You are all set to go to this most anticipated destination for Holiday. You have done all your preparations; your packing is done, reservations are done, tickets confirmed and travel insurance is in place.
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And then comes an emergency! That too at a time when you are just about to leave for your planned holiday.
An emergency, unannounced, could compel you to either cancel or postpone the trip. This could turn out to be a big spoiler, both financially as well as emotionally.
In such a scenario where you are compelled to cancel your trip, what happens to your travel policy? Good news, majority of insurance companies make considerable changes in travel plans, for both cancellations as well as interruptions, subject to some conditions.
It is asked of all the insurance buyers to understand the “ifs” and “buts” related to travel insurance before actually making their purchase.
Have a clear knowledge regarding the various inclusions and exclusions of travel insurance online. That ways you would know what to do in case of a cancellation. You must read your policy document right after its purchase. A policy document not only tells what the policy does and doesn't cover; it also explains the detailed cancellation procedures, charges and conditions. Awareness on your part would help you in understanding the policy processing.
Travel covers provided differ from insurer to insurer. You are required to check your policy document to know what it offers.
Such benefits are valid for cancellations before the said departure date. These benefits are in line with the specified sum insured of your policy. Some of the benefits that are provided to cover financial losses due to sudden cancellations are:
Please remember, these covers are applicable only if your policy offers them exclusively. Any commissions paid to travel agents, are not covered.
Your journey has begun and out of nowhere an emergency comes up. Post your departure, if you are urged to alter your travel or holiday, travel insurance plans could lend you a helping hand. They compensate up to the sum insured of your policy, any financial liabilities that may arise due to trip interruption. Emergency conditions include:
The cover would compensate for expenses to return home. It would also cover all additional transportation expenses that may have been incurred to get to the original trip destination in case of any delay in trip departure date, due to an unpleasant event.
Insurance companies allow a total cancellation of a travel insurance policy, provided you have gone on a holiday. A proof of passport is to be deposited to emphasize on the fact that the journey was not made. A request for cancellation is usually looked into not less than 14 days after the first date of insurance, as mentioned in the policy schedule. Charges applicable: For cancellation of policy, a premium retention varying between Rs. 250 to 300 (including Service Tax) is taken.