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When you are going on a trip, be it a vacation or a business one, remembering to buy travel insurance is the wisest thing to do. It is a cover that looks after your health and wealth while you travel.

When you buy one, there is one point that you need to keep an eye on. It is the ‘sum insured’. Let’s learn a bit more about it.

  1. What Is Sum Insured?

Sum insured refers to the maximum coverage you are entitled to under a specific benefit. In the case of travel insurance, the benefits are:

  • Ø Medical Benefits
  • Ø Trip Interruptions
  • Ø Trip Cancellations
  • Ø Baggage Loss
  • Ø Baggage Theft


  1. Does Sum Insured Affect The Premium You Pay?

Yes, sum insured does have an impact the premiums you pay. How?

  • Ø Each specific travel plan benefit has its own sum insured.
  • Ø All these benefits depend on the country you intend to visit.
  • Ø Example : If you are visiting Canada where medical costs are expensive, the sum insured is higher. The higher sum insured leads to an increase in the premium you pay.


  1. How Should You Choose A Sum Insured?

In the end, there are a few simple steps to decide on your right sum insured.

  • Ø Are you travelling to USA or Canada or the Schengen nations or is it someplace in Asia? Take into account your destination before you choose a travel plan.
  • Ø Medical costs play a more important part in deciding sum insured. Keep that in mind for nations with expensive healthcare will drive your sum insured upwards.
  • Ø The same goes for other features such as crime rate, affinity to natural disasters, or its susceptibility to war.
  • Ø Get some quotes from different travel insurers, the ones which offer high sum insured but at a low premium is the one to go with.

It is the benefit you receive when you make a claim. Ensure you choose the right insurer and the sum insured.


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