As soon as we here insurance in India the first thing that comes in mind is the Life Insurance, Health Insurance,

Fire Insurance, Marine Insurance, Accident Insurance etc but not travel insurance. Travel insurance has not yet been important enough in India. It is still not a common product. In the West, however, the penetration and the awareness of travel insurance is so high that almost no one takes a trip without a travel insurance policy.

Travel insurance is while

insurance that is intended to cover financial and other losses incurred

travelling, either within one's own country, or internationally. booking of a trip to cover exactly the

Travel insurance can usually be arranged at the time of

duration of that trip or a more extensive, continuous insurance can be purchased from most often travel agents, travel insurance companies or directly from travel suppliers such as cruise lines or tour operators. Another aspect of travel insurance is the variety of policies available in the globalised marketplace. Hundreds, if not thousands of companies provide insurance of different kinds, ranging from very basic emergency policies to those with extensive and in-depth coverage. The length of coverage, premium, deductible payable, number of people covered, area of coverage (local, country-wide or global) also may vary from one provider to another. There are also a number of specialised insurance vendors who have sophisticated interfaces on the Web, which allow visitors to view brochures, compare policies and even buy the policies directly using a credit card. It goes without saying, as with every online transaction, the maxim of caveat emptor, buyer beware holds true. One of the fastest growing

travel insurance markets is India with total premiums for this year

expected to increase by 20%. It is estimated that only 15% overseas travelers purchase India are unaware of the importance of

travel insurance as most people in

travel insurance. This is likely to change over time as

more and more foreign hospitals deny access to medical care to non-insured travellers from India. Given Indias population of more than 1.2 Billion with a growing segment travellers who are starting to purchase travel health insurance for their overseas trips, it is not surprising that India could become one of the largest travel insurance markets worldwide in the next decade. There are two major classes of travel insurance: International travel insurance, covering travel outside your country of residence. This is an essential part of international trips because many healthcare arrangements won't apply in

other countries and you either need insurance or to be able to pay all medical bills out of pocket; and Domestic travel insurance, covering travel inside your country of residence. These policies are generally cheaper than international policies because they usually don't include medical coverage--in your own country, you presumably have other arrangements. They focus on compensating you for purely travel-related problems like cancellations and closures. They are also much less essential and you can consider their worth on a trip-by-trip basis.

Coverage types The most common risks that are covered by travel insurance are: Medical/dental expenses Emergency evacuation/repatriation of remains Return of a minor child Trip cancellation/interruption Accidental death, injury or disablement benefit Overseas funeral expenses Curtailment Delayed departure, missed connection Lost, stolen or damaged baggage, personal effects or travel documents Delayed baggage (and emergency replacement of essential items) Legal assistance Trip Cancellation Flight Connection was missed due to airline schedule Travel Delays due to weather Medical Emergency and hospital care (Accident or Sickness)

Optional coverage Some travel policies will also provide cover for additional costs, although these vary widely between providers.

In addition, often separate insurance can be purchased for specific costs such as: Car rental collision coverage Pre-existing conditions (e.g. asthma, diabetes) Sports with an element of risk (e.g. skiing, scuba diving) Travel to high risk countries (e.g. due to war, natural disasters or acts of terrorism) Additional AD&D coverage Kidnap and ransom insurance 3rd Party Supplier insolvency (e.g. the hotel or airline to which you made nonrefundable prepayments has gone into administration

Common exclusions

Pre-existing medical conditions War or terrorism - but some plans may cover this risk, and some do cover for acts of terrorism Injury or illness caused by alcohol or drug use

Usually, the insurers cover pregnancy related expenses, if the travel occurs within the first trimester. After that, insurance coverage varies from insurer to insurer. Travel insurance can also provide helpful services, often 24 hours a day, 7 days a week that can include concierge services and emergency travel assistance.

Travel Insurance usually seems like an extra expenditure when you have already spent so much on a travel abroad, especially since most of the events seem unlikely. However, imagine being in any of these situations like loss of passport or missing a connecting flight or loss of checked-in baggage, were to happen to you on a trip, then how handy a travel insurance policy would be! So, spending a small amount, in comparison to your overall expenses of your trip, for peace of mind it isnt a big deal, is it?