Since the opening of international flights, there has been a considerable growth in the travel sector. Travel insurance industry is one such sector which COVID-19 The most damage was done in the second wave of, However, if we talk about the post-pandemic world april 2020 and may 2022 In demand for travel insurance among 200% increase has been observed. The field of travel has changed a lot since the pandemic. There is now widespread awareness among people about the uncertainties and people now want to secure their travel. Since every travel purpose and plan is different, Therefore, the travel insurance plan is also different. There are different policies for single and multiple trips, Specially designed multi member policies are also available in the market for those who are traveling with their families.
Amit Chhabra, Head – Travel Insurance, Policybazaar.com says that Travel insurance is a must to travel to many countries. Although, This should not be the only reason to get travel insurance for yourself and your family. To ensure that travel insurance is to be purchased to protect your family when they need help in an unfamiliar place. A family travel insurance takes care of your family exactly in such situations, Like you take care of your family. After nearly two years of pandemic restrictions and millions of canceled trips, A lot of people around the world are finally executing their stalled travel plans. If we look at the figures of passengers traveling with family, it has increased by more than 47 percent after the epidemic.
What is Multimember Travel Insurance Policy?
Multimember Travel Insurance Policy]Also known as Family Travel Insurance Policy, There is a policy that covers the entire family when they travel to foreign or domestic places. It costs much less when you travel with your family as compared to buying an individual plan for each member. These schemes also come with additional discounts which make them even more affordable.
Take multi member policy or floater policy?
Two options are offered to the travelers to insure more than one person – multimember and floater policy. Chhabra says that both these policies cover many travelers against travel risks., The main difference is the sum insured which can be used by each individual. For example, If you are under floater plans 4 for family of people 100000 Dollar opt for the sum insured of, then use the entire sum insured 1 can be done by person, or as per requirement 4 can be divided between Although, under multimember plans, Each member is allotted a specific sum insured which is their individual limit. So, In the above case each person individually $100000 will be eligible for the cover of Multimember plans cost a little more than floater plans but offer higher coverage.
Benefits of multimember travel insurance cover
Cover during Medical Emergency: of any medical emergency arising during the journey Status Travel Insurance is covered by the policy. It also includes any illness or any accident between the family members in which they may be involved in misfortune. Chhabra says that most travel insurance Schemes Accident and illness cover from the date of hospitalization 30-60 extends to days, If it starts during the journey. Some policies also cover the cost of emergency transportation and evacuation services if the patient needs to be moved to another medical facility.
Cover against travel delay, cancellation and deduction: Traveling with family always comes with some uncertainties. Travel may have to be canceled or shortened due to medical emergency. Due to flight delays you may have to look for accommodation in a hotel. The costs due to such incidents are covered by the family travel insurance policy. If someone dies in the family, or the trip is canceled due to a sudden climate-related disaster at your destination, So you don’t have to worry about booking already done. According to Chhabra, a travel insurance policy will cover such costs. In case of travel cut You also don’t have to worry about booking return flight at exorbitant prices.
Cover against loss of baggage: A comprehensive family travel insurance policy protects you against loss of checked-in baggage. So if you reach your destination and your luggage is lost, So you have to buy new clothes and personal care items that may have been lost. The insurance policy will pay you a lump sum amount to cover such expenses. If the goods are delayed for any reason, So you are covered against that as well and you will also be covered for daily expenses till your luggage arrives. Chhabra says that abroad, Your passport is your most valuable possession. Losing it can cause a lot of trouble, Especially if you are traveling with family. Even if the passport of one of the family members is lost, So the whole travel plan may be in jeopardy. Family travel insurance policy covers you in such cases. Other than this, It also covers the cost of arranging the duplicate copy of the passport.
Choice of single and multi-trip insurance: Like individual travel insurance plans, Many insurers offer the option of choosing multi-trip or single-trip family travel insurance. So families who like to travel several times a year, They do not have to worry about buying the policy every time. A multi-travel insurance is not only more convenient, Also, it proves to be more economical than buying a policy for every trip. Other than this, as already mentioned, A multi-member policy is always more economical than buying an individual policy for each member of the family.
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