Reasons Why Domestic Travel Insurance Is Important?
The domestic tourism market in India is enjoying an upward phase. It is estimated to grow by at least 11-12% by the end of 2020. Air travel and hotel reservations are projected to grow at 15% and 13% consecutively keeping pace with a staggering 41% influx on domestic travellers.
Such substantial growth has brought several welcoming additions to the habits of Indian travellers. For instance, a significantly large number of people prefer to avail domestic travel insurance to secure their trip against any unforeseen incident.
What is travel insurance?
Insurance for domestic tour covers you against any financial setback you might experience during your journey. It includes a vast range of scenarios, including medical expenses and cost of evacuation in case of any natural or human-made calamity.
These are some of the reasons that make domestic travel insurance in India an absolute necessity before beginning a journey. Let’s take a detailed look at what makes these insurance policies one of the most sought after amongst travellers.
- Cover accidental loss of baggage – Loss of baggage during transit can result in severe distress during your travel. Reports depict that at least 1 out of every 1000 travellers lose their luggage on flights, trains, or any other mode of transport.
A domestic tour insurance policy covers you against any such setback. Insurance policies like domestic holiday cover offered by Bajaj Finserv under its Pocket Insurance products can offer a coverage up to Rs. 3,00,000 against financial losses incurred due to missing baggage.
- Protection against trip cancellation – Domestic travel insurance policy in India also protects you against accidental trip cancellation. You might lose a significant amount of money on pre-booked accommodations, transport, etc.
Airlines cancellation fee can reach up to Rs. 10,000 for a four-member family. That’s why you should avail an insurance policy to protect yourself against financial losses related to trip cancellation. The insurer will reimburse a certain percentage of that amount in such scenarios to ensure you don’t face significant monetary loss.
- Cover against any loss of essential documents – Losing important documents like PAN Card can be a frightening scenario especially when you are travelling. A domestic travel insurance policy covers the cost of replacement for such documents and offers assistance during the process.
- Protection against any accident – Cost of healthcare has risen significantly in recent years. It can accumulate into a large amount especially if you are travelling outside your city. It is a vital reason why you should avail a domestic travel insurance policy to pay for any medical emergencies.
You can further add other insurance policies to extend its coverage. For example, if you are going on a trek, you can opt for a trek cover offered by Bajaj Finserv to cover yourself against any accident during your trek.
- Credit and debit card blocking – Debit and credit cards offer unmatched convenience especially when you are travelling. It replaces hard currency and allows you to pay for goods and services directly from your account. However, they are also prone to misuses. Any loss or theft of debit or credit card can lead to severe financial distress.
The Domestic Holiday Cover policy offered by Bajaj Finserv allows you to block or cancel all lost debit or credit cards with only a phone call. It will prevent any misuse during your domestic travel.
- Emergency financial assistance – A travel insurance policy will also provide you with an emergency financial assistance of up to Rs. 50,000 (for domestic tours) to pay for accommodation and transport.
A domestic travel insurance policy can be an attractive and affordable option for every tourist going on a vacation.