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
Care Insurance
Care Insurance International Travel Insurance
The Care Insurance International Travel Insurance plan is offered for single and numerous journeys for people of all ages, ranging from 1 day to no age limit for the former and up to 70 years for the latter. It’s perfect for family visits overseas because it covers pre-existing ailments. The insurance is separated into three variants: Platinum, Gold, and Silver, which may be further subdivided based on the places visited across the world.
Key Features:
Hospitalization cover, Personal accident cover, Business class upgradation, Medical Benefits, flight related benefits, Available for both singles and family and additional addons.
To learn more kindly contact us.
Tata AIG Travel Insurance
Tata AIG Travel Guard
Tata AIA Travel Guard is a plan for Tata AIA Travel Insurance for Foreign Travel. It is a comprehensive travel insurance package that covers occurrences that are beyond your control when travelling abroad. You can never plan for medical problems, aircraft delays, or scenarios such as losing your passport. Tata AIA Travel Insurance Plan for Foreign Travel might come in handy in these and other situations.
KEY FEATURES:
Cover For Accidents & Sickness, Travel Assistance, Baggage Loss & Delay, Personal Liability, Hijack Cover and Automatic Extensions
Reliance Travel Insurance
Our parents have always been there for us, through thick and thin. It’s time for you to be there for them now that they’re in their second innings. But professional obligations need you to be away from them. Given this, what could be more charming to your parents than having them around and spending quality time with you? Together with travel insurance, this is the finest present you can offer your parents in their golden years, and it’s only a click away. Bring your parents’ home with Reliance Travel Care Insurance – for Senior Citizens!
Key Features:
1.This policy comes with 4 different schemes as standard, silver, gold and platinum to choose from.
2.It has special policy extension feature due to extension of travelling plan.
3.Specifically meant for 61 -70 age gap people.
4.Cashless hospitalization worldwide under this policy.
5.This scheme covers traveling up to 180 days and can extend up to 365 days
6.If medical emergency happens automatic extension is possible
7.24 x 7 hassle-free claim is provided.
8.Free International sim card is provided with every trip.
Universal Sompo Travel Worldwide
Universal Sompo Travel Worldwide
This is a policy for people travelling internationally. The Policy covers emergency medical expenditures incurred due to physical damage, sickness, disease, or death outside the Republic of India, as well as repatriation of the Insured person throughout the Insurance period. It also covers personal accidents and other travel-related losses such as lost checked luggage, passport loss, and so on.
KEY FEATURES:
Coverage for all travellers, worldwide coverage, annual plans for frequent flyers, medical emergencies, travel emergencies, cashless treatment, automatic policy extension and fast claim settlement.
Royal Sundaram Travel Insurance
Royal Sundaram Travel Secure-Leisure Trip
A complete travel insurance package for a vacation abroad, with SI ranging from 50,000 USD to tens of thousands of USD.
When planning a leisure vacation overseas, hotel reservations, sight-seeing, and shopping are generally the first things that come to mind, but purchasing travel insurance is rarely considered. Few individuals plan for unanticipated situations such as airline delays, personal mishaps, or even a hospital stay in an unfamiliar location. Travel Secure’s Leisure plan provides comprehensive coverage as you plan your vacation abroad, allowing you to avoid stress from unanticipated incidents.
key features :
Medical Expenses (including Medical Evacuation),Sickness Dental Relief, Daily Cash Allowance Accidental Death & Dismemberment (24 hours), Accidental Death & Dismemberment, Repatriation of Mortal Remains, Delay of Checked-in Baggage, Loss of Checked-in Baggage, Loss of Passport, Personal Liability, Trip Delay, Hijacking Benefit, Automatic Extension, Emergency Cash Advance, Trip Cancellation, Trip Curtailment, Missed Connections/Departures, Bounced Hotel/Airline Booking, Political risk, Compassionate Visit, Emergency Hotel Extension, Loss of Baggage Á Personal Efects, Return of Minor Child, Difference in Airfare, Assistance Services, Home Content Insurance.
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.