Most people are wary of buying a travel insurance plan solely for the cost incurred in terms of premiums. What is the premium to be paid and what kind of coverage will I get – are the two most frequently asked questions. Remember, an accident or an illness or other contingencies can dampen the holiday mood and lead to a financial crunch and mental tension - as medical expenditures in most foreign countries are higher than India. Even if travelling domestically, costs incurred may be more burdensome than your city of residence. Thus, if you compare the premium paid against the cover provided, an insurance plan is more affordable! The best way to calculate the premium required to be paid for domestic or international travel insurance is with the use of a travel insurance premium calculator.
The online calculator helps compute the premium to be paid for a travel insurance plan based on itinerary, sum assured and travel dates.
Using an online calculator to approximate the travel insurance premium is very simple. Here, are the basic steps:
Key-in the details under the following categories:
- Trip - Start and end day of journey, the trip duration and destination are to be shared.
- Amount - State the 'sum assured' - the amount an insurance company is liable to pay.
- No. of people - Is the policy for a single policyholder or will it cover family members.
- Policy - Mention if the policy is for a single trip or is it for multiple trips.
- Personal - Name, DOB, Address (Physical and email), Phone Number, etc. are mandatory.
Click on 'Calculate the premium' to get an approximate amount to be paid.
Keep in mind, the premiums are directly dependent on destination city or country, number of people to be covered, sum assured, etc.
There are many benefits of using an online calculator:
- Compare the premium to be paid for different policies
- Key in correct details to know your liability
- Access anytime, anywhere without dependency on others
Also Read: How to Select Sum Insured for your Travel Insurance?