ravelling is the meditation of the mind. Be it a weekend away from the hustle-bustle of life or a trip long enough to rejuvenate your spirits, we all need that break from the humdrum of our busy lives. But often these trips burn a hole in our pockets. One either has to have sufficient self-discipline to save up every penny for the upcoming trip or once the trip is done, he/she has a hard time managing finances. Thus travel, which is supposed to be refreshing, becomes a headache. Hence, to ward off this burden, people opt for travel insurance which requires you to pay an amount every month as premium. However, people are reluctant to pay extra amount for securing their travel plans as travelling itself is an expensive affair. Some think if they would ever need this insurance and thus refrain from parting with their money on a probability basis.
Some credit cards (check out Mint.com) offer basic travel insurance benefits. These benefits can be used by the cardholders to ward off expenses that can be curtailed. The benefits of these apply to all the holders and come to them as a boon.
We shall now explore some of the common benefits that any travel credit card apply. Meanwhile, if you still have not got yourself one, apply for a travel credit card with Standard Chartered right now to avail all the amazing benefits.
Now travelling around the world is in your budget with your travel credit card.
Cancellation of Trips
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In case there has been a natural disaster, a terrorist attack or any such unavoidable calamity, your credit card can help you recover losses to a great deal. A cancellation like this may sometimes cost up to lakhs as most of them are non-refundable if not cancelled within a stipulated timeline but with your card, you may save up to a good amount. Sometimes they cover even the non-refundable costs.
The terms and conditions are different and can differ from what one credit card apply to what another credit card apply. It is wise to make oneself knowledgeable about the exact coverage beforehand.
Medical Assistance while on a Trip
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The credit card covers your medical emergencies and medical treatment on a trip. However, there are certain terms and conditions applied to this benefit which you should be well aware of beforehand. For example, if an injury is caused due to some sport or recreational activity like bungee jumping, water rafting, sky-diving etc., it shall not be covered. Apart from these, if your doctor has asked you to have a change of weather, go to some serene place to soothe your health.
In case you meet with an accident while on a trip, your card will pay the expenses and also may provide additional compensation in case of death, vision or hearing impairment or limb loss. However, death due to suicide, heart attack and from terminal diseases will not be covered by them. Again the benefits and the mark upto which these benefits your credit card apply is conditional and must be read well about before planning.
Damaged or Lost Baggage
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Credit card insurance usually covers the expenses in case of any theft of luggage. Also, if in the course of your trip, your luggage is damaged, that too shall be covered for. Some cards also cover the loss of personal belongings up to a limit that would be determined by the credit card company.
Things to Keep in Mind about Travel Insurances on Credit Cards
1. The terms and conditions on one credit card application will differ from the other
2. While you choose a card for travel insurance, know your priority and needs clearly. For example, co-branded cards will be connected with airline and hotel chain thus having only flying and staying benefits but general travel cards can be used more widely. The choice is yours.
3. You cannot alter the policies to suit you. This type of insurance cannot be tailor-made.
4. They provide both domestic as well as international travel insurance coverage. However, the rates and deals may vary greatly.
5. Also, try to opt for those that earn rewards which can be later redeemed. These points help you save from all the nooks and corners.
6. Know your card well. You must be 100% aware of the benefits it reaps you, the redeeming points, the conditions imposed on its benefits etc.
Travel insurance provided by credit cards has a number of benefits. Most importantly, it does not let your vacation weigh down on you because vacations are supposed to refresh you and not put you under further stress, right? Most families relinquish their desire to travel even once a year due to financial problems but having a credit card which enables people to travel within their means, makes dreams of a million come true.
