Annual Multi-Trip Insurance: How Does It Work?
If you make frequent trips abroad, you may have already heard about multi-trip insurance policies that save both time and money. People who travel outside the country often can easily opt for this insurance policy covering their baggage, flight, and other health-related contingencies. These international travel insurance policies come with exclusive benefits, which have been covered in the sections below.
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What is a Multi-Trip Travel Insurance?
Also known as an annual travel insurance plan, it is a type of international travel insurance aimed at people taking multiple foreign trips in a year. These plans offer many unique benefits that are not offered by other plans and are valid for a longer period of time, usually up to one year. Meant for overseas travel, it can be easily customized to suit your needs and save a lot of effort and costs.
On the basis of frequency of traveling abroad, most travel policies can be broadly classified into two types:
As the name suggests, a single-trip plan is designed to cover only one trip for a limited time duration as per the starting and ending dates of that journey. If the person needs to make another journey, they'll be required to buy another plan.
Whereas in the case of a multi-trip plan, there is no restriction on the number of trips they take. What's more, it is valid for an entire year and needs to be purchased just once, and has several benefits that are not offered by other plans.
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How Does a Multi-Trip Travel Insurance Work?
Many people like corporate executives, business owners, or those people working in multinational companies often travel to different countries for seminars, conferences, meetings, etc. It becomes extremely important for these people to plan their spending budget which will include their flight tickets, hotel bookings, and any emergency medical expenses. Not just these, they need to provide some security to their families that may be left behind if something unfortunate happens to them during their journey. This is where a multi-trip insurance policy comes to their rescue.
These are some ways in which annual travel insurance benefit frequent fliers:
Easy Renewability
If you're someone traveling frequently because of work, that barely leaves you time for much else. Then why buy a separate plan every time you go abroad? Comparing and finally purchasing a policy is only a hassle, especially when business itinerary could be so unpredictable and may not leave you much time to buy international travel insurance. With multi-trip insurance, you will be covered for all 365 days and will be able to renew it anytime by paying the premium.
Free Look Period
Nowadays travel insurance in India comes with this feature, however, it is fairly less in number. With annual travel insurance plans, this feature can be availed for the initial 15 days after you have paid the premium. You are free to review your policy and cancel it within this time duration if you have any objections. Your insurer will refund your premium amount after minor stamp duty charges.
All-round Coverage
In case of medical emergencies, your insurer will take care of everything from hospitalization expenses to evacuation if you need to be brought back to your country. In case of demise, the policy will also cover costs of repatriation and another related cost. This way, you don't need to worry about anything.
Flight Delay/Cancellation
The packed schedule can be worsened with delayed flights that are beyond your control. Maybe your first flight got canceled, or there was an emergency. Whatever it is, your multi-trip travel insurance plan will always help you in these situations. Whatever additional expenses you incurred due to a delayed or canceled flight, your policy will provide reimbursement.
Dental Expenses Compensation
A toothache is plain horrible, especially when you're on an important trip abroad. What's more, dental treatment costs a lot overseas and may disturb your careful financial budget for that trip. In case of acute toothache, the policy will provide reimbursement for the costs.
Personal Liability
You may accidentally find yourself in a situation where you become liable to another party for some damages or harm caused because of your mistake. Your insurer will help you cover the costs for damages in case of death or injury or other property damages to the third party if ever you need to.
Grace Period
This feature is only offered by annual travel insurance plans and lets you pay for the policy 30 days (or as specified) after the premium date is due. This prevents your policy from lapsing and ensures smooth travel.
Depending on who your insurer is, your advantages will vary and let you choose the best international travel insurance for your journeys. Make sure to read about them and compare them on Policybazaar.com before you finalize one.
Wrapping it up,
Traveling for work or pleasure should be a hassle-free experience. While you are busy dealing with important work, the last thing spoiling your plans should be an unexpected situation costing you extra money. You can avoid this kind of money wastage by insuring your trip so that you, as well as those back home, have a helping hand in case of trouble.
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