By 
Any journey must undergo extensive planning in order to be successful. Despite our best efforts to plan, things can still go wrong on our vacation. There is travel insurance, a programme that covers unforeseen circumstances that might occur while we are travelling, for situations like these. However, there are some costs that a policyholder must incur in addition to bajaj allianz travel insurance coverage. These are included in the sum assured and are referred to as deductibles. *
An insurance policyholder consents to pay minimal deductibles, which may be fixed or optional. The mandatory costs that a policyholder must pay are fixed deductibles. Contrarily, voluntary deductibles give the policyholder the option to select additional costs above and beyond the fixed deductibles. Higher voluntary deductibles result in a smaller share of the sum guaranteed, which increases the policyholder’s obligation. It should be mentioned that voluntary deductibles lower the cost of the premium. ##
The policy paper mentions the list of mandatory deductibles. The following are a few examples of travel insurance deductibles:
- Medical expense coverage
You are required to pay a bare minimum amount out of the expenses if there is hospitalisation. Any sum in excess of this will be the responsibility of the insurance company. You will be required to pay minimal costs, and they cannot be disputed, even if the medical care occurs while you are travelling abroad. *
You might have to cover the costs of an urgent dental procedure yourself in order to receive care right away.
- Loss of passport
Every traveller’s worst dread is having their passport stolen or lost. The deductible for the loss is fixed and depends on the kind of policy, its terms, and the insurance company.
- Baggage and a delayed flight
Both of these cases have a duration-based deductible. After the first 12 hours, your baggage delay costs are applicable, and the insurance company may compensate you for them. In the event of a flight delay, you get compensated after the first 12 hours, which is the industry standard. Depending on the policy, these terms and conditions could be different. Before filing a claim, it is essential that you carefully study your bajaj allianz travel insurance.
- Protection from hijacking
Many travel insurance companies offer coverage in the event of an airline or ship hijacking. After 12 hours have passed since the hijacking, the insurance company will pay the costs. Various policies may have different versions of this clause. To find out precisely under what circumstances you can submit a claim, you should read through the terms and conditions of your travel insurance policy.
- Burglary at home while travelling
In the event that a home invasion occurs, a deductible is typically applied. The deductible amount is the minimal amount of loss that is not covered as a loss under the terms of the policy. Any additional losses may be recovered from the insurance company.
In conclusion, there are several types of deductibles that you can avail in your policy terms, such as fixed deductibles, percentage deductibles, and per-occurrence deductibles. Each type of deductible has its own advantages and disadvantages, so it is important to consider your individual needs and risk tolerance when choosing a deductible for your policy. Bajaj allianz travel insurance renewal benefits may include options for different types of deductibles, allowing policyholders to tailor their coverage to meet their specific needs.
By understanding the different types of deductibles available, you can make an informed decision and avail of the benefits of travel insurance, ensuring you have the right level of protection while on your travels.
* Standard T&C Apply
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
Subscribe to Bajaj Allianz General Insurance YouTube Channel here!
Comments