How To Select Sum Insured For Your Travel Insurance
.png)
Taking a trip is a wonderful experience but what if your experience is marred by unfortunate incidents? Careful as you might be, there are contingencies beyond your control which you might face when you travel. A travel insurance plan comes to your rescue in dealing with these unfortunate events. The plan provides financial assistance to deal with contingencies faced when you travel. That is why, a travel insurance plan is important whenever you travel, whether for business or for leisure.
.png)
When it comes to a travel insurance plan, it is always advised to choose the correct Sum Insured for the plan. Travel insurance plans offer Sum Insured ranging from $50, 000 to $500, 000. It, therefore, depends on you to choose the correct coverage amount. Do you know how?
Factors For Travel Insurance The Sum Insured Depends On:
The Destination
The most important factor, which should be taken into consideration when choosing the Sum Insured of your travel insurance plan, is the destination where you are travelling. Medical costs vary across countries. While in USA, Europe, Canada or in other developed countries, the treatment costs are high, in other Asian countries, the costs are lower. So, when you are choosing your Sum Insured, choose a higher coverage if you are traveling to countries where the treatment costs are high. If you are travelling within India or to neighboring countries, you can make do with a lower amount of cover.
The Members Covered
The next factor you should consider is the number of members travelling with you who would be covered under the travel insurance plan. If you are travelling alone, you can afford to take a lower Sum Insured. However, if you are travelling with your entire family, you would need to protect all your family members and should buy a higher cover.
Your Travel Itinerary
If you are travelling to indulge in adventure sports or going to places which are known for their adventure sports, you should make sure to include an additional coverage which covers these sports. A travel insurance plan normally excludes coverage for such adventure sports unless specifically covered. So, if your trip itinerary covers adventure sports, make sure to choose a high Sum Insured and get additional coverage for accidents resulting from such sports.
These three factors should govern your choice of the correct Sum Insured. You should be careful when choosing the Sum Insured for your travel insurance so that you do not run out of coverage when you face a crisis. If the plan’s coverage amount is optimum, you can travel in peace knowing that any contingency you face would be financially compensated for by the travel insurance plan. If you are worrying about the premium, relax! A travel insurance plan is quite cheap and given the coverage offered you can easily spare a bit higher premium towards the correct level of coverage, can’t you?

Author Bio
Paybima Team
Paybima is an Indian insurance aggregator on a mission to make insurance simple for people. Paybima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. Paybima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
Latest Post
In a country where medical inflation is rising rapidly, securing a comprehensive health coverage plan for the entire family is no longer optional, it is essential. Selecting the right health insurance requires careful evaluation of multiple factors, not just premium costs. A well-chosen plan ensures financial security, access to quality healthcare, and peace of mind during medical emergencies.

Term insurance is an important investment. However, with the availability of so many insurers offering term plans, it becomes difficult to select the best term plan to suit your needs. Buying a term plan needs some consideration and research on the part of the policyholder. In this post, let us discuss the best term insurance providers in India.

Have you ever caught yourself lost in illusions about your daughter's future events, such as her university convocation and first day at work? Her university convocation. When she embarks upon her initial job after graduation will be the day.
.png)
When you sign up for a life insurance policy - whether it’s a traditional term insurance policy or a ULIP – you are not just buying peace of mind. You are also trusting the insurer with your money. So naturally, you would want to know: How is that money being managed? And more importantly, how is it being protected from risky decisions?
.png)
Globally, 20th October marks the day to observe World Osteoporosis Day. Do you know the significance of observing Osteoporosis on a global platform? Do you know how this condition affects people and their lives? Let us find out in this post!