Travel insurance is necessary for anyone travelling abroad, especially if it’s a family vacation. For a fun-filled and stress-free experience, family travel insurance will surely keep your loved ones safe from any problems. It protects against loss from plane or train ticket cancellations, medical expenses, theft, baggage loss, and many other unforeseen events that may spoil the trip.
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Table of Content
As the name suggests, family travel insurance refers to a travel insurance policy that covers the entire family. This generally includes two adults below 60 years of age and two children below 21 years. It is also known as a family floater plan.
This policy covers all four persons on an individual basis and is usually cheaper than buying separate policies for each member. However, if the parents are beyond 60 years or the children are above 21 years of age, most insurers don’t provide coverage. Contingencies such as flight cancellations, cruise cancellations, bad weather, etc. may put a spanner in your travel plans.
Many insurance companies provide some relief and may have riders that will allow the person who has not met the age criteria to be covered under the same policy. This will mean some additional premium, of course, but may still prove to be cheaper than four individual policies. The same reasoning may apply if the family has three children.
Travelling with the family is certainly more fun but is also fraught with more risks. For instance, a small change in the weather or sampling the local cuisine may not affect grown-ups at all but may affect the child. You may have to seek out a local doctor and get some medicines in the middle of your holiday. Unlike India, where most of the medicine is affordable, doctor and medicine bills in most foreign countries can total up to quite a tidy sum. Any hospitalisation on top of that will increase the expenses drastically.
Having a family floater plan helps in such cases. All medical expenses are reimbursed up to the agreed limit. Some insurers also provide cashless hospitalisation. This means that you do not pay anything. The insurance company settles all expenses on your behalf.
Among different types of travel insurance, family travel insurance provides benefits to the insured’s immediate family as well. To get a better idea of this specific form of travel insurance plan and its benefits, consider these examples:
In fact, the importance of travel insurance can be gauged from the simple fact that the applications for the Schengen visa that covers most of the West European countries must be accompanied by a valid travel insurance policy.
Be it a trip to the US or a wildlife safari in Africa, family travel insurance will provide the coverage you and your family need. Here are some of the best features of a family travel insurance policy:
|Eligibility||6 months to 60 years, varies with plans|
|Features||Medical and Hospitalisation Expenses, Luggage and Passport Loss, Flight Delay and Cancellation|
|Optional Add-Ons||Adventure Sports Cover, Home Burglary Insurance, Golfer’s Hole-in-one|
|Number of People Covered||Minimum 4, can be extended to other members as per policy terms|
You need to understand what is covered under the policies. For instance, if you are staying with family, relatives or friends in the places to which you are travelling, reimbursement for hotel cancellations will not be that important as compared to having comprehensive cover against all medical expenses.
If you and your family take more than 2-3 foreign holidays a year, it may make sense to buy a family floater travel plan that may cover multiple trips instead of a policy that only provides insurance for a single trip. These family travel insurance plans let you avail of 2-3 trips within a year as long as the total number of days does not exceed the time for which the coverage has been taken.
Most family travel insurance plans do not cover adventure sports or pre-existing ailments. Therefore, in case you need insurance for these activities or pre-existing health conditions, you should talk to the insurance company and make sure that your family is covered. You may have to pay some additional premium but the tension-free holiday will be worth it.
Buying one of these plans is cheaper than buying a family travel insurance plan each time you and your family travel in the year. However, policies with the least premium may not cover certain risks or may have certain limitations while covering those contingencies.
Read More: Benefits of Availing Family Travel Insurance
Most insurance companies offer different types of insurance plans. These may vary in terms of the coverage they provide or the time period or both. The basic family travel insurance plans cover only a few contingencies like
In addition to these, you may like to opt for adding other covers for bad weather, hijacking, personal liability, fire, home cover, etc. Some insurance companies may cover all of these in one policy though most have two-three types of tiered policies that will let you access the cover against additional risks on payment of higher premiums.
While there are immense benefits of a travel insurance plan, you should pay attention to the exclusions of any policy. When it comes to things that are not covered by family travel insurance, the list may vary from insurer to insurer. You may not be able to file a claim in case of the following:
While insurance is bought for one's safety, most of us wish we don't need to make any claims. In case you need to file a claim, make sure to follow these steps:
In case of claims through reimbursements,
In case your claim is denied, you will need to pay for the bills accordingly.
Let's take this in the form of a list so it’s easier to remember as a checklist:
Family travel insurance only reimburses for the expenses, except where cashless services such as hospitalisation are specifically mentioned. This means that you will have to pay for the expenses when you are aboard and you will be reimbursed when you apply for it after you are home. Keeping some extra cash with yourself will ensure you do not face any problems in an emergency.
These should be enough to get you started on family insurance plans and look for the right type of plan for yourself and your family. Keep the main points in mind and select a plan that makes sense both coverage-wise and budget-wise.
To list down, some reasons why you need family travel insurance include:
These are just some of the many reasons why you need travel insurance, especially if you are travelling with the family.
If considering buying family travel insurance online, take a look at some of the best reasons to buy from Policybazaar.com:
Ans: You need to provide the personal information of you and your family members who are travelling. The dates of birth are very important information that affects your insurance premium.
Trip details like the destination, which travel companies you’ll be using (if any), the dates of travel, and total expenses on the trip along with how much the trip costs each person in your group.
Ans: The best family travel insurance provider depends on your personal preferences. Different insurance providers offer different benefits and they all have different drawbacks as well. The popular travel insurance providers that offer family travel insurance plans in India are:
Disclaimer : *Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Ans: It’s very simple. You can use online tools like PolicyBazaar.com to compare the insurance premium and features of plans offered by different insurance providers.
Ans: Generally, most family travel insurance providers don’t cover people who are over 60-65 years of age. You might have to buy an individual travel insurance plan, particularly for this family member. You can get in touch with a representative from your insurance provider to be sure.
Ans: Some insurance providers may have network listed hospitals overseas. Although, most Indian insurers allow you to visit any hospital to seek medical treatment and the treatment cost will be covered.
Ans: Yes, you can renew your policy online with ease. All you have to do is fill up and submit a form around 7 to 10 days before your policy expires. You need to get extension approval within 24 hours.
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