Categorized | Travel Insurance

the growing travel insurance market in india

A few years back, Travel Insurance was not popular among travelers traveling to India or going abroad. However, awareness of being Insured or getting the benefits of a travel insurance Policy is the in thing now. Statistics show premiums on insurance, especially travel policy are likely to increase many folds by 2015 to more than Rs. 5000 billion. 

The market for travel insurance in India is upbeat as more people are looking for holidays in India as well as abroad. They not only want surety in life but also want a hassle-free travel where the journey hassles, cancellations of tickets or loss of luggage is duly compensated through a tour insurance plan. Growing at a rate about 15 percent each year, travel insurance market in India is now a budding market with plans catering not only to medical cover but also compensating the hassles endured by travelers during their journey. 

Domestic Travel insurance

Travel insurance is not just about medical cover, but a package with non-medical options, such as trip delay or cancellation of flight or train, accommodation charges levied due to cancellation of ticket, baggage theft, accidents, liabilities not addressed in Health Insurance cover, and similar uncertainties during a journey. Extreme conditions, such as hijacking are also often addressed in domestic travel insurance plan. 

In the past 5 years or so, there has been a steady rise in domestic travel insurance in India. Primarily in partnership with airlines, online travel agents, and tour operators who prepare an itinerary plan for travelers wanting to holiday at remote or plush areas without any hassle, insurance firms have roped both business travelers and tourists. 

It is easy to pick a travel insurance policy today. Many travelers buy one that is available with the airlines when purchasing a ticket while some download a plan from the online travel guide. Some tour operators sell travel packages which include travel policy as well. It is important to check the conditions stated in the policies as many don’t cover Pre-existing hassles.

Overseas Travel insurance

Some people travel for fun, others visit overseas for a business assignment, while few others visit foreign countries to study. Overseas travel insurance is often a must for students as it includes health cover, protection against sponsorship hassle or interruption in studies. There are benefits which also cater to baggage loss, medical expenses, accidents, dental treatment, loss of vital documents and credentials, such as passport, and pre-medical checkups. Today, top Indian insurance companies are selling such international travel insurance just for students. 

Business travel is yet another area where Indian insurance companies have made a foray in recent times. Many corporate majors opt for group insurance policies for domestic or international trips. The main idea is to protect the business delegates against accidents or sicknesses during the travel. The travel insurance policy of this nature also compensates against passport or baggage loss, flight delays, and cancellations. If the insured delegate is hospitalized overseas, the plan also allows a family member to visit the patient. 

Cost Effective Travel insurance Plan

Travel insurance plans are no longer a costly affair. One can bargain for an affordable one with useful benefits that is just right for one’s itinerary plan. Online travel insurance is a cost-effective way to bag a travel policy. One can check out the benefits, conditions applicable for the same, and even compare the premiums of various travel insurance policies before deciding for an ideal one. Once the plan is selected, the buyer has to provide the travel details online, calculate the Premium required for the plan, and purchase the same through a credit card. With no paperwork or insurance agents involved in the process, online purchase of such plans is hassle-free as well as less costly.

Checklist for Picking a Travel insurance Policy

The insurance market in India for tours and travel is gathering momentum each year as the processes are being streamlined for the convenience of the travelers. One needs to identify a convenient insurance provider who provides apt travel policies with suitable benefits. From flexible premium payment option to varied non-medical benefits, travel insurance policies are gaining immense popularity in recent times.