TRAVEL   INSURANCE

Travel insurance is an insurance product that provides financial protection to travelers against unforeseen incidents that can occur while traveling. The Insurance Regulatory and Development Authority of India (IRDAI) defines travel insurance as a type of insurance that covers unforeseen incidents that can occur while traveling abroad or within the country. It provides coverage for a range of risks, such as medical emergencies, loss of passport, trip cancellation, and other travel-related mishaps.

Despite the importance of travel insurance, a survey conducted by Policybazaar.com in 2021 found that only 25% of Indian travelers purchase travel insurance for their trips. The same survey found that the most common reason for not purchasing travel insurance among Indian travelers is that they believe it is not necessary.

 However, this belief can be dangerous as travel can be unpredictable, and without travel insurance, travelers may face financial losses and other difficulties if something unexpected happens during their trip.

According to a report by the IRDAI, the total gross written premium of travel insurance in India for the financial year 2020-21 was Rs. 842.76 crores. This indicates that there is a significant market for travel insurance in India. However, the low percentage of Indian travelers purchasing travel insurance suggests that there is still a lack of awareness and understanding about the benefits of travel insurance.

Medical expenses account for the largest share (approximately 70%) of travel insurance claims in India, according to a report by ICICI Lombard. The same report found that the average claim size for travel insurance in India is approximately Rs. 50,000, with the highest claims being for medical emergencies and trip cancellations. These statistics highlight the importance of having travel insurance that includes coverage for medical emergencies, especially in light of the COVID-19 pandemic.

The COVID-19 pandemic has led to a significant increase in the demand for travel insurance in India, with many insurance companies offering policies that cover COVID-related risks, such as medical expenses and trip cancellations due to COVID-19. This has further emphasized the importance of having travel insurance, especially during uncertain times.

Travel insurance is an essential product for any traveler, as it provides financial protection against unforeseen incidents that can occur during a trip. The IRDAI’s definition of travel insurance highlights the range of risks that travel insurance can cover, including medical emergencies, loss of passport, and trip cancellations.

The statistics related to travel insurance in India indicate that there is a significant market for this product, but more awareness and understanding are needed among Indian travelers. By purchasing travel insurance, travelers can have peace of mind and enjoy their trips with confidence.

Our Offering

RDX insurance, investment, health insurance, life insurance, travel insurance, car insurance, bike insurance, loans, advances, mutual funds
bike insurance, RDX insurance, investment, health insurance, life insurance, travel insurance, car insurance,
RDX insurance, investment, health insurance, life insurance, travel insurance, car insurance, bike insurance, loans, advances, mutual funds
Universal sompo - RDX Financials- travel insurance
RDX insurance, investment, health insurance, life insurance, travel insurance, car insurance, bike insurance, loans, advances, mutual funds

For quotation kindly

Importance of Travel Insurance for you

Protecting Your Health

Travel insurance provides coverage for medical emergencies, trip cancellations and interruptions, and travel delays, ensuring your health and trip are protected.

Peace Of Mind

Travel insurance offers 24/7 customer support, personal liability coverage, emergency travel assistance, and coverage for terrorism and political evacuation, providing peace of mind while traveling.

Cost Effetive

Travel insurance is a cost-effective way to protect your travel investment and ensure that you are financially protected in case of unexpected events during travel.

Frequently Asked Questions

Travel Insurance is a type of insurance that provides coverage for unexpected events that may occur while traveling, such as trip cancellations, medical emergencies, lost or stolen luggage, and more.

Travel Insurance typically covers trip cancellations, trip interruptions, emergency medical expenses, emergency medical evacuation, accidental death and dismemberment, lost, stolen, or damaged baggage, travel delays, and more. The coverage may vary depending on the policy and the insurance provider.

Travel Insurance is not mandatory, but it is highly recommended, especially if you are traveling to a foreign country. It provides protection against unexpected events and can save you from potentially expensive costs.

When choosing a Travel Insurance policy, consider your travel plans, the coverage you need, and the cost of the policy. Compare different policies and read the fine print to understand the coverage and exclusions.

It depends on the insurance provider and the policy. Some insurance providers offer coverage even after the trip has started, while others require you to purchase the policy before your trip begins.

To make a claim on your Travel Insurance policy, you need to contact your insurance provider as soon as possible and provide all necessary documentation and evidence to support your claim. Follow the process and instructions provided by your insurance provider.

Some common exclusions in Travel Insurance policies include pre-existing medical conditions, injuries or illnesses caused by alcohol or drug use, participation in hazardous activities, acts of war or terrorism, and more. Check the policy details and exclusions before purchasing a policy.

The duration of Travel Insurance coverage varies depending on the policy and the insurance provider. It can range from a few days to several months or even a year, depending on the length of your trip and the policy you choose.

It depends on the policy and the insurance provider. Some policies may cover certain adventure activities, such as skiing or scuba diving, while others may exclude them. Make sure to read the policy details carefully and ask your insurance provider if you have any doubts

It depends on the policy and the insurance provider. Some policies may offer coverage for trip cancellations due to COVID-19, while others may exclude it. Make sure to read the policy details carefully and ask your insurance provider if you have any doubts.

Yes, most travel insurance policies cover medical emergencies abroad, including hospitalization, emergency medical evacuation, and repatriation of remains

The documents required may vary depending on the insurance provider and the nature of the claim. Generally, you will need to submit the original policy documents, proof of travel, proof of expenses incurred, and any other supporting documents required by the insurance provider.

Yes, most travel insurance policies cover lost or stolen luggage, including reimbursement for lost or stolen items and expenses incurred due to the delay of luggage

The process for making a claim on your travel insurance will vary depending on the insurance provider and the nature of the claim. Generally, you will need to contact your insurance provider as soon as possible and provide all the necessary details and documents to support your claim. Your insurance provider will guide you through the claim process and assist you in submitting the necessary documents.

Trip cancellation coverage reimburses you if you have to cancel your trip before it starts. Trip interruption coverage pays for unexpected expenses if your trip is interrupted after it has started.

The maximum coverage amount for medical expenses while traveling abroad varies depending on the policy, but it can range from $50,000 to $1 million or more.

Whether or not your travel insurance policy will cover you if you need to cancel your trip due to a pre-existing medical condition will depend on the policy and the specific condition.

If you are traveling with high-value items like cameras or laptops, you may need to purchase additional coverage or a separate policy to insure those items.

Travel insurance may cover trip cancellation due to political unrest or a natural disaster, but it depends on the policy and the specific situation.

To choose the right travel insurance policy for your trip, consider your destination, the activities you will be doing, the length of your trip, and the level of coverage you need for medical expenses, trip cancellation, and other benefits.

Scroll to Top