Unlike health and life insurance, fewer people actively seek travel insurance. According to the latest annual report of the Insurance Regulatory and Development Authority of India (Irdai), only 1.4 million domestic travel insurance policies were issued in India in the financial year (FY) 2014-15. Many neglect to buy travel insurance. Those who do buy it, do so to cover themselves for issues like loss of baggage and delays. The importance of having travel insurance, however, comes to the fore when we hear of accidents like the recent one caused due to derailment of the Indore-Patna Express train.
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