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Best Travel Insurance Plans in India

Travel insurance covers unexpected and uninvited problems that happen during your journey.

by LilRoot Updated: 08 Feb, 2021, 13:52 IST
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Travel planning is exciting, while we usually tend to focus on every detail including flights, packing, places to visit and spending budget; we tend to ignore travel insurance.


Why do you need Travel Insurance?

Travel insurance provides an insured safety net to travel worry free as it compensates for any uncalled mishaps that occurs during the trip. Most companies provide insurance for medical expenses, loss of baggage/passport, trip cancellation, flight delay and more. We suggest to ask yourself the 3W’s listed below to ensure your risk involvement during the journey:

1. Where am I going?

If you are travelling to US, Canada then the medical expenditure is much higher as compared to Asian countries. Also if you are travelling to a natural disaster prone area or country like Japan it is best to consider yourself insured. Sometimes factors like longer duration travel, food and climate change can be a major reason to fall sick. Certain countries have made it compulsory to possess travel insurance so best to check before applying for the visa like Schengen countries, UAE (if travelling to Dubai), Australia, and Cuba

2. Who are you travelling with?

Elders or kids cannot adapt to the sudden change in climate and are more prone to fall sick. Might be good to consider if you are travelling to a country with no acquaintances and in case of theft; travel insurance can provide all required financial as well as medical help.

Insurers also offer add-ons like burglary and fire insurance for your home for the days you are travelling.

3. What will I do?

Decide if it is a sleep, eat and sightseeing leisure holiday or involves some adventure. If your itinerary includes activities like water sports, skiing or trekking it is best to fill the gaps. Though a regular travel insurance plan will not cover risks involved in these activities, you can get special coverage on request at an extra cost.

What are the different types of Travel Insurance?


On the basis of geographical border:

International Travel Insurance Provides cover for international travel trips like Asia, UK, USA, etc.
Domestic Travel Insurance Suitable for local travelling in India to inter-states like Rajasthan, Delhi etc.
Schengen Travel Insurance Offers coverage for 26 European countries that fall under the Schengen area.


On the basis of types of Traveller:

Corporate Travel Insurance
Employees of an organization can get travel insurance coverage for both domestic and international trips under this plan
Student Travel Insurance
Designed for students travelling abroad to pursue higher studies on student visas.
Senior Citizen Travel Insurance
Specifically for people falling under the age group of 61-70 years.
Family Travel Insurance
Policy to cover a group of an entire family taking a trip together.
Group Travel Insurance
Perfect for a number of people who are not blood related to each other and travelling as part of a club or just friends.


On the basis of insurance policy validity:

Single Trip Travel Insurance
Formulated to provide coverage for the duration of a single trip.
Multi-Trip Travel Insurance
Provide extended coverage for multiple trips typically for a year.




What are the factors which determine the premium you'll have to pay?

  1. Insurance sum: The higher the sum assured, the costlier is the policy.
  2. Type of plan: Single-trip, multi-trip, student or senior citizen plan.
  3. Coverage: Special add-ons such as cover for adventure sports or home insurance.
  4. Duration of travel: The longer the duration, the higher will be the premium.
  5. Travel destination: Insurance for regions such as the US and Canada, where medical services are expensive, is costlier.
  6. Age and Health: Your age and general health play an important role as well. Pre-existing illnesses and illnesses related to alcoholism and drugs are not covered by some insurers.

How to choose the correct travel Insurance?

For the same insurance sum a list of insurance companies offer different facilities which directly reflects on the premium you pay. Have listed popular insurance offering companies and their benefits.


Medical Covers:

Medical Expenses
Dental Treatment
Personal Accident
Accidental Death
Daily allowance in case of hospitalization
IFFCO Tokio
$50k - $5L
$250
$15k-$25k
$10k - $25k
$30 per day for 20 days
HDFC Ergo
$50k - $5L
$300-$500
$15k-$25k
$10k - $25k
$15 per day
Bajaj Allianz
$15k - $10L
$500
$7.5k - $30k
$5k (Common Carrier)
$25 per day

Max $125

ICICI Lombard Travel
$50k - $5L
$300
$15k
$5k (Common Carrier)
Up to $50 per day.

Max 5 days

Religare
$50k - $5L
$300
$15k
$5k (Common Carrier)
Up to $25 per day.

Max 5 days

Bharti AXA
$50k - $2L
$500
$15k - $25k
$2.5k (Common Carrier)
$25 per day for 7 days
Reliance
$50k - $5L
$500
$15k
$2,500 - $25k
-
TATA AIG
$50k - $5L
$300 - $1k
$15k - $25k
$10k - $25k
$25 per day



You might have to undergo medical tests to provide proof of your good health. Most of the insurance will not cover pre-existing illness, pandemic like Covid-19 and death due to suicide attempt.


Non-medical Covers:

Loss of Passport
Baggage Delay
Missed flight connection
Emergency cash advance
Loss of Baggage
Personal Liability
IFFCO Tokio
$200
$100- $150
-
$250
$500- $1k
$1L
HDFC Ergo
$250
$100- $200
-
$300- $1500
$500 - $1k
$50k - $2L
Bajaj Allianz
$100- $300
$100
$100
$500- $1500
$200- $1k
$10k - $2.5L
ICICI Lombard
$300
$100
$500
$1000
$500
$1L
Religare
$300
$100
-
-
$100
$1L
Bharti AXA
$350
$100
$250- $300
-
$500- $1250
$50k - $2L
Reliance
$300
$100
$300
$300
$500- $1.5k
$50k - $2L
TATA AIG
$250
$50- $500
$500- $1k
$500-$1500
$500-$1k
$1L - $5L



Key Points:

* TATA AIG travel insurance is the only plan that provides $2000 covers for fraudulent charges on payment cards which is valuable in case of card theft (most recommended).

* Bajaj Allianz is the only insurance that offers medical expense insurance of upto 5 Lakhs.

* Medical expenses may or may not include medical evacuation and repatriation.

* Bharti AXA has worldwide presence and 24 x 7 global assistance.

Conclusion:

It is best to compare the insurance policies from Bankbazaar and choose the right policy on the basis of maximum coverage at an affordable premium. Understanding the covers offered, claims process, online services, customer support, network hospitals, payment options, etc., is important in order to enjoy the full benefits of the policy taken.

Evaluate the risks involved during travelling and estimate yourself if you can bear the costs involved or it is worth taking an insurance rather. Travel insurance is the amount of security you have to pay to ease an unpredictable journey.

You can choose to skip the travel insurance if you have the below provision:

* A premium credit card that covers travel insurance

* If the airline covers loss of baggage, delayed arrival, flight or trip cancellation

* If you possess a global health care insurance plan to cover all your medical expenses overseas as well.

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