Purchasing Travel Insurance

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Travel Insurance Buying

Travel is always associated with pleasant words like sightseeing, relaxation, fun, entertainment and adventure. We do not think about the adversities that we may face during our travel like an accident, a medical emergency, an illness or loss of valuables. Hence, we usually do not bother to buy a travel insurance plan unless it is mandatory. However, considering the fact that medical emergencies in foreign countries can burn a big hole in your pocket, it is always a good idea to insure our travel.

Types of Insurance

The common types of insurance plans offered by the major insurance companies are:

1. Single trip individual plans
2. Single trip family floater plans which include spouse and children
3. Multi trip individual plans
4. Student plans
5. Senior citizens plans

Activities Covered

Eligibility:

Travel insurance is available for all ages between 6 months to 70 years and for senior citizens between 71 to 85 years under the senior citizens scheme. For the age groups of 3-6 months and above 85 years, travel insurance can be obtained on a case-to-case basis at the sole discretion of the insurance company.

Policy duration:

Most of the insurance companies provide coverage for 180 days with a further extension period of 180 days, provided there is no claim.

Sum assured:

Insurance companies offer a sum assured in the range of US $10,000 to US $500, 000, depending upon the country you are planning to visit. For plans including the USA and Canada, the minimum coverage would be raised to US $50,000.

Coverage:

The following coverage is provided by leading insurance companies. However, it's important to read the policy documents carefully regarding the coverage.

1. Oversees medical expense cover
2. Cashless hospitalisation
3. Emergency medical evacuation
4. Accidental death and permanent total disability cover
5. Personal accident and personal liability cover
6. Financial emergency assistance
7. Flight delay
8. Loss of passport/ checked baggage
9. Baggage delay

10. Hijack distress allowance

Pre-existing diseases:

Preexisting diseases and maternity are generally excluded.

Claim:

A claim may be made by contacting the insurer or Third Party Administrator of the insurance company which has tie-ups with the network hospitals worldwide. TPA information will be provided in the insurance policy.

Premium Calculation

The factors which determine the premium to be paid are:

1. Sum insured – Higher the sum insured, the costlier is the policy
2. Type of plan
3. Add on coverage – Special additional coverage such as cover for risk involved in adventure, separate insurance for documents, expensive items etc.
4. Duration of travel – The longer the duration, the higher the premium
5. Travel destination – Insurance for trips to foreign countries where medical expenses are higher will cost a higher premium
6. Age and health – One's age and general health conditions are also parameters for premium calculation

Here's a listing of a few available travel insurance plans offered by the leading insurance companies. The listings are based on the premium amount and subject to variations. Readers are requested to check directly with the insurance companies while applying:

1. Single trip plans for individuals in the age range of 25-30 for a travel period of 30 days in Asian countries excluding Japan

Company Name

Plan Name

Plan Details

Basic Premium (In Rs)

Premium Including Service Tax

Coverage Amount (In US$)

Bajaj Allianz

TRAVEL ASIA FLAIR Asia Excluding Japan and others

Instant Policy No Medical Test Required

421

474

15000

HDFC Ergo

Travel Asia Bronze Asia Excluding Japan and others

Instant Policy No Medical Test Required

536

603

15000

Reliance General

Reliance Asia Standard Asia Excluding Japan and others

Instant Policy No Medical Test Required

618

695

25000

1. Single trip plans for individuals in the age range of 25-30 for a travel period of 30 days worldwide

	Company Name		Plan Name		Plan Details		Basic Premium (In Rs)		Premium Including Service Tax		Coverage Amount (In US$)
Reliance General		Reliance Standard Worldwide Coverage Option to add 5 more days for the same premium		No Medical Test Required		1190		1338		50000
HDFC Ergo		Travel Suraksha Bronze Worldwide Coverage Option to add 5 more days for the same premium		No Medical Test Required		1326		1490		30000
Bajaj Allianz		TRAVELCARE Worldwide Coverage Option to add 5 more days for the same premium		No Medical Test Required		1372		1542		50000
TATA AIG		Travel Guard Silver Worldwide Coverage Option to add 5 more days for the same premium		No Medical Test Required		1483		1667		50000
ICICI Lombard		International Travel Insurance Gold100 Worldwide Coverage		No Medical Test Required		1774		1994		100000

1. Single trip family floater (two children and spouse) for a travel period of 30 days worldwide

Company Name

Plan Name

Plan Details

Basic Premium (In Rs)

Premium Including Service Tax

Coverage Amount (In US$)

Future Generali

Travel Suraksha Asia Family100000 Asia Excluding Japan and others

No Medical Test Required

2220

2495

100000

Reliance General

Reliance Family Gold Worldwide Coverage Option to add 5 more days for the same premium

No Medical Test Required

3206

3603

100000

Star Health

Family Travel Protect 100 Worldwide Worldwide Coverage

No Medical Test Required

5260

5911

100000

As unfortunate accidents and illness are unforeseen, it's recommended to take a travel insurance policy when planning a vacation or a trip. It's always better to be on the safer side than to be worrying about such expenditure in a faraway land.

 

 

 

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