"Travelling – it leaves you speechless, then turns you into a storyteller."
The idea of travelling to a new place and exploring parts of the world where one has never been before is one that appeals to almost everyone. There's nothing that could match the serenity and peace of mind that one feels upon travelling to a new destination. Every trip we take is like embarking on a new and exciting adventure, the experience and memories of which we carry in our hearts for a lifetime. It is very important, then, that all of these memories and experiences are usually pleasant ones which you remember with a fondness in your heart.
However, along with all the excitement, fun and adventure, we must also keep in mind the fact that our health and well-being is of the utmost importance when we head out with packed bags and eager anticipation. Imagine having planned the perfect trip to an expensive foreign country that you've probably been saving up for and when you finally manage to gather the finances and get there, something goes wrong. You fall sick or lose your baggage! It's a grim possibility, yes, but a possibility nevertheless. This is precisely where travel insurance comes in.
What is Travel Insurance?
Travel Insurance is simply a kind of insurance cover which protects the insured party against potential financial losses in case of any unforeseen event or mishap during travel such as loss or theft of baggage, medical emergency, loss of passport or other documents, accident, etc. A simple accident may lead to hospitalisation which, in a foreign land, could be wildly unaffordable. Travel insurance plans these days cover travel not only within the country, but also global travel.
The following are some of the different kinds of travel insurance covers available in India:
- International Travel Insurance – This covers all additional potential financial losses particular to international travel such as loss of passport or hospitalisation overseas.
- Domestic Travel Insurance – This kind of insurance covers all potential financial losses faced by the insured person in case of domestic travel, i.e. travel within the country.
- Business/Corporate Travel Insurance – This kind of insurance plan provides financial coverage to corporate employees of various organisations or businesses in case of both domestic and global travel. This policy is most useful for frequent fliers.
- Student Travel Insurance – This kind of travel insurance plan is designed particularly for students travelling in India or abroad for their higher education and involves comparatively lesser paperwork.
- Senior Citizen Travel Insurance – This kind of travel insurance plan pertains specifically to the senior citizens of the country, which includes people in the age group of more than 61 years.
With so many options being available to us in the country, we must make use of the ideal travel insurance plan after thorough and extensive research and comparison before planning our next trip abroad or within India.
Why is Travel Insurance Important?
Most of us, when taking a trip abroad, only bother to look up and purchase an insurance policy for travel if the destination country demands it as a compulsion by law, such as the United Kingdom. While travelling within India, on the other hand, we choose to ignore it completely. In doing so, however, we are facing a grave risk of financial loss during transit. This is why travel insurance is of the utmost importance today. It has a great deal of benefits under its coverage. A good travel insurance policy typically covers expenses such as those of medical hospitalisation emergencies, personal accidents, delays in the trip and the loss of passport and baggage.
There are various insurance web aggregators in India which help to compare some of the best travel insurance plans and their coverage, so as to ensure that the buyer of the insurance plan makes an informed decision. The premium for insurance plans covering trips to different countries depends directly on how expensive a particular destination country really is.
Travel Insurance – The Indian Scenario
While the travel insurance industry does not have very deep penetration in the Indian market, India's high population of travellers seems to be increasing by the minute. This means that more and more Indian travellers are turning towards travel insurance before heading off on their trips. In fact, India is close to becoming one of the largest markets for retail on travel insurance plans and policies today.
According to the Financial Express, the Indian travel insurance industry is growing at a rapid annual rate of 20-25%, making it one of the fastest growing insurance sectors in the country. It stands currently at more than Rs. 4500 crore attributed solely to this sector. With more and more students travelling overseas to study, businessmen and corporate employees flying overseas for conferences and client meetings and families going for a vacation abroad to unwind on after a long year, the travel insurance market is flourishing.
However, there is still a large part of the Indian population which is disinterested or even unaware of the concept of travel insurance and chooses to go on trips without this financial safety net. While an optimistic outlook is good in life, one should be prepared for all practical possibilities, positive or negative. It is an undeniable fact that with the level of awareness of Indian travellers rapidly increasing, the travel insurance market has a bright future in the Indian scenario.
The Best Policy
Like it is with most retail products in the Indian market scenario, the travel insurance industry is also strife with competition. With innumerable insurance companies coming forth trying to lure potential investors, it is no surprise that Indians are confused about which policy to go for.
Following is a list of the top 5 travel insurance companies and their most popular plans for the year 2016:
- Apollo Munich –Apollo Munich sticks to its tagline "Let's Uncomplicate." With its simplistic and comprehensive Easy Travel Plans, it has made its mark in the industry of travel insurance with ease. It provides financial cover in case of loss of baggage or passport, personal accident or liability, medical emergency overseas, hijack, delay of trip and so on. It's Easy Travel Insurance Plans include Easy Travel Individual Plan, Easy Travel Family Plan, Easy Travel Senior Citizen Plan and Easy Travel Annual Multi Trip Plan.
- Bajaj Allianz General Insurance Co. Ltd. – This general insurance company is a joint venture between Bajaj Finserv Limited and Allianz SE, a life insurance global giant. In 2015, it bagged not only the award for Best General Insurance Company but also those for the Insurer Claims Team of the Year and the Silicon Valley Business Award. So you can be sure you are in good hands with this one! It has an array of various travel insurance plans for you to take your pick from. These plans include Travel Asia Plan, Travel Companion Plan, Travel Assist Plan, Swades Yatra Plan and Travel Elite Plan. Pick your ideal plan.
- Tata AIG General Insurance Co. Ltd. – A joint venture between the Tata conglomerate and the American International Group, Inc., this general insurance company is quite the force to be reckoned with. It has been in operation in India for nearly fifteen years now and has managed to carve out a niche for itself as one of the giants of general insurance of the country. It has a comprehensive travel insurance policy covering personal accident while travelling, loss of baggage or passport, hospitalisation while travelling and personal liability while travelling through four exhaustive travel insurance plans – Travel Guard, Asia Travel Guard, Domestic Travel Guard and Student Guard. Each of the four policies has its own focus and coverage, making the company ideal for any type of travel insurance.
- HDFC ERGO General Insurance Co. Ltd.– A joint venture between HDFC and ERGO International AG, this general insurance giant has come to be known for its high claim payment ability over the years. In fact, it has been rated iAAA by the ICRA for its commendable claim payment ability and capacity. It has three comprehensive travel insurance plans, which are the International Business Travel Policy, the Domestic Travel Insurance Policy and the Annual Multi-trip Business Travel Policy. These policies are suitable for different kinds of people and you can pick the plan that suits you the best.
- ICICI Lombard General Insurance Co. Ltd. – It is hard to miss out this name while discussing some of the most successful general insurance companies on the Indian insurance sector. A joint venture between ICICI Bank Limited and Lombard Canada Ltd., it offers various travel insurance policies which are comprehensive and all-encompassing. These plans are Student Mediclaim Insurance Policy, Overseas Travel Insurance Policy and Domestic Travel Insurance Policy. These policies make it one of the most sought after general insurance company for travel insurance policies and plans. It has also been the proud recipient of numerous awards during its years in operation.
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