selecting benefits tailored to your particular situation. For families, he suggests exploring floater family travel insurance plans to reduce premium costs while covering both home and travel security.

Travel insurance typically includes two main components: health emergency coverage and travel inconvenience protection. The latter covers issues like lost baggage, missing passports and flight delays or cancellations. Despite its importance, many travellers overlook this insurance due to limited awareness.

Some destinations require proof of insurance before granting visas. For example, Schengen countries mandate minimum coverage of €30,000 for health emergencies. When selecting coverage, consider four essential factors: exact travel dates, countries you'll visit, adequate emergency health coverage and protection against trip delays or cancellations.

Insurance can be easily purchased through tour operators, agents, insurance company websites, or online platforms. Before deciding on a policy, experts highly advise reading and fully understanding the policy papers and sales brochures to make sure you understand the terms, conditions and exclusions.

These tips will help you choose coverage that fits your travel plans and your budget. This way, you can enjoy your adventures more safely and with confidence, knowing that you're covered in case of accidents or travel problems.