Clearing Myths Surrounding Travel Insurance

Despite being an essential thing, people avoid buying travel insurance before embarking on a trip due to some misconceptions thinking it a waste of money. Let’s debunk some common myths surrounding travel insurance so that you can understand importance of having travel insurance before embarking on a trip.

No need of travel insurance for short trip: This is a misconception that nothing will happen on a short trip. No matter how short trip may be, an accident or sudden illness can happen any time. It becomes very difficult to handle such emergencies in foreign land. In such a situation travel insurance can be of a great help.

Having health and homeowners insurance: You might already be having a health insurance policy, but the reality is that it doesn’t cover you in foreign land, whereas a travel insurance policy provides medical cover across the globe. Travel insurance also covers interrupted or canceled trip because of demise, illness or injury of an immediate family member at home before or during policyholder’s vacation.

You might also think that if you become unwell on the trip then you will fly back home and hence there is no need of travel insurance. But reality is that if you become seriously ill or faced with a major accident in a foreign land, you might not be allowed to fly back home. The airlines might need a medical certificate, stating that you are fit to travel.

Your homeowners insurance will take care of your home contents back in the country when you are on your trip. But what will you do if your travel insurance documents are stolen? Only travel insurance will reimburse expenses you incurred for the duplication of documents.

Airlines will cover trip delay: People have misconception that it is their airline’s responsibility to cover cost in case of flight delays. However, it is not in many cases. You need to incur cost for food, toiletries etc. When your trip gets delayed for more than 12 days, then you have to shell out cost from your own pocket. If you don’t have travel insurance then you have to bear these additional expenses on your own.

Buying for each trip economical: People have misconception that an annual multi-trip policy is expensive option and buying for each trip is economical option for those who travel multi times in a year. However, the reality is that annual multi-trip policies have many benefits and it also saves your time as you don’t need to buy travel insurance policy again and again.

Having credit card: Often people say that they have credit card which can take care in case of any emergency. But any credit card has upper limit of credit, which might get exhausted due to hefty medical bills. And moreover, you have to pay back to the credit card company on its due date.

Hence, don’t forget to buy a comprehensive online travel insurance plan before embarking on any trip to ensure your peace of mind. Travel insurance offers emergency assistance to ensure that you get right attention in foreign land and you also get back home safely.

Benefits Of Children Health Insurance Plans

In today’s time, health insurance has become almost a necessity even for children, as children can also develop health issues. And ever soaring medical cost makes it a compulsion to have a health insurance for every member of the family.

However, when it comes to buying health insurance for children, you can either cover them under a family floater health insurance or through an individual children health insurance plan.

Under a family floater health insurance policy you can cover your dependent children to a certain age and after that they have to buy new health insurance plan. But children health insurance plan not only covers your child in any eventuality but also provide health coverage all through his life.

And also, after growing up if your child buys a new health insurance plan then he has go through waiting period and in a children health insurance plan this waiting period is exhausted in his childhood itself.

These plans offer attractive returns. The child is paid the sum assured in the event of parent’s death, disability or critical illness. Some plans also provide option of regular income in case of parent’s death.

You need to look out for certain factors while zeroing-in on a children health insurance plan:-

Lifetime coverage: A children health insurance plan should provide health coverage to the kid through his life time.

Inclusions exclusions: Before purchasing any insurance plan do read its inclusions and exclusions thoroughly and choose the plan that best suits your needs.

Benefits: Look out for a plan that offers benefits that match your child’s needs as it will cover him through his lifetime.

It is very important that you ensure your children’s financial security in case of an eventuality. An appropriate children health insurance policy can ensure that your child lead a happy life and have a secure tomorrow.

Secret For Leading A Happy Life

The secret of leading a happy life is that it should be without stress. And one of the main causes of stress is worries of unforeseen events that can impact your family and put them in a financial crisis. To live a stress free and happy life you can build a comprehensive portfolio of insurance covers. You can include following covers to protect your family from any financial crisis.

Life insurance: The first and foremost cover that you should have is a term insurance cover. A term insurance plan is the best form of life insurance as it provides a very high coverage at a very low price. And an online term insurance plan is even cheaper option than an offline term insurance plan. Unlike endowment plan, moneyback plan or a unit-linked insurance plan (ULIP), term insurance does not have any investment component.

Personal accident cover: This is also an important cover as probability of becoming at least temporarily disabled during your working years is higher than the probability of dying during your working years. It covers accidental death and it also comes in handy in case of disability caused by an accident. While buying a personal accident cover, make sure that it covers death, permanent total disability, temporary total disability and permanent partial disability.

Health insurance: As healthcare costs are on the rise, health insurance has become a necessity for everyone. Firstly, you should have a comprehensive basic indemnity health cover. Then after, you can enhance it with a top-up plan or a fixed benefit plan. Based on your requirements, you can buy family floater health insurance or an individual health insurance policy.

Home insurance: Amidst rising incidents of natural calamities it has also become imperative to have a home insurance plan. And, it has also become very expensive to build a home once again after it has been damaged due to a natural calamity. A home insurance policy is different from a home loan insurance policy. While home loan insurance policy protects a family from loan liabilities in case of policyholder’s demise during the policy term, home insurance protects one’s property from manmade or natural calamities.

Critical illness cover: Along with a health insurance is also important to have a critical illness cover as a health insurance policy takes care of hospitilisation bills and other related expenses; a critical illness covers long term healthcare needs for life threatening diseases.

Motor insurance: It is mandatory by law for every vehicle plying on road to have third party motor insurance. However, if you want to enhance your motor insurance coverage you can purchase a comprehensive motor insurance policy.

Child insurance: You can buy a child insurance plan as can be a big help for your children in case you are not there. Child insurance plans are one of the tools that help parents secure the financial future of their child. It provides financial support at different milestones of a Child’s life.

While buying any insurance plan, you should read its term and conditions carefully. And to understand its fine print you can consult with experts at policymantra.com as well. You can also buy insurance policies online.

Do You Need Personal Accident Cover?

Globally, India tops the number of road accidents and deaths due to these accidents. Hence, along with life insurance and health insurance is equally important to have a personal accident cover, as life is very uncertain and accident can happen anytime. An unexpected accident can be fatal or lead to disability which not only affects one physically but also financially. So it becomes very important to secure oneself against such unseen misfortunes.

A personal accident policy covers the policyholders against death or disability due to an accident. It also covers minor accidents. Such policies cover different types of accidents such as road, rail accidents, accidents due to natural calamities and arising out of terrorism or terrorist acts.

A personal accident insurance policy gives policyholders lump sum amount in case of an accident which has led to partial/permanent disability or fatality of the insured. This lump sum amount can be used for the treatment of the injury, rehabilitation and supplementing insured’s earning capacity.

A personal accident insurance policy provides support to all outcomes of an accident including accidental death or disablement including permanent total disablement, permanent partial disablement and total temporary disablement.

In the event of demise of the insured due to an accident or accidental death, the entire sum insured amount is paid to the insured’s nominee.

Permanent total disablement refers to a condition where the insured person is disabled for life due to the accident and this generally includes loss of two limbs (two hands/feet, one hand and one feet), loss of sight of both eyes or speech or hearing of both ears. In such a case, insurers compensate from 50% to 150% of the sum insured.

Permanent partial disablement refers to permanent but partial disablement condition which includes loss of one finger, loss of arm, loss of leg, one eye or hearing in one ear etc. In such cases plan could compensate through a payout ranging from 5% to 100% of the sum insured.

Temporary total disablement refers to a condition which is temporarily but total disabled and unable to work for a certain period and affects his income earning ability. This includes fractures in both limbs, temporary blindness in both eyes, etc. this compensation is given as a weekly benefit only after doctor certifies the condition.

Other benefits of plan includes hospital charges, daily hospitalization allowance, ambulance charges, compensation for broken bones, burns, child education support over and above basic sum insured among others.

A policyholder can get a cover of up to eight times of his annual salary. And health check-up is not a pre-requisite to avail the cover.

Most companies also offer personal accident cover to their employees. However, this is a very basic cover and may not offer all the benefits that you require. So, one need to buy a separate personal accident covers.

Before purchasing a personal accident cover it is very important to thoroughly read terms and conditions of the plan as definition of disablement and terms of compensation may vary from company to company.

So, it is very important to have personal accident cover as part of your insurance portfolio. Having a personal accident cover can give your family financial support at the time of an emergency.

Visit www.policymantra.com and get the benefit of Health Insurance policy with accident cover feature.