Travelling abroad? Why you must get travel insurance even when it is not mandatory
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What is covered under travel insurance?
The number of Indians travelling abroad has been steadily increasing, reflecting a rise in disposable incomes, better global connectivity, and a desire to explore new destinations.According to data from the Ministry of Tourism, Government of India, in the last calendar year, 2024, around three crore Indians travelled overseas for different reasons. This includes leisure, education, business, seeking better job opportunities and medical treatment. This year, the figure is expected to climb even higher, underscoring the growing trend of outbound travel among Indian citizens.If you're among those planning to travel abroad in 2025, keep in mind that, depending on where you're headed, you might need to sort out travel insurance along with your passport and a valid visa.There are a handful of countries that do not require travel insurance, but, many nations do require valid travel insurance as a must-have before they grant you an entry visa. These regulations are in place not only to safeguard tourists during emergencies but also to make sure that any surprise expenses, such as hospital stay or medical evacuations, do not put a strain on the healthcare system of the host country.However, experts stress that even where it is not compulsory, it is prudent to take travel insurance. Subrata Mondal, Managing Director & CEO, IFFCO TOKIO General Insurance Company Limited, says, "Travel insurance may not be mandatory, but it is highly recommended for financial protection during international travel."Meet Kapadia, Head of Travel Insurance at Policybazaar.com, says, "Even when travel insurance is not mandatory for a visa, it is highly recommended that travellers must have it. Travel insurance safeguards travellers from medical emergencies arising out of unforeseen events such as accident, sudden rise epidemic situation or any such related medical condition or unfortunate events like trip cancellation, baggage and document loss, trip delay, accidental death or disability. It offers peace of mind and financial protection during unforeseen events in foreign land, where medical or logistical costs are often very high." Travel insurance policies , as the name suggests, are typically offered by insurers to cover a range of uncertainties that may come up while traveling, including health emergencies, luggage loss, flight cancellations and more.Elaborating on the travel insurance coverage , Mondal explained, "In travel insurance, medical expenses and personal accident are the main coverages. The policy also covers loss/delay of checked-in baggage, loss of passport, hijack distress, financial emergency, and personal liability. Premium is calculated based on the selected sum insured and age band of the traveller."It's worth mentioning that the minimum sum assured you need can change based on where you're traveling. For instance, a lot of European countries that are part of the Schengen agreement ask for proof of insurance for a specific amount before they give you a visa. In other cases, the amount of insurance is up to the traveller but it's strongly recommended to have enough to prevent any financial issues during emergencies.Mondal advises travellers to be mindful of personal and destination-specific considerations when purchasing a policy. "One should consider age, health condition, destination-specific requirements, and the adequacy of coverage offered," he said."The Insured can opt up to SI of $500,000, if travelling to USA and Canada," he added.No matter if you're heading to Europe, Southeast Asia, the United States, or any other part of the world, with travel insurance in hand, you can rest easy as it gives that extra layer of comfort and security against unforeseen emergencies. It may seem to be an additional expense, but the protection it offers can be priceless when you face medical issues, theft, or trip disruptions far from home, especially when you might not have enough financial support if something goes wrong.Kapadia says, "In cases if, some medical issue (say fracture in leg) began during the travel dates, there are some travel insurance plans that cover treatment for those after returning to India. Also, a few travel insurance plans allow inbuilt extension for 7-10 days after the travel dates. For baggage and trip home-to-home covers helps with delay/loss of baggage in both to and fro of the trip. Thus, baggage loss and baggage delay can also be claimed. This safety buffer by insurers ensure protection for travellers in case of any unforeseen circumstance."As more Indian travel internationally, having the right insurance coverage can turn a stressful situation into a more manageable one.
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