Personal Finance

Insurance Uncovered

| Updated on September 16, 2018 Published on September 16, 2018

Answers to some frequently asked questions in travel insurance

Is there a minimum duration of period for purchase of travel insurance?

Generally, there will be a minimum stipulated period. Normally, pricing of the policy goes by the “trip band”, that is, the number of days of travel involved, and there is a minimum trip band.

Is a medical check-up required to purchase a travel insurance policy?

You must check up with the insurer and/or the agent or broker about medical tests required and reports that are required to be submitted, along with the duly filled in proposal form. Check out the validity period of such reports as well — normally, reports within three to four weeks prior to departure are required.

Do I need prior approval of the insurance company before proceeding with medical treatment should the contingency arise?

Please read the policy thoroughly and understand whether there are such requirements.

Prior approval would be required in most cases though there could be exceptions depending on the emergency involved. Get this aspect clarified at the time of purchasing the policy.

Can I get a refund under my policy if I cut short my travel?

In case your travel doesn’t take off and you show proof of the same, policies would normally provide for premium refund, subject to deductions towards administrative costs.

Where travel is cut short, policies may or may not allow refund, subject to certain conditions.

Is my visa status relevant to obtain overseas travel insurance?

In most cases, it would be. Normally, such policies are meant for travellers who visit other countries on business or holiday or education or other purposes and not for those residing permanently abroad.

Source: IRDAI

Published on September 16, 2018

A letter from the Editor

Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Support Quality Journalism
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.