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Health Insurance

Is buying health insurance worth it?

health

Is buying health insurance worth it?

In a single word “Yes.” Purchasing health insurance could be one of the most important decisions in your life and it is definitely worth it. Let us look at some of the most important reasons why you should definitely consider buying health insurance.

Reasons why buying health insurance is worth it

  1. Fights medical inflation: Medical inflation is rampant in India, and having a health insurance plan in place will ensure that you are in a position to combat this rise in medical prices. In fact, as of 2021, India has the highest medical inflation rate in Asia, a back-breaking 14%, compared to the general rate of inflation of 5.1%. As you can see, medical inflation is increasing at almost three times the rate of general insurance. Buying a proper health insurance with adequate sum assured will help in combating this.
  1. Ensures high quality treatment: Sometimes life or death is decided based on the quality of medical care. The higher the quality of medical care, the lower are the chances of mortality. This is self-evident, but sometimes people are forced to compromise on the quality of medical care for financial reasons. In an ideal situation, this should not happen. Buying a health insurance policy with a healthy sum assured will ensure that the policyholder gets admitted to the best possible hospital, and avails the highest quality treatment. Money shouldn’t be an object and should not come in the middle of quality treatment.
  1. Day care treatment and OPD: A comprehensive health plan will not only cover hospitalizations but it will also cover day care treatments and OPD appointments. This coverage will ensure that the policyholder is protected even in the event that their condition is not serious, and doesn’t need admission.
  1. Provides tax benefits: The Government wants to encourage an environment where the people are protected against unwanted complications arising out of high medical expenses, that is the reason why they have incentivized people towards buying health insurance by providing tax breaks to policyholders. A policyholder can claim tax benefits under Section 80D under The Indian Income Tax Act.

We hope this article highlighted some of the most important benefits of purchasing a health plan for yourself and your family, and aided in guiding you towards a safe, secure and financially sound future

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Frequently asked questions

  • Is buying health insurance mandatory in India?

    No, buying health insurance is not mandatory in India. That being said, it is highly advisable.

  • Under which sections can a policyholder avail tax benefits?

    A policyholder can avail tax benefits under Section 80D

  • Which countries have the highest medical inflation in Asia?

    As of 2021, the countries having highest medical inflation in Asia were India (14%), followed by China (12%), then Indonesia (10%), and finally Vietnam (10%)

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    Life Insurance

    Does Life Insurance Cover Medical Bills?

    safety

    Does Life Insurance Cover Medical Bills?

    No, a life insurance policy will not cover medical bills of the policyholder.

    A life insurance policy will only issue a pay-out to the beneficiary of the policy in the event of the policyholder’s demise. If you wish that the medical treatment be covered of a policyholder, the policyholder will need to purchase a health insurance plan. There are also other notable differences between life and health insurance.

    The only way a life or term insurance plan can cover medical expenses is if the policyholder as opted for a disability or critical illness rider, where the insurance company is obligated to disburse the sum assured in the event that the policyholder is suffering from a disability or critical illness. In such a case, the policyholder can utilize the sum assured to pay for his medical bills. 

    Let us look at some of the reasons why a health insurance plan is necessary in today’s day and age, and look at some of the other features and benefits of health insurance apart from it covering the medical bills of the policyholder. 

    Should I Buy life insurance or Health Insurance?

    The correct answer to this is “Buy both.” Health insurance will ensure that you don’t have to worry about the medical costs and quality of treatment. It will ensure that you can afford the best and state of the art treatment if you have a sizeable health insurance policy. At times, this could actually be the difference between life and death. 

    Life insurance ensures that your family is taken care of and looked after you’re gone. All necessary expenses like your children’s education expenses, further studies, daily expenses, and all other expenses can be taken care of from the sum assured.

    Top 5 Benefits of a Health Insurance Plan

    1. It will cover medical bills and expenses: As mentioned before, a health insurance plan will provide coverage towards the medical expenses incurred to the policyholder. This is the fundamental feature and benefit of a health insurance policy. Ensure that you choose the correct cover amount of your health insurance policy so that you don’t need to worry about medical expenses and the quality of medical treatment.
    1. Outpatient coverage: A health insurance policy not only provides coverage if the policyholder is admitted to the hospital, it also provides coverage in the event that the policyholder has to utilize outpatient medical care like OPD appointments and day care treatments. Ensure that your policy has an outpatient coverage clause.
    1. Peace of mind: The policyholder and his/her family feel a peace of mind that they are coverage against medical expenses should such unforeseen difficulties arise. This peace of mind is important for the family’s progression and prosperity.
    1. Pre and post hospitalizations covered: A comprehensive health insurance policy will not only cover hospitalization expenses, but it will also extend its coverage to pre-hospitalization and post-hospitalization coverage. Make sure your plan has these benefits.
    1. Widely available: Good quality comprehensive health insurance plans are widely available in the Indian market. The IRDA ensures that the quality of health insurance plans due to the regulation it extends on the industry.

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    Frequently asked questions

  • Will my life insurance policy cover my medical expenses?

    No, a life insurance plan is only intended to disburse the sum assured to the benefactor of the policy after the death of the policyholder. A health insurance policy will on the other hand take care of medical expenses of the policyholder.

  • Is it a wise choice to buy both life and health insurance?

    Indeed, it is. Both life and health insurance serve different but very important purposes.

  • Who regulates the insurance market in India?

    The IRDA of India regulates the insurance market of India.

    • Categories
    Insurance

    5 celebrities that have insured their Body Parts for Millions

    learning

    5 Celebrities that have insured their Body Parts for Millions (Infographic)

    Celebrities earn their living through the body of their work, and their body is rightly their temple. Keeping this spirit intact, there are many celebrities that have insured their body parts, and at times their entire body for millions of dollars.

    Let us go through the list of 5 Top Celebrities that have insured parts of their body for millions of dollars.

    From Bruce Springsteen’s vocal chords to Cristiano Ronaldo’s legendry goal scoring feet (insured for a whopping US$ 144 Million), find out the entire list through our funky little Infographic!

    Celebs who have insured their body for millions
    5 Celebs who have insured their body for millions

    Feel free to download this infographic and share it across your social media and websites.

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    Categories
    Life Insurance Corporation

    Life Insurance Corporation Act 1956 (Simply Explained)

    Life Insurance Corporation Act 1956 (Simply Explained)

    Life Insurance Corporation of India (LIC) was established after The Government of India passed the Life Insurance Corporation Act in 1956 in The Indian Parliament. The LIC Act 1956 elucidates the functions, management structure, auditing and accounting mechanisms of Life Insurance Corporation of India.

    Going through the whole act is beyond the scope of this article. This article will be discussing the top 10 most important aspects of The LIC Act 1956.

    Top 9 most important aspects of The LIC Act 1956 are the following:

    1. Functions of LIC
    2. Management structure of LIC
    3. Powers of LIC
    4. Guaranteed policies
    5. Tribunals
    6. Reporting to the Parliament
    7. Auditing
    8. Rule-making power of LIC
    9. Powers of regulation

    Functions of LIC

    Chapter 3 of The LIC Act states the functions of LIC. Let us go through the top 5 functions of LIC as mentioned in The LIC Act.

    1. Conducting life insurance business in and outside India efficiently and with a vision of growth.
    2. Investing the funds collected as premium appropriately and securely.
    3. Disbursing loans to policyholders against their LIC policy.
    4. LIC even has powers to disburse loans against property or other kinds of assets.
    5. LIC has the ability to conduct its business through subsidiaries in India as well as abroad.

    Management structure of LIC

    • Executive committee: The executive committee is constituted by 5 members, and the duties of the committee are specified by LIC.
    • Investment committee: The investment committee will advise LIC on the most apt investments keeping in mind the benefit of LIC and its policyholders.
    • Managing Directors: The Managing Directors shall work as the captain of the ship, steering LIC towards growth and prosperity.
    • Central Government of India: LIC will have to adhere to governance related decisions by the Central Government of India.
    • Zonal managers: Zonal managers will manage their specific zones and their responsibilities will not extend the said zones or jurisdiction.
    • General staff: General staff consists of officers, peons, general administration, and so on.

    Powers of LIC

    The powers of LIC are derived from the LIC Act 1956, passed in The Indian Parliament. Let us look at some of the most important powers of LIC.

    • LIC has the power to buy, sell, and lease properties in India.
    • LIC has the power to alter or modify the contents of its life insurance policies.
    • LIC has the power to conduct life insurance business in India and abroad.

    Guaranteed policies

    All LIC policies are guaranteed by The Central Government of India. Not only the sum assured, but any accumulated bonus is also assured by the Government.

    Tribunals

    LIC related disputes can be handled in tribunals. These tribunals have the power equivalent of a civil court. One of the members of the tribunal must include a practicing or past High Court Judge. These tribunals will act as courts, including accepting evidence, making judgements, summoning people, and issuing commissions.

    Reporting to the Parliament

    LIC must furnish important reports like audit reports, general reports, and growth reports to The Parliament of India from time to time.

    Auditing

    The books of LIC are audited from time to time, and auditors are mandated to furnish the auditing reports to The Government of India.

    Rule-making power

    The Central Government has the power to make or alter rules that ensure the smooth functioning of LIC. New rules can be laid down, and older rules can be altered by notification in the official gazette.

    Powers of regulation

    Over reaching regulatory powers can be exercised by LIC when it comes to recruitment, selection of agents, investments, formation of committees, and more.

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    Frequently asked questions

  • When was the LIC Act passed?

    The LIC Act was passed in 1956 by the Parliament of India.

  • How often does LIC have to report to The Central Government?

    LIC must disburse its annual report to the Central Government.

  • Who appoints the LIC auditors?

    Previously, The Government of India used to appoint the auditors, but now, post its IPO, the company shareholders have the power to appoint auditors.

    • Categories
    Insurance

    Can you insure your home appliances?

    home

    Can you insure your home appliances?

    Yes, you can insure your home’s appliances under a home insurance policy. Widely used appliances like air conditioners, refrigerator, televisions, dish washer, OTG, geyser, and more can be insured.

    Even lesser used home appliances like chimneys, printers, fax machine, etc can be covered under a home insurance policy.

    An appliance insurance coverage is usually bought along with a comprehensive home insurance policy. There are also some insurance providers that provide stand-alone appliance insurance policies as well. We will talk about both such companies below.

    Why should you opt to insure your home appliances?

    Your home is your sanctum, and any expense incurred in the safety and security of your home could be considered as money well spent. Here are the most important benefits of appliance insurance:

    • Peace of mind: Being insured gives you a tremendous peace of mind. The policyholder knows that he is covered in case an unfortunate situation arises like a theft or vandalism.
    • Continuity of lifestyle: Being insured will provided continuity of lifestyle to the policyholder. The policyholder can simply use the sum assured to re-buy the damaged or stolen appliances.
    • Expensive items: Some home appliances are very expensive, and having a coverage plan in place will save the home owner a healthy sum.

    Inclusions and exclusions

    Mentioned within are some of the general inclusions and exclusions of appliance insurance. The specific exclusions and inclusions will be different from company to company.

    Further, an insurance company provides different levels of coverage based on the kind of appliance insurance plan you opt for. The higher the premium you pay, the higher is the coverage.

    General inclusions and exclusions include:

    Inclusions

    Exclusions

    Fire damage

    Intentional damage

    Theft

    War

    Vandalism

    Radiation damage

    Electrical & mechanical break down

    		 

    Top 7 appliance insurance companies and plans

    Insurance Company

    Plan offered

    Royal Sundaram

    Royal Sundaram Home Insurance (Bronze, Silver & Gold Plans)

    Tata Capital

    Tata Capital Home Appliance Insurance

    OneAssist

    HomeAssist plan

    Bajaj Finserv

    Kitchen appliances insurance plan

    ICICI

    GadgetServ Plan (OneAssist)

    HDFC ERGO

    HDFC ERGO Refrigerator Insurance

    Reliance General Insurance

    Reliance Home Insurance

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    Frequently asked questions

  • Are stand-alone appliance insurance plans available?

    Yes. Mentioned below are some of the stand-alone appliance insurance plans in India:

    • OneAssist HomeAssist Plan
    • Bajaj Finserv Kitchen Appliances Plan
    • HDFC ERGO Refrigator insurance plan
  • How is the premium rate decided on appliance insurance?

    The premium rate is primarily decided on the location of the property, the valuation of the appliances, and the income of the policyholder.

  • Is it a good idea to get appliance insurance?

    It could be a good idea to get appliance insurance if the valuation of your appliances is rather large. It could also be a good idea to buy appliance insurance if you live in a place with questionable security.

    • Categories
    Motor Insurance

    Can I claim car insurance for dents and scratches? (Top 3 things to learn)

    Can I claim car insurance for minor dents & scratches?

    Here's your answer:

    Yes, you can claim car insurance for minor dents and scratches provided you have a comprehensive motor insurance policy. It is however not financially feasible to make a claim if the damages caused are minor, due to the NCB, deductible, and the premium-hike component.

    a moving car

    Can I claim car insurance for dents and scratches? (Top 3 things to remember)

    Indian roads and Indian traffic is notorious for being difficult on cars. The sub-standard quality of roads may affect the suspension system of the car, and the bumper to bumper traffic may lead to scratches and dents on your vehicle.

    This is the reason why even the best maintained Indian cars have a slight amount of scratches and dents at any given time.

    Naturally, the question then arises “Can you claim car insurance for minor scratches & dents?” The answer is “Yes.” If you have a comprehensive car insurance policy, you can make a claim to the insurance company towards minor dents or scratches.

    Let us discuss this briefly below.

    Should I make a claim for minor scratches & dents? (Top 3 things to remember)

    Having a comprehensive motor insurance policy gives you the ability to make a claim even on minor issues, but the policyholder should be cognizant on some of the pitfalls of doing so. Here are some of the reasons why you should not make a claim for minor issues:

    Increases premium

    If you continuously make claims for minor issues, your insurance company will likely increase the premium rate during policy renewal. This may not make it worth your while to make minor claims.

    Erodes No-Claim Bonus (NCB)

    Insurance companies provide an incentive to policyholder to not make claims by providing policyholders a No Claim Bonus (NCB). For instance, if an insurance company provides an NCB of 20% for not making a claim in the calendar year, the policyholder will get a discount of 20% on his renewal premium payment. Making a claim for minor issues will erode this NCB for the policyholder.

    Deductibles

    A deductible is the amount the policyholder has agreed to pay out of pocket in the event of a claim. For instance, if a motor insurance policy has a deductible component of 3000, that means that the policyholder will need to at least make a payment of 3000 up front for his damages. The rest of the payment will be borne by the insurance company.

    There are instance where it would not be worth for the policyholder to pay a deductible. For instance, the damages can be worth 3000 and the deductible could also be 3000. In this case, the policyholder will essentially be making the entire payment himself despite making a claim with the motor insurance company.

    A motor insurance claim should be made after taking into account the following aspects; the NCB, deductible, and the expected hike in premium. It should be worth it for the policyholder to make a claim. He should ideally not make a claim if the above factors are not favorable in the long run

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    Frequently asked questions

  • Will I get own damage coverage if I buy Third-Party insurance?

    No. You will not get own damage coverage if your insurance policy is a Third-Party insurance policy. No damages to your own vehicle will be serviced by the insurance company in a Third-Party policy.

  • Should I make a claim for minor dents and scratches?

    It is ideal if you do not make a claim if the damage to your vehicle is minor. Making a claim in such cases most likely would not make financial sense.

  • Can I make a minor claim if I have a comprehensive motor insurance policy?

    Yes, you are eligible to make a claim for minor scratches, dents, and damages if you have a comprehensive policy.

    • Categories
    Insurance

    What is burglary insurance? (Top 3 points to remember)

    What is burglary insurance?

    Here's your answer:

    A burglary insurance plan extends coverage to the policyholder in the event that the insured property gets burgled or broken-in. The damages caused due to such an act will be compensated for by the insurance company.

    What is burglary insurance? (Top 3 points to remember)

    Burglary insurance provides coverage to the policyholder in the event that the insured home gets burgled (entered into & stolen.) Burglary insurance can be availed by a person having a flat, bungalow, or even a mansion. Burglary insurance can also be availed by business people owning shops, offices, warehouses, and more.

    Let us now look at some of the most important aspects of burglary insurance below.

    Top 3 points to remember

    Importance of burglary insurance

    • A burglary insurance policy provides coverage against thefts within the insured property. At times the homes of people are filled with valuables like art, jewelry and expensive furniture, burglary insurance provides protection in the event of a theft.
    • Having a theft insurance plan in place will give the policyholder peace of mind, knowing that he and his assets are protected if the unfortunate strikes.
    • Burglary insurance provides continuation to business-owners. Business-owners can avail the sum assured in the event of a theft and put that amount back into the business, ensuring continuity of their business.

    Inclusions and exclusions of burglary insurance

    The inclusions and exclusions of burglary insurance can vary from plan to plan and from insurer to insurer. That being said, mentioned within are some of the general inclusions and exclusions:

    Inclusions

    Exclusions

    Theft/burglary

    Intentional damage leading to moral hazard

    Dames to property due to forced entry

    War

    Cash that is stolen

    Radiation damage

    Valuables like jewellery, art, and furniture

    Damages caused due to the premise left unattended (unlocked or without proper security measures in place)

    Death caused due to burglary

    Damages caused due to government confiscation of the insured property

    Disability caused due to burglary

    Rioting and strikes

    Companies providing burglary insurance in India

    Here is a list of insurance companies in India that provide burglary insurance services. Some of the companies provide a stand-alone burglary insurance plan, where as some insurance companies only provide burglary insurance as an additional rider that can be bought with a property insurance policy.

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    Frequently asked questions

  • Are stand-alone burglary insurance plans available?

    Yes, there are stand-alone burglary insurance plans available in India. However, Some insurance companies prefer to only offer burglary insurance coverage as part of an additional rider that the policyholder can avail after buying a property insurance policy.

  • Is burglary insurance mandatory?

    No, burglary insurance is not mandatory. It is advisable to opt for a burglary insurance plan but it is not mandatory.

  • What are the different types of burglary insurance available?
    1. Standard burglary insurance policy
    2. Burglary insurance rider
    3. Declaration policy
    4. Full-value policy
    5. First-loss policy
    • Categories
    Life Insurance

    Do life insurance companies pay for suicidal death in India?

    Do life insurance companies disburse the sum assured in the event of suicide?

    Here's your answer:

    Life insurance companies will only disburse up to 80% of premium paid if the policyholder commits suicide within 12 months of buying the policy. If the policyholder commits suicide after 12 months of purchasing the policy, the nominee may be eligible to receive the entire sum assured, subject to the terms and conditions of the insurance company.

    life

    Do life insurance companies pay for suicidal death in India?

    A person opting for a life insurance policy may have this question in their mind. The answer to this question is “It Depends.” A life insurance company may or may not disburse the sum assured to the nominee in the event that the policyholder commits suicide.

    We need to go deeper and understand the fine-print of a life insurance policy to get an accurate answer. Let’s begin to unravel the answer.

    Cases where the nominee will get claim amount

    If a policyholder has purchased a life insurance policy post Jan 1st 2014 and committed suicide within 12 months of policy purchase, the nominee will only be eligible to receive 80% of the premium amount.

    The pre-decided sum assured will not be paid to the nominee, only 80% of the premium amount paid by the policyholder will be disbursed.

    What happens if a policyholder commits suicide after 12 months of purchasing policy?

    If a policyholder commits suicide after 12 months of policy inception, the nominee will be eligible to receive the death benefit. The 12 month waiting period is implemented to decrease the risk of moral hazard.

    That being said, it is important to check the fine-print and terms & conditions pertaining to suicidal death in your life insurance policy bond.

    Different insurance companies have different terms & conditions related claims arising due to suicidal death.

    Cases where the nominee will not get claim amount

    There are certain situations where the nominee will not get the sum assured even if the policyholder has committed suicide after 12 months of policy inception. Let us talk about some of these situations below.

    • Claim will not be disbursed to the nominee if the policy has been lapsed. A lapsed policy cannot be revived if the policyholder has passed away.
    • The claim may be rejected if the policyholder commits any falsification and violates the principles of insurance.
    • The claim may be rejected if the policyholder is covered under a group life insurance plan (Under his employer) and commits suicide.

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    Frequently asked questions

  • What should I read within my policy bond to find out about terms related to suicide?

    All life insurance companies have a "Suicide Clause", as advised by the IRDA. You should look for the Suicide Clause within your policy bond and read it carefully.

  • Are term insurance and life insurance suicide clauses the same?

    Yes, term insurance and life insurance suicide clauses are generally very similar in nature.

  • What is the amount a nominee will receive if the policyholder commits suicide within 12 months of policy inception?

    Up to 80% of premium paid only.

    • Categories
    Motor Insurance

    Is PA cover mandatory for bike insurance? (2 Simple Examples)

    So, you want to know if PA insurance is mandatory?

    Here's your answer:

    Buying PA coverage is mandatory under The Motor Vehicle Act, 1988 for anyone who does not have accidental insurance with a coverage of at least 15 Lacs.

    scooter

    Is PA cover mandatory for bike insurance? (2 Simple Examples)

    PA cover stands for Personal Accident cover. A PA cover provides insurance coverage against accidental hospitalization. For instance, if a bike rider has met with an accident and he has a PA cover of 10 Lacs, he will be eligible to receive health insurance coverage up to 10 Lacs.

    Now, the question arises “Is PA cover mandatory?” Yes, taking a PA cover is mandatory for anyone taking a bike insurance policy, be it a Third-Party bike insurance policy or a comprehensive bike insurance policy, PA cover is mandatory.

    That being said, if a person already has a separate accident insurance policy (with coverage of 15 Lacs or beyond), he does not need to opt for an additional PA cover while buying bike insurance. Let us understand this with the help of 2 simple examples.

    Example 1

    Let us assume that Mr. Shyam wants to take a bike insurance policy. At the same time, he does not have any accidental insurance under this name. In this case, Mr. Shyam will need to compulsorily buy a PA cover along with purchasing his bike insurance as per The Motor Vehicle Act, 1988.

    Example 2

    Now, let us assume that Mr. Tony wants to purchase a bike insurance policy. Mr. Tony has a separate health insurance policy under his name that also provides coverage against accidents.

    In this case, Mr. Tony does not need to opt for additional PA coverage while buying bike insurance. He can simply buy a plain vanilla bike insurance policy without the PA coverage.

    Further, it should be noted that the sum insured under an accidental policy should be at least 15 Lacs for the person to wave off additional PA coverage.

    Finally, it would be prudent choice to opt for additional PA coverage even though a person has an additional accidental insurance coverage as the increase in premium is very marginal, and in return, the policyholder is provided additional accidental coverage.

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    Insurance

    Is travel insurance mandatory? (Top 2 points to consider)

    So, you want to know if buying travel insurance in mandatory?...

    Here's your answer:

    Travel insurance is mandatory if you are traveling to certain countries. It is optional if you are traveling to certain other countries.

    travel

    Is travel insurance mandatory? (Top 2 points to consider)

    So, You’re ready to pack your bags and jet-set your way away to a fun vacation! In all the excitement, you shouldn’t forget about getting a travel insurance policy for yourself and your loved ones. It would be prudent choice!

    A travel insurance policy will provide you protection against a host of potentially dangerous situations that may occur on your trip abroad. It is worthwhile to invest in a travel insurance plan before you board your flight.

    But is travel insurance mandatory? The answer is “Yes and No.” Purchasing a travel insurance policy is mandatory if you are traveling to certain countries, and it is not mandatory if you are traveling to certain other countries.

    So the question you should be asking is “Is travel insurance mandatory in the country I am traveling to?” Let us find out some of the countries where travel insurance in mandatory.

    Popular countries where travel insurance in mandated (As of 2022)

    Travel insurance is mandatory if you are traveling to any of the following countries:

    • United States of America
    • Argentina
    • Ecuador
    • Chile
    • Cuba
    • Egypt
    • Indonesia
    • Israel
    • Iran
    • Nepal
    • Philippines
    • Russia
    • Qatar
    • Saudi Arabia
    • Singapore
    • Schengen Nations
    • Thailand
    • Sri Lanka
    • UAE
    Schengen nations where travel insurance in mandatory
    Schengen Nations where travel insurance in mandatory

    Travel insurance inclusions and exclusions

    It is vital that you are aware of the inclusions and exclusions of your travel insurance policy. Mentioned below are some of the general inclusions and exclusions of travel insurance.

    Inclusions

    Exclusions

    Baggage loss

    Pre-existing conditions

    Loss of passport

    Self-harm

    Hospitalization

    Claim resulting due to consumption of illicit substances like drugs or alcohol.

    Evacuation

    HIV/AIDS

    Repartitions

    Non- conventional medical treatments

    Personal liability

    Radiation related sickness

    Flight delay

    War

    Different insurance companies offer slightly different scope of coverage, be mindful of the fine-print. You can also increase the scope of your travel insurance policy by buying additional riders.

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    Frequently asked questions about travel insurance

  • Which are some of the major Schengen Nations that mandate travel insurance?

    All Schengen Nations mandate travel insurance. The major ones include:

    • Germany
    • France
    • Italy
    • Spain
    • Switzerland
  • What are some major exclusions of travel insurance?

    Major exclusions of travel insurance include damages caused due to:

    • War
    • Radiation
    • Self-harm
    • HIV/AIDS
    • Drug/Alcohol use

     

  • Can I cancel my travel insurance policy?

    Yes. Insurance companies usually allow your travel insurance policy to be cancelled within a time frame of 14 days of policy purchase. (You should have not travelled or made a claim within this time frame)