Whether you are travelling for leisure or business purpose, unexpected costs and health emergencies will surely be the last thing you would want to deal with. To be able to compensate and deal with such emergencies, a travel insurance policy proves to be extremely useful. You can select the travel insurance plan based on the destination you are travelling to and other specific needs.
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Need of travel insurance
By opting for travel insurance, travellers can protect themselves from the hefty costs that they may have to incur abroad due to an unforeseen change of plans such as flight cancellations/delays and medical emergencies. Benefits like missed connection flights, accidents during travel, lost luggage issue are some of the other benefits available under travel insurance.
According to Bhabatosh Mishra, Director - Underwriting, Products & Claims at Niva Bupa Health Insurance, travel plans includes various features such as, emergency in-patient and outpatient medical treatment covering consultations and diagnostic tests, emergency medical evacuation, personal accident cover, daily hospital cash to cover for out-of-pocket expenses, dental treatment and many more.
"Some plans provide cover for Covid related hospitalisation. It also offers pre-existing disease cover up to sub-limits. Apart from single trip and multi-trip travel insurance, the plans may also have options to cover students while they travel abroad to study. These are comprehensive plans, that are made keeping all university requirements in mind," he told CNBC-TV18.com.
Scope of travel insurance
There are endless problems that one might face when travelling abroad - right from injury or illness, being robbed, flight delays to cancellation. Here are some key reasons why a travel insurance is a must have for overseas travellers (as compiled by Mishra):
Policies available
Here's a list of some travel policies available in India:
Insurance Providers | Name of the plan available |
Apollo Munich | Easy travel- Senior Citizen Easy travel-Family Easy travel-Individual Easy travel- Multi-trip Educare- Student travel plan |
Bharti AXA | Individual Travel Insurance Family Travel Insurance Student Travel Insurance |
Bajaj Allianz | Individual Travel Insurance Family Travel Insurance Student Travel Insurance Travel Asia Senior Citizen Plan Corporate travel Insurance policy |
HDFC ERGO | Individual Travel Insurance Family Travel Insurance Student Suraksha Travel Insurance International Travel Insurance |
Cholamandalam | Domestic Travel Insurance Policy Chola Overseas Travel Protection Policy Senior Citizen Insurance Policy Chola Corporate Travel Days Chola Student Travel protection plan |
Future Generali | Overseas Travel Insurance Schengen/Worldwide Travel Insurance Student Travel Insurance |
ICICI Lombard | Senior Citizen Insurance Policy International Travel Insurance Travel Insurance- Gold Multi-Trip |
Niva Bupa | TravelAssure plan |
IFFCO Tokio | Overseas Travel Insurance Pravasi Bhartiya Bima Policy |
New India Assurance | Suhana Safar Policy Overseas Mediclaim Policy- for frequent flyers |
Reliance | Asia Travel Insurance Schengen Travel Insurance Student Travel Insurance Overseas Travel Insurance Senior Travel Insurance |
National Insurance Travel Insurance | Senior citizen Travel Insurance (70 years above) Asia Travel Insurance Schengen Travel Insurance Domestic Travel Insurance Policy Inbound Travel Insurance Titanium Travel Plan- $ 1 million Australia Travel Insurance |
Religare | Explore-International Travel Insurance Student Explore- International Travel & Health Insurance |
Royal Sundaram | Schengen Travel Insurance Overseas Travel Insurance |
State Bank Of India | International Travel Insurance |
STAR HEALTH &ALLIED | Star Travel Protect Insurance Policy Star Student Travel Protect Insurance Policy |
United India | Baggage Travel Insurance Policy Suhana Safar Policy Marga Bhandu Policy |
Universal Sompo | Individual Overseas Travel Plan Student Travel Insurance Plan Travel Asia |
(Source: Bankbazaar)
Factors to consider
Customers should always evaluate the level or amount of coverage they require for the trip they are undertaking. Depending on the duration of the trip and the activities they have planned, they should choose the coverage accordingly. For a leisure trip, one can choose a policy with lower coverage. However, a thrilling trip would require a policy with higher and wider coverage.
Travel insurance policy might have restrictions regarding their coverage as well.
The length and distance of the trip very much determine the cost of travel insurance policies. For a small trip, the coverage would be less. However, for a long and distant trip, the price would be more. Likewise, if the destination of the trip is known to be a high-risk zone or is famous for adventure activities, the premium of the policy may increase.
Before purchasing a policy, customers should declare any pre-existing medical condition to the insurance provider. Non-declaration could make the claim invalid. Customers should also consider riders as most travel policies may not cover costly articles such as electronic items and ornaments. In these cases, travel policy riders may be helpful.
(Edited by : C H Unnikrishnan)
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