Travel is one of the most favourite pastimes of people all around the world. People visit foreign countries on tour more often now than before. The vastly improved transportation and communication system has shrunk the globe, and travel has become cheaper. However, while on you are travelling, you are mostly on your own. It is therefore prudent to have some coverage ready that would provide you with necessary financial cover while you are abroad. This cover can be provided by travel accident insurance.
Experienced travellers will tell you that, any travel is always full of uncertainties. That does not mean that you should shelve all plans for travel and sit idly at home. However, you must remain prepared for any unforeseen exigencies. Travel accident insurance is the cover you require for any uneventful happenings while you are on travel.
The principles underlying a travel insurance is simple. The insured person pays a monthly, quarterly, or yearly premium towards the policy that he has taken out. The provider bears the cost of treatment and other correlated issues in the eventuality of an accident. This provides you with the necessary preparedness and support to meet the unforeseen eventualities. In cases where the policy covers supplementary benefits, the insured person also receives coverage for reliefs against earning losses due to permanent or temporary disablement.
Numerous travel accident insurance policies are available all around. They differ in terms and conditions, benefits offered, and coverage to some extent. However, most of them have certain common objectives. Such common benefits provided by the travel insurance companies are: -
„" Coverage for medical costs incurred during travel due to accident. „" Coverage for accidents caused by natural reasons like earthquake, storms, tsunami, cyclones, flood etc or accidents caused by human driven reasons like vehicle, house collapse, or such other things. „" Coverage for accidental loss of baggage or valuables. „" Coverage for disability compensation. „" Coverage for financial losses.
Most travel insurance companies will come up with a comprehensive list of advices on your greatest risks during travel. However, the type of risks you run depends on the location, type of life style, and holiday pursuits you are enjoying. Most people who are not prone to taking risks, while on travel, may not require much more than the basic travel accident insurance coverage.
Broadly, there are two types of travel accident insurance plan coverage. The first one is the accidental death benefit. The benefit is paid to your chosen beneficiary. They are normally paid as a lump sum. The second one is the accidental dismemberment benefit. The plan provides 100% of benefit amount for loss of both limbs like both eye or both hands etc. Loss here will mean complete and irrecoverable loss.
When you elect family coverage insurance plan, and in the event of your accidental death, coverage for your surviving family members will continue for 90 days from the last premium paid by you. A dependent child in the 12th grade will also be eligible for such benefits. Additionally, around 3% of your coverage amount can be provided for day care of children below 7 years.
A travel accident insurance will not only safeguard you against exigencies, but will also provide you necessary financial cover at the time of need.
source: http://www.topaccidentinsurance.com/travel-accident-insurance.php
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