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The coronavirus pandemic has made us take a second look at our priorities and responsibilities. The world suddenly looks like an unknown place. While we will eventually get over these tough times, the dent COVID-19 will leave in our minds would take ages to repair. More than anyone else, it is the travellers who are most vulnerable to the risks associated with COVID-19.
Travel insurance covers almost all types of emergencies a traveller may face during a journey. Anyone travelling in an aeroplane or a train to a domestic or international destination can get travel insurance.
For train travels in the Indian Railways network, a passenger can buy an INR 10 lac accident cover at a premium of less than one rupee. The insurance covers everything from train accidents to robberies.
International air travellers may buy two types of policies.
1. Basic - The basic policy covers all medical expenses arising out of medical emergencies either during the plane journey or at a foreign location affected by COVID-19.
2. Comprehensive - A comprehensive travel insurance policy covers the following types of issues that may arise during the coronavirus pandemic.
The travel industry has borne the biggest brunt of restrictions imposed due to COVID-19. As airline services and hotel bookings stand cancelled, there has been a flurry of travel insurance claims during the past couple of months.
According to a report published by the World Travel and Tourism Council, the travel industry is poised to witness a loss of 75 million jobs and $2.1 trillion worth of revenue. The cumulative losses of airlines may be anywhere around $250 billion.
Coronavirus has hit the tourism, hospitality, and insurance industries hard. Many countries have imposed restrictions on travelling. Except for urgent business and diplomatic travel, all other trips stand cancelled. While all other industries are looking at the government to bail them out, the insurance industry is taking additional measures to minimize the impact of coronavirus.
Sensing danger amidst the coronavirus epidemic, most insurance companies have either changed their existing policies or included new clauses to their current policies.
A few such changes are as follows:
While almost all leisure travels have taken a backseat, some business or official travels are still on. Before setting off on a journey amidst COVID-19, take care of the following things:
The world is no more the same place it was before COVID-19. From being optional, travel insurance has moved to be mandatory. If you have any health issues, it is better to stay at home. If that's not an option, carefully review your travel insurance policy for a safe trip. The coronavirus pandemic is unprecedented. Stay updated with the latest guidelines before buying a travel insurance plan.