India has a fast-growing travel and tourism industry. It contributed almost Rs. 15.24 trillion towards the nation’s GDP in 2017, generating additional revenue from various modern tourism platforms like adventure, eco-tourism, medical tourism, and more.
However, the sharp rise in numbers has brought several new challenges for the tourism industry. Increasing footfall has created a higher chance of accidents, loss or theft, stagnation, to name a few. Such mishaps can put you in severe financial distress while you are traveling.
You can avail travel insurance with personal liability scheme to tackle such financial requirements. This insurance policy is tailor-made to cover you against any unplanned expenses incurred during your tour.
What is a personal travel liability cover?
Personal travel liability insurance is one of the most common types of insurance policies available. These accounted for almost 10% of all global non-life premiums and 23% of the global commercial line premium. The emerging market in countries like India further contributes to these policies’ proliferation.
For instance, you can avail a Personal Trip Liability Cover offered by Bajaj Finserv under their Pocket Insurance schemes. The insurance cover offers you a coverage of Rs. 1,00,000 against an affordable premium of Rs. 149 every year. These policies also come with various features and benefits that make them a useful financial product to protect you against any unexpected scenario.
The insurance policy allocates two primary obligations to an insurer.
- To defend the insured against any legal issues like lawsuits.
- To indemnify the insured and pay for any loss or damage experienced by a third person in the event of an accident. The insurer will bear monetary damages as well as any expense or fee you incur.
Why should you avail a personal trip liability policy?
A travel insurance liability policy comes with several features and benefits which makes it an attractive option for tourists. Let’s take a look.
1. High coverage – A travel insurance with personal liability can reimburse you for up to Rs. 1,00,000 to pay for any financial liability. It can help you meet all types of requirements without straining your budget.
2. Quick settlement – Quick claim settlement process and a high settlement ratio makes a personal trip liability cover insurance policy ideal to meet emergency situations. You can reach the insurer over phone, SMS, or email and process your request within a stipulated time-frame.
3. Easy application process – You can apply for this insurance process online without any hassle. Fill the online application form with the relevant details and pay the premium to avail personal liability travel insurance.
4. Affordable premium – An affordable premium of Rs. 149 per annum ensures that you get the necessary insurance coverage without straining your finances.
You can pay your premium through various payment methods like Net Banking, UPI, credit, or debit cards.
Moreover, you can add another add-on cover to a personal trip liability insurance policy to extend its coverage. For example, you can add personal trip effects cover offered by Bajaj Finserv under their Pocket Insurance range to cover theft or damage of luggage, loss of money, etc while traveling. This insurance policy also covers any expense that you might incur while obtaining a replacement passport.
Travel insurance with personal liability is the ideal policy to protect yourself against any unforeseen incidents that might result in a financial loss. It is a necessary financial tool for everyone whether embarking on a domestic or overseas holiday.