Is It Worth Buying Trip Cancellation Insurance?

Travel insurance is necessary when it can cover most of the risk factors in a very efficient way. Before buying a travel insurance policy, you should find out the positive factors and negative factors. If you are travelling to a distant country as a student, you should buy a student travel insurance plan. It will cover the risks associated with the journey, luggage and documents. If you are travelling to new places on holidays as an individual or group, it is worthwhile to buy a comprehensive travel insurance plan.

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    Situations Where Travel Insurance May not be Required

    • Planning the Trip at the Last Minute - If you are planning a trip at the last minute, you may not require a travel insurance plan. Even though you buy the best travel insurance policy offered by a reputed insurance company, you will not cover the uncertainty of making the trip. Especially, the domestic trip planned in the last minute can be made without buying travel insurance. If you buy a travel insurance plan, you can omit the trip cancellation clause. You should avoid the factor which will not pose a risk in your case. The health insurance will cover your medical emergency.
    • Budget Local Trips - Budget local trips will not cost you much. The time, effort and money spent towards the insurance policy will not substantiate your case. If your pre-paid expenses are very high, you can buy travel insurance policy which covers the trip cancellation as well.
    • Afford to Lose Money - There are certain situations where you can afford to lose your money. If your risk factors are covered by the airlines or other agency, you can avoid buying a travel insurance policy.

    Why is Travel Insurance Necessary?

    Beyond the trip cancellation, there are various scenarios where travel insurance will come to your rescue. For example, student travel insurance policies will cover expenses arising out of emergency hospitalization (due to health issue or accident), loss of checked-in baggage, loss of travel documents (passport, visa), tuition fee, bail bonds, delay or cancellation of the flight. A student pursuing studies in a foreign country should buy the best travel insurance policy to cover various kinds of risk factors. Some foreign universities insist upon buying insurance cover of a certain amount by covering specific risk factors mandatorily.

    Trip Cancellation Coverage

    There will be a great financial loss when you cancel your foreign trip. If your travel insurance covers the trip cancellation risk, the policyholder will get the best compensation. Travelers should compare various kinds of plans offered by different insurance companies and they should settle for the best plan as per their needs.

    Trip cancellation coverage is offered by the following insurance companies:

    • Bajaj Allianz
    • Apollo Munich
    • Reliance
    • TATA AIG
    • Cholamandalam
    • Future Generali

    Bajaj Allianz

    Bajaj Allianz offers travel insurance plans and student travel insurance plans. The company offers the following plans:

    • Travel companion
    • Travel Assist Card
    • Travel Elite
    • Travel Asia
    • Senior Citizen Travel
    • Multi-trip plans

    Bajaj Allianz offers insurance plans up to the age of 85 years. You can buy a travel insurance plan online or offline with validity up to 180 days. The insurance plan can be renewed after 180 days. There are plans to fulfill the Schengen visa requirements.

    If you are traveling to a foreign country for pleasure or business, the interests will be fulfilled in the best possible way with the travel insurance plan.

    The travel companion will cover health expenses as well as repatriation. Travel Asia card will cover the pre-existing health conditions. If the travel period is not more than 30 days for Asian countries, you can subscribe to Travel Asia plan.

    Travel elite plan covers trip cancellation, trip delay, flight hijack, cashless inpatient treatment and cashless outpatient treatment facility.

    Senior citizens can buy an insurance policy without undergoing medical tests. The insurance plan is applicable for people between the 71 and 85- year age group. The maximum coverage is $50,000 and the duration is 180 days.

    Apollo Munich

    Apollo Munich offers overseas travel insurance plans with comprehensive coverage.

    Types of plans

    • Individual
    • Family
    • Multi-trip
    • Senior citizen

    You can get an online quote by entering the number of persons, date of birth, start date and end date of journey.

    The family plan covers self, spouse and children. The benefits of the family plan include emergency cash, family evacuation, doctor’s referrals and transportation of medication. The company provides updates on latest travel and health topics. The travel insurance plan can be customized to fulfill your needs in the best possible way. 

    Highlights of the Travel Insurance Policy

    • Minimum of $50,000 and a maximum of $500,000
    • Offers medical assistance via telephone
    • Emergency cash advance
    • Compassionate visit travel assistance
    • Loss of baggage
    • Loss of passport
    • Appointment with local doctors
    • Emergency medical repatriation

    Reliance Travel Insurance

    Reliance offers the following type of insurance policies:

    • Single trip
    • Multi-trip
    • Student

    A single trip policy is available in the following categories:

    • Individuals (below 71 years)
    • Individuals (between 71 and 80 years)
    • Individuals (between 81 and 90 years)
    • Family insurance policy

    As per the destination

    • Inside USA & Canada
    • Outside USA & Canada
    • Schengen countries
    • Asia excluding Japan

    You will not want to undergo medical check-up to buy travel insurance policy from Reliance general insurance company.

    The following features are available from Reliance insurance:

    • Custom medical plans - Platinum, Gold, Silver and Standard
    • Includes trip cancellation cover
    • Pre-existing ailments and maternity covered (in emergency situations)
    • Covers sportsperson (should be declared by the applicant)
    • Policy can be renewed after 180 days
    • Covers 24 hours emergency cashless service
    • A minimum cover of $50,000 and a maximum cover of $500,000
    • Policy can be purchased online by using debit/credit card or cheque

    TATA AIG Travel Insurance

    TATA AIG offers best travel insurance plans to cover the risks associated with domestic as well as foreign trips. The company offers best policies for travelers visiting USA, Canada and Europe. AIG has the expertise to understand the needs of travelers. Customers will get support from the local staff members who are familiar with various geographical locations and languages.

    Travel guard is ideal for individuals and it will cover the risk for 180 days. There are plans to fulfill the needs of senior citizens. If you are travelling to Asian countries, you can buy Asia Guard. You can buy the best travel insurance policy from TATA AIG by online or offline.

    Benefits of Student Travel Insurance Plan

    A comprehensive student travel insurance plan will cover various kinds of risks so that the student will be able to pursue the course without fail. It is possible to overcome various kinds of financial issues by covering the financial aspects of the insurance plan. The loss of baggage, health issues, hijacking of the airplane, emergency dental treatment and trip cancellation will be covered by the insurance plan.

    • Eligibility - student travel insurance policy is available for persons whose age is in between 18 and 35 years.
    • Low Premium - Student travel insurance policies are available at a very low premium if you buy policies from Indian companies. The insurance premium will be almost one-third of the premium paid to a foreign university. The payment can be done in Indian currency and benefits can be enjoyed in foreign currency.
    • Coverage of Specific Risks - In some western countries, specific risk factors should be covered by the insurance policy. These include drug dependency, alcoholism, nervous disorders, pregnancy, cancer screening, expenses incurred for inter-collegiate sports.
    • Waiver of Premium - If you buy a student travel insurance policy in India, you can get a waiver of premium from the foreign university.
    • Extension of the Policy - The policy can be extended very easily throughout the tenure of your studies. The renewal can be done online and automatically so that there will be a great convenience.
    • Student Interruption - The interruption of studies due to sickness or death of the sponsor will be covered by the insurance policy. You will get reimbursement of the tuition fee paid to the educational institution. 

    Risks Covered by Student Travel Insurance Plan

    • Emergency medical charges
    • Medical evacuation
    • Body repatriation
    • Loss of checked-in package
    • Delay of checked-in luggage
    • Trip delay
    • Student interruption
    • Fraudulent payment for payment card
    • Childcare benefit
    • Emergency accommodation benefit
    • Mental health issues
    • Personal liability

    Travel Insurance Cancellation

    Before travelling to the destination, you can cancel the trip at any time and the valid reason should be substantiated to the insurance company. You should follow the trip cancellation procedure as per the guidelines of the insurance company.

    You should provide a written notice to the insurance company 15 days prior to the journey date. The information such as insurance policy number, passport number, and reason for trip cancellation should be shared with the insurance company.

    The insurance plan can be cancelled within 7 days after the supposed departure date or after the expiry of the insurance plan (if you had not travelled). The insurance company will verify the information and will check the original passport as well to confirm that you had not travelled to the destination country. The claim will be approved after the verification.

    How to Save Money on Travel Insurance Policy?

    The tips shared by experts will help you cut down your insurance policy premium and you can buy the most appropriate insurance plan to fulfill your needs.

    Online Travel Plans - It is very easy to buy a student travel insurance policy online. You will have great convenience in buying online travel insurance plan. You will get discounts and the policy can be renewed online.

    Assessment of Risk Factors - As you go through various features listed under different kinds of policies, you will choose features which will fulfill your needs. If the risk perception is low, you will not want to buy a travel insurance plan at a higher premium. You should choose a policy with basic coverage and as per the destination.

    Buy an Insurance Policy at the Earliest - You should buy the best travel insurance policy at the earliest. As soon as the itinerary is confirmed, you should buy the insurance plan. If you buy the insurance plan at the earliest, the insurance premium will be low. If you are buying a student travel insurance, you should buy the policy after the confirmation of the admission. There will be maximum coverage by the insurance policy and the insurance premium will be low.

    Opt for a Higher Deductible - You can opt for higher deductible so that the insurance premium will be low. The deductible is the amount paid by the insured during the claim. The rest of the amount will be paid by the insurance company.

    Comparison of Travel Insurance Policies

    You can use various online resources to research about insurance products of various insurance companies. After assessing your risk factors, you should choose a policy that best fulfils your needs. The best travel insurance policy can be subscribed online by paying the lowest premium and including maximum features.

    You should also find out the policy claim process and the policy claim settlement ratio of the insurance company. The insurance company should offer the best support in India as well as the travelling country so that the purpose of the insurance policy will be fulfilled to the full potential extent.


    It is worth buying a trip cancellation policy when you are on an expensive tour. You should also cover your trip when you are travelling abroad as a student. There are various kinds of risk factors a student can overcome by buying a comprehensive travel insurance policy at the lowest premium. You should explore options by comparing various plans offered by reputed companies. By buying trip cancellation insurance, you can avoid major financial chaos in your life and you can overcome the stress very easily. 

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