Travel insurance plans are designed to render wide travel coverage and to reduce the financial burdens at times of medical emergencies. Before buying travel insurance, it is important to learn its inclusions, exclusions, waiting period, premium amount, etc. It is likewise helpful to contrast the expenses of various plans with arrive at the most ideal choice.
Reasons why you should buy travel insurance?
A travel insurance plan is the simplest of all existing policies, that render death benefits for the family in the event of the sudden demise of the insurer. Here are the top five benefits of travel insurance plans:
1. Security for the Future:
The Breadwinner of the family has many responsibilities such as children’s education, parent’s health, financial needs of the spouse, etc. Meeting with a sudden eventuality will prevent them from meeting these obligations. But by securing one’s travel with the help of travel insurance, they can provide for the children’s education and family’s financial needs after their death. The family can lead a comfortable journey without any financial problems even after the death of the earning member.
2. Extensive Coverage with Low Premiums:
The maturity benefits with travel insurance plans are either absent or very limited and thus these plans render extensive coverage. The premiums of these plans are also very low compared with other insurance plans.
3. Many Add-Ons and Riders:
Modern-day travel insurance plans come with several additional benefits, known as riders and add-ons. Some of them are critical illness coverage, accidents coverage, etc. These riders are available at an additional cost but will help to maximize the benefits of the travel cover.
4. Tax Benefits:
Many people take travel insurance plans as soon as they start working to achieve tax benefits. A policy taken under travel insurance can help individuals to claim a maximum deduction of Rs. 1.5 Lakhs under section 80 C of the Income Tax Act (ITA). Also, any bonus or the sum received under a travel insurance policy is liable for tax exemption under section 10 D of the ITA.
Significance of Using the Travel Insurance Premium Calculator:
Calculating the Online travel insurance premium is very tedious and most of the time, the policyholders go by the premium amount recommended by the insurer. To avoid this, people can make use of the online travel insurance calculator to calculate the amount easily and precisely.
- Financial Planning: The online premium calculator helps people to determine the exact amount of premium that they have to spend on the travel insurance plan. It is thus an excellent tool for appropriate travel planning.
- Saves Time: Manual premium calculation is a very time-consuming task, whereas online calculators help to save time. Likewise, it assists with getting away from substantial charges imposed by a couple of organizations.
- Mitigates Errors: The online travel insurance premium calculators help to keep errors at a minimum but require the user to enter the required details accurately.
- Plan Selection: Apart from calculating the premiums, the online premium calculator helps to pick up an ideal plan according to an individual’s needs. The tool also helps in enhancing travel coverage by adding various available add-ons.
- Helps with Better Understanding: This tool helps people to understand the complex clauses and terms associated with insurance policies and makes them well aware of their insurance premium liabilities.
Buying travel insurance at an early age:
People in their 20’s generally refrain from adopting travel insurance plans as they are young, healthy, and have limited responsibilities. They prefer saving money or investing in the stock market for higher returns rather than adopting travel insurance. But travel insurance can be highly beneficial and economical when it is bought at an early age.
1. Lower Premiums:
The travel insurance premiums are very less when bought at an early age. Factors such as the age of the applicant and his general health condition are considered before determining the premium. Thus, young age insurers are imposed with lower premiums to pay. As age advances, the risk of the individual developing health problems is greater and thus the premiums levied on aged insurers are greater.
2. Helps Build Cash Value:
By adopting a whole travel insurance plan, it is possible to enjoy both travel cover and bonuses from the accumulated cash value. With a whole travel insurance plan, it will be possible to draw interest over the premiums that have been paid for a longer period. These plans also serve as a prospective retirement income, when invested at an early age.
After you have decided to seek online travel insurance, be sure to buy it from Care travel insurance as you can benefit from a myriad of features such as thousands of cashless networks and the benefit of direct claim settlements.