Annual Multi Trip Insurance - How Does it Work
If you travel abroad quite often, then multi-trip travel insurance is the best bet for you. A multi-trip travel insurance plan covers Medical, Journey & Baggage related claims under a single policy for an entire year. Read more about features of multi-trip travel insurance policy
What is a Multi-Trip Travel Insurance & How Does it Work
In order to understand what is a multi-trip travel insurance also referred to as an annual travel insurance we need to understand that there are two broad variants of Travel Insurance Policies available, the first being single trip travel insurance & the other being Annual Travel Insurance.
A single trip travel insurance is an insurance product that offers protection for one trip from the moment the traveller leaves India & returns back to India depending on the trip start & end date, whereas in a multi trip travel insurance, the traveller is covered for entire year under a single policy without any restriction on the number of trip taken.
If you’re working in a multinational company or have your own business, travelling abroad for meetings every couple of months is not uncommon. That is why it is important to plan your finances. This means covering your travel, accommodation, and medical charges, of course. But you must also ensure the best security for you and your family. A multi-trip travel insurance plan is the umbrella you need if you travel frequently.
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Advantages of a Annual Travel Insurance
• Easy renewability
Applying for a Travel Insurance Policy over and over again can be a hassle. You can save time with an Annual Travel Insurance, one policy for a duration of 365 days along with renewability for life upon payment of premium.
• Grace Period
It’s the 30 days after the premium due date that is allowed where you can still make the payment and continue the policy without it lapsing. This feature is only available in annual multi trip travel insurance.
• Free look period
This feature is only available in annual multi trip option where you have 15 days to review your policy after paying the premium. If you have any objections you can get your policy cancelled and the company will refund you entire premium amount after subtracting the stamp duty.
• All-round coverage
Suppose a medical emergency occurs. Then the insurer will cover the policyholder’s evacuation and transportation costs. The policy also provides for the repatriation of remains if the insured dies during the trip. Traveling with your loved ones becomes much more secure if you have such a policy.
• Flight delay or cancellation
It’s a recurring nightmare—that you missed a flight because of delays or because your first flight got canceled. But don’t worry. With a multi-trip travel insurance plan on board, help is at hand. Your insurer will compensate you for a canceled or delayed flight.
• Personal liability issues
At times, you may need to pay compensation for damages to a third party. The damages may be due to death or injury of the third party. Or there may be some damage to their property. The insurance will cover all these costs.
• Compensation for dental expenses
Dental treatment overseas may be the last thing on anyone’s mind. But a toothache can be terrible. Should you need treatment; the insurance will cover your costs.
Be it a business trip or a vacation, nobody wants unexpected surprises or worries. Do not compromise on your peace of mind due to poor planning or the lack of a good travel policy. A multi trip policy saves the time, money, and effort needed to buy a travel policy multiple times.