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:
- Saves you from the unforeseen medical expenditur
- Assistance in an unfamiliar and unknown territory
- Covers you for any kind of personal liability that may arise
- Emergencies are due to travel such as flight delays, loss of checked baggage, losing passport or laptop etc.
- Many countries have now made it mandatory for visitors to have travel insurance
- 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.
- Medical treatment that you may have to seek will be covered by your travel insurance
- Most travel insurance companies are offering coverage for Covid-19 treatment expenses
- Personal accidents will also be covered
- In case of hospitalisation, you may receive some daily cash allowance
- In case of a financial emergency, you may receive cash assistance
- Your insurer will compensate for emergency medical evacuation
- Repatriation of deceased
- In case you lose your Driver’s License you will be suitable compensated
- In the event of trip curtailment, you will receive assistance
- In case of a plane hijack, relief benefit will be paid out
- Cancellation of the trip will be covered
- Help and support in case of loss of passport
- 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:
|Name of the Company||Name of the Plan||Key Features|
|TATA AIG Travel Insurance||TATA AIG International Travel Insurance||* Best suited for international travellers from 6 years onwards|
* Frequent travellers can opt for the multi-trip option that covers them for a whole year
|TATA AIG Domestic Travel Insurance||* For all emergencies that may arise during your travel within India|
* Along with medical benefits the plan also offers reimbursements in case of travel curtailments
* This plan also offers the multi-trip option
|TATA AIG Student Travel Insurance||* Students between the age of 16 to 35 years can opt for this plan and pursue their higher studies|
* Benefits such as compassionate visits by the parents, coverage for study interruptions, sponsorship issues etc. make this a great plan
|TATA AIG Senior Citizen Travel Insurance||* Citizens over the age of 70 years can opt for this plan|
* A great policy to cover your travel in your golden years
* Includes medical benefits including dental cover, evacuation and repatriation of mortal remains
|Universal Sompo Travel Insurance||Universal Sompo Annual Multi-Trip||* Suitable for frequent flyers and corporate executives to cover all their annual trips under one plan|
* Option of 4 different plans on the basis of destination
* Competitively priced travel plan
|Universal Sompo Travel Worldwide||* Wide range of different plans based on the destination|
* A well-suited plan for people who fly frequently and want to economise their travel
* You have the option to save more through group travel plans
|Universal Sompo Student Travel||* Students get an option of 6 plans to choose from|
* Along with other benefits, you can get cover against accidents, study interruptions etc
|Universal Sompo Travel Asia||* Covers all kinds of travels to different Asian destinations|
* 2 affordable plans based on your age, the duration of the trip and the coverage
|National Insurance Travel Insurance||Overseas Mediclaim||* A package policy that covers your overseas travel emergencies|
* It is available in 3 categories:
* Employment and Studies
* Business & Holiday
* Corporate Frequent Traveller
|HDFC ERGO Travel Insurance||HDFC ERGO Student Suraksha Travel Insurance||* Can be purchased by students planning to go overseas for higher studies or for students already there|
* Cover can be for a period of 30 days to 2 years
* Flexible policy to suit your needs
|HDFC ERGO Travel Insurance||* The plan comes with a lot of options and benefits|
* Covers individuals from the age of 6 months to 70 years
* 24×7 emergency assistance available
|Cholamandalam Travel Insurance||Cholamandalam Comprehensive Travel Insurance||* An overseas travel insurance cover that is available at affordable prices|
* Multiple sum insured options to choose from
* Extend your Single Trip to 185 days
* The plan comes with three variants:
|Cholamandalam Student Travel Insurance||* This plan is suitable for students going overseas for their higher studies|
* Covers the costs of medical situations
* Allows a 2-way compassionate visit
* Also includes a Bail Bond
|Cholamandalam Leisure Travel Insurance||* Along with coverage of medical expenses during an international trip, the plan also covers travel contingencies|
* In case of loss of checked-in baggage/ passport/ international Driver’s License, you would be assisted as necessitated
|Iffco Tokio Travel Insurance||Iffco Tokio International Travel Insurance||* This plan comes with 5 coverage options, pick the one that suits you the best|
* Along with medical and dental treatments the plans also cover personal accidents
* In case of hospitalisation of over 48 hours you can avail up to $30 daily for up to 20 days
|Iffco Tokio Pravasi Bhartiya Bima Yojana||* This plan offers personal accidents up to INR 10 lakhs|
* Employment-related litigation expenses are covered up to INR 45,000
* In case the insured member loses his/her job, there would be a cover for the transportation fare back
|Oriental Travel Insurance||Overseas Mediclaim Business and Holiday||* An affordable and comprehensive plan is available online|
* Covers business as well as holiday travel
* The policy can also be purchased by foreign nationals who work in India
* The policy can be bought for a specified number of days at your convenience
|Overseas Mediclaim Employment and Study||* This is an indemnity based policy that would cover your medical expenses|
* The minimum policy period is 2 months and the maximum is 12 months
* Sum insured: USD 75,000
|Reliance Travel Insurance||Reliance Asia Travel Insurance Policy||* For travellers travelling to Asian countries|
* The policy requires minimum documentation and is available at affordable premiums
* Avail cashless hospitalisation
|Reliance Schengen Travel Insurance Policy||* Travel insurance for your travel to Schengen countries|
* Buy this travel plan easily and quickly to cover your whole family under a single plan
* The policy offers multiple trip durations from 182 days to 365 days as well
* Minimum sum insured €30,000
|Reliance Senior Citizen Travel Insurance Policy||* An international travel insurance policy that covers individuals in the age group 61 years to 70 years|
* Trips are covered from 182 to 365 days
* The policy also offers an automated extension in case of a medical emergency
|Reliance Annual Multi-Trip Insurance Policy||* This international travel insurance policy covers several trips in a year|
* Requires no pre-policy check-up and very little documentation
* Covers various travel contingencies
|Reliance Student Travel Insurance Policy||* A tailor-made plan for students that offers them and their parent’s complete peace of mind|
* You can customise the plan as per your academic course
|Aditya Birla Travel Insurance||Aditya Birla Overseas Travel Insurance||* This international travel policy offers you comprehensive insurance coverage|
* Along with the loss of passport and loss of checked-in baggage, trip delays and cancellations are also covered
|United India Travel Insurance||United India Overseas Mediclaim Policy for Business and Holiday||* Whether holiday or business, this plan can help cover your international travel|
* Covers the medical expenses you may incur in an accident or a disease
* The plan also covers repatriation
|United India Overseas Mediclaim Policy Corporate Frequent Travel||This worldwide travel insurance comes in two plan options:|
1. Policy A- Excludes sickness cover
2. Policy B-Includes sickness cover
|United India Overseas Mediclaim Policy for Employment and Study||* Ideal for people going overseas for studies or employment|
* Age limit 5 to 60 years
* Trip duration can be from 2 months to 12 months
|Bajaj Allianz Travel Insurance||Bajaj Allianz Individual Travel Insurance||* This is a value-for-money travel plan that comes in the following variants:|
1.Travel Companion Plan
2.Travel Elite Plan
3.Travel Prime Plan
*The plans cover expenses on hospitalisation, evacuation and repatriation
|Bajaj Allianz Family Travel Insurance||* This travel plan is for those who are travelling with their immediate family- self, spouse, 2 children|
* Available in 3 options:
1.Travel Companion Plan
2.Travel Elite Plan
3.Travel Prime Plan
*Covers personal liabilities
|Bajaj Allianz Student Travel Insurance||* Ideal for students going overseas to pursue higher studies|
* Covers the unforeseen expenses that can take place in a student’s life
* Available in following options, on the basis of coverage and sum insured:
1.Student Companion Plan
2.Student Elite Plan
3.Student Prime Plan
|Bajaj Allianz Domestic Travel Insurance||* This plan covers personal injuries that may arise from accidents or other medical conditions|
* Permanent Total Disability is also covered
* Emergency hotel extension can be covered
|Bajaj Allianz Asia Travel Insurance||* An ideal travel insurance plan if travelling to an Asian country, excluding Japan|
* The plan is available in the two following options, on the basis of coverage and sum insured:
* Travel Companion Plan
* Travel Elite Plan
|Bajaj Allianz Senior Citizen Travel Insurance||* A tailor-made travel insurance policy for citizens over the age of 61 years|
* The plan offers an ‘on-call support’ all around the globe
* Add-on features make this plan all the more attractive and beneficial
|Bajaj Allianz Corporate Travel Insurance||* A travel insurance policy that covers the unforeseen you and your family may have to bear|
* Available in the following options:
1.Travel Companion Plan
2.Travel Elite Plan
3.Travel Prime Plan
* Offers cover up to 180 days in one year
|Religare Travel Insurance||Religare International Travel Insurance||* You can customise this plan as per your destination basis and on a single/ multi-trip basis|
* You can also avail of a business class updation
* In case of hospitalisation due to an accident, the sum insured is doubled
* Both in-patient and out-patient treatments are covered
|Religare Student Travel Insurance||* When you go to a foreign country to pursue your dreams, do not let your learning be interrupted|
* This student-specific travel insurance covers treatment, hospitalisation and covers pre-existing diseases too
* In case of study interruption, the tuition fee would be indemnified
|Future Generali Travel Insurance||Future Generali Schengen & Worldwide Travel Insurance||* This international travel plan covers you everywhere you go|
* You can get an instant issuance of the policy
* Covers medical expenses and travel contingencies
|Future Generali Overseas Travel Insurance||* The plan offers global protection with an all-round-the-clock assistance|
* A suitable plan for travellers between:
1. 18 to 70 years for Individual and multi-trip plans
2. 18 to 65 years for Asia Travel on a Family Floater basis
3. Children: 6 months to 25 years
4. Seniors: 71 to 80 years
|Future Generali Student Travel Insurance||* Students from 12 to 40 years can opt for this plan|
* No medical screening is required unless an adverse health declaration
* Comprehensive coverage
|Future Generali Shubh Yatra||* A travel insurance plan for your domestic travel|
* Covers daily commuters, business trips as well as vacations
* Available for individuals from day 1 to 70 years of age
Factors to consider while buying travel insurance plans
- 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.
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.
Go for a plan that offers maximum coverage, lowest premium.
- 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:
- Your age plays a key role in the premium that you would have to pay
- The premium will directly depend on the number of days that you are travelling
- The total number of members that are covered
- Your medical history will also be taken into consideration. If you suffer from any illness, you may have to pay a higher premium
- You may also have to pay more if travelling to a high-risk country/ city
- 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.
- 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.
- 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.
- 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:
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.