Compare & Buy Best Travel Insurance In India – Features & Benefits

When embarking on an overseas journey, it is crucial that your travel insurance is one of the first things that you pack. To make your travel safe and fruitful it is imperative that you invest in a comprehensive travel insurance plan. The right plan would not only cover the minor expenses but also protect you against various unforeseen incidents that can take place while you are far away from home. 

So, whether you need to travel for business or pleasure, and are looking for the best travel insurance India can offer, read on to know everything about the best travel insurance companies and the different travel insurance plans that they offer. 

What are travel insurance plans and why do you need them? 

Before we get into the details of travel insurance it is essential to find out what travel insurance plans are and why they are important. In simple words, a travel insurance plan offers you a safety net against the various risks that may arise when you travel outside. Considered to be a dome of security and protection, it is designed to safeguard a traveller from the losses he may suffer due to unforeseen circumstances. 

While the world is becoming smaller and compact, frequent travelling has become a part of life for many. And with the world engulfed in viruses and infections, being under the cover of a travel insurance plan has become crucial. It is not uncommon to see travellers losing their baggage, falling unwell or being involved in an accident when travelling overseas. These circumstances are unpreventable and cost time, money and most importantly peace of mind. A good travel insurance plan from a great insurance company can rescue you from many such situations and prevent your losses to the nought. 

Getting your travel insured will help you in the following ways and more:

1. Saves you from the unforeseen medical expenditures 
2. Assistance in an unfamiliar and unknown territory
3. Covers you for any kind of personal liability that may arise
4. Emergencies are due to travel such as flight delays, loss of checked baggage, losing passport or laptop etc.
5. Many countries have now made it mandatory for visitors to have travel insurance 
6. When you are insured you are automatically more eased out and can enjoy your time abroad all the more

Travel Insurance to the Rescue

The benefits that you can get from a travel insurance plan are plenty, but sadly, due to lack of awareness, many travellers are totally unaware of these benefits. Let us take a quick look at what all is covered under travel insurance. Please note that this is an indicative list of the coverage of most travel insurance plans, for specific plan related coverage, it is recommended that you go through the policy documents. 

1. Medical treatment that you may have to seek will be covered by your travel insurance
2. Most travel insurance companies are offering coverage for Covid-19 treatment expenses 
3. Personal accidents will also be covered
4. In case of hospitalisation, you may receive some daily cash allowance
5. In case of a financial emergency, you may receive cash assistance
6. Your insurer will compensate for emergency medical evacuation 
7. Repatriation of deceased 
8. In case you lose your Driver’s License you will be suitable compensated
9. In the event of trip curtailment, you will receive assistance
10. In case of a plane hijack, relief benefit will be paid out
11. Cancellation of the trip will be covered
12. Help and support in case of loss of passport
13. Travel permission in countries where it is mandatory to have a travel insurance

List of popular companies offering travel plans in India

There has been a rise in the number of companies that offer travel insurance. Here is a list of the most popular travel insurance companies:

Factors to consider while buying travel insurance plans

1. The nature of your Travel
   There are numerous kinds of travel plans available so you need to pick the one that suits your needs. For example, depending on the number of times you need to travel you can invest in a single-trip insurance plan or an annual travel plan.

   Look Out For:
   There are also companies that offer special tailor-made plans for senior citizens as well as students.

2. Coverage
   Most of the benefits offered by the travel insurance companies are quite similar however, you need to see what features make one plan a better option than the other. You need to analyse your trip and then choose a plan that suits you.

   Tip:
   Go for a plan that offers maximum coverage, lowest premium.

3. Premium to be paid
   Once you shortlist a few plans you can compare them on the basis of the premium they are charging. The premium should suit your budget and offer maximum coverage at the same time.
   Note: The premium depends on various factors, some of which are given below, so choose wisely:
1. Your age plays a key role in the premium that you would have to pay
2. The premium will directly depend on the number of days that you are travelling
3. The total number of members that are covered
4. Your medical history will also be taken into consideration. If you suffer from any illness, you may have to pay a higher premium
5. You may also have to pay more if travelling to a high-risk country/ city

4. Goodwill of the Insurer
   This is probably one of the most important things that you need to keep in mind when picking the right plan. There are a plethora of travel insurance companies out there and you may feel confused about which one to choose. But be smart about it, a company with a good track record should always be preferred.
5. Insured Members
   When travelling with family, it is best recommended that you get insurance cover for all the members who are travelling. If any of the members face any contingency, the whole family would go through trouble and trauma.
   Tip: In case you have your parents/ senior citizens with you, and your insurance plan doesn’t cover them, you can opt for a separate travel insurance plan for them to keep them covered.

6. Read between the Lines
   You must have heard “read the offer document carefully”. Though we often ignore the advice, it is crucial to be clear about the inclusions as well as the exclusions so that you can save yourself from any kind of heartburn later.
7. Compare the Plans
   One of the biggest advantages of buying insurance online is that you get to compare any two plans or products. These days almost everyone buys things from the internet after a detailed comparison, so why should your travel insurance plan be any different.
   Tip: Visit an insurance aggregator website and compare the shortlisted plans. It would be easier to compare their features and the charges for each.

Tips to choose the best travel insurance company

You may not find it very easy to trust an insurance company with your hard-earned money, therefore, it becomes vital to choose an insurer that can help you in securing your as well as your family’s financial future. Making a prudent choice is imperative. 

Keeping the following tips and factors in mind will help you in your hunt for the best travel insurance company:

1. History of the Company
   Before entering a contract with the company it is important that you know the history as well the current standing of the company. Check the track record about how well the company has handled the ups and downs of the economy. Try and check out the ratings on the company website or any other trusted source.
2. Claim Settlement Ratio
   A major parameter of your selection can be the CSR of the company. The claim settlement ratio is the percentage of the number of claims that have been settled by the company as compared to the claims raised.
3. General Feedback
   The number of reviews that a company receives will also give you an idea of its values and approach towards its clients and customers. It is possible that some of the reviews may be fake or falsely generated, so take such information from trusted websites and sources only.
4. Explore all the Available Options
   Comparing different companies will give you a better idea of the pros and cons of each. Make sure you first shortlist at least 3-5 companies and then make a decision. Also, look for the different features that they are offering.
5. Customer Service
   Try to pick a company that has efficient and proactive customer care service. In your time of need, customer care is the first step of assistance. Their attitude and approach towards the customer are very crucial.
6. The Premium
   Though the premium shouldn’t be the most important parameter to choose a company, it surely has significance. A higher premium often means more coverage, however, you need to find that out yourself. Without overshooting your budget, go for a comprehensive policy.
7. Professional Help
   Going through numerous travel insurance companies and their plans can become quite overwhelming. If you find yourself more confused at the end of the surfing process, it is best that you seek the help of an expert. An agent would be able to help you in narrowing down the best potential travel insurance plans.
8. Keep the Pandemic in Mind
   Due to the pandemic, there have been many companies that have brought changes in their plans, procedures as well as premiums. It is recommended that you stay updated with the changes being made by the company you are most inclined to pick.

Before you Set-Off
Sadly in our country buying insurance is still not considered to be important. Not having insurance can be a cardinal mistake and just to save a few bucks today, you may spend through your nose tomorrow. A major reason why people do not part with their money easily is that there is still ignorance about the benefits of insurance, especially travel insurance. 

When you buy insurance, be it travel or any kind, you need to ensure that you understand the plan completely. Many companies offer you the freedom and flexibility to choose a plan that suits your travel insurance needs. Rather than just planning a holiday, plan a safe and secure trip. Whether it is work or a vacation the best travels are the ones that are stress-free, so when you leave home make sure you leave all your worries behind as well.