5 Things You Should Look Out For When Buying Travel Insurance

Travel insurance is an overlooked aspect of travel. It shouldn’t be. It’s what keeps you safe during your travels. You should make it a point to buy one before you travel. Here some things about a travel insurance plan should keep an eye on.  

1.    Medical Coverage

This is the best aspect of a travel insurance, they act as an overseas medical insurance. If you ever need medical assistance or required to be hospitalized, the travel insurance will ensure you are taken care of. When you buy one, check the extent of medical coverage in the plan. Here are some of the questions to ask:

•    Does the policy cover entire hospitalisation expenses?

•    Are there any sub-limits?

•    Is there a co-pay clause?

•    Does the insurer have a network of hospitals in the country I am going to visit?

•    Will I be assured of the best medical facilities?

•    Am I provided emergency medical evacuation back to my home country?

•    Do they cover injuries due to adventure sports? If not, how can it be included in the policy?

2.    Financial Emergencies

Losing your funds in a foreign nation is no joke. In case you are robbed of your wallet or purse, or an incident where you have lost the money on you, a travel insurance policy will make sure you are provided with some financial assistance so that you can continue your trip without having to worry about expenses.  

3.    Personal Liability Cover

A good travel insurance includes a personal liability component. Accidents can happen anywhere without any prior warning. You might by accident damage someone else’s car or you are held responsible for breaking a valuable item at a museum. Whatever be the case, you will need to compensate the damage. The personal liability cover in your policy will provide you monetary compensation which is a blessing in such situations.

4.    Delays and cancellations

Travel insurance policies make sure that in the case of any delays or cancellations, you are reimbursed for the amount. Say you are flying from Mumbai to New York via a transit stop at Dubai. There is a technical glitch due to which the flight from Mumbai is cancelled. You are not only unable to fly, you also miss your connecting flight from Dubai. It’s a sheer waste of money and time. Travel insurances reimburse you for your financial loss incurred due to such cancellations.

5.    Can you buy them online?

Travel insurances can be bought directly from the agent or online. Make sure your insurer allows you buy their travel insurance online. Going to meet the agent and buying a policy can often be irritating and cumbersome. A better option is to go online and purchase a travel insurance from wherever you are just at the click of a few buttons without the hassles of long queues or pesky sales agents.

It’s best to be insured while travelling. You get to enjoy the trip in all its glory without having to worry every minute. If you intend to travel and looking to get insured for travel, do so from ICICI Lombard. They are one of India’s leading insurers and offer a variety of travel insurance plans at affordable premiums.   

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Are You A Potential Credit Card Customer?

Owning a credit card provides various benefits; Besides serving as a stronger security portal for your money, it helps in easy and secure payments and aids in getting future loans, to mention a few. Consequently, a lot of people are inclined to buy credit cards. If you are one of them, browse through these five things that everyone planning to buy a credit card should consider:

Eligibility
Your take home income is one of the most important criteria to access your eligibility to own a credit card, as it determines your repayment capacity. It not only helps the bank interpret your eligibility but also assist in setting the credit limit on your card, at the time of issual. Hence, it is crucial that you check the criteria of minimum threshold income for credit cards in whichever bank you chose to apply. You’ll have to present your latest ITR copy as your income proof.

Relationship with the Bank
Applying in a bank where you already hold an account simplifies and speeds up the process. In this case, the bank already knows you as a customer and has witnessed your behaviour over the years, hence it saves the time of proofing. However, it is crucial that your share a healthy relationship with your bank, i.e. throughout your time with the bank you have maintained your account properly, always having a minimum amount of balance and a consistent flow of money.

Credit History
Credit Information Bureau (India) Limited (CIBIL) is an information company that maintains the record of every individual’s payments pertaining to loans and credit cards. When you apply for a credit card, your past credit history and any personal, education or home loan is checked by your company through this CIBIL report. This makes it mandatory that you make your payments in time and clear any outstanding loan before you apply for a credit card.

Purpose
Your credit card should be bought in accordance with the major purpose you want it to use it for.  This helps you chose a card that caters to your needs and provides more credit points and other benefits. Check different credit card offers and decide what suits you the best.

Free or Annual Fee Credit Card
Free for lifetime credit cards are a suitable option for you if your expenses are basic in nature. However, if you require heavy usage on your card, i.e. you use it for more than 40% of your payments, then it is a wise idea to go for premium credit cards that charge you an annual fee. This cost may range from Rs99 to a few thousands per annum, but comes with various benefits and higher reward points. With Axis Bank, you can apply for creditcard online. 

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