To safeguard against unexpected incidents during trips, having travel insurance is crucial.
Main types of travel insurance coverage
Travel insurance encompasses various types of coverage designed to protect travellers from unforeseen circumstances:
Medical coverage
Medical coverage is one of the most critical components of travel insurance.
“It covers medical expenses incurred during travel, including hospitalisation, doctor consultations, and emergency medical evacuation,” said Dhirendra Mahyavanshi, Co-Founder and CEO of Turtlemint.
This coverage is especially important for international travellers, as healthcare costs can be exorbitant abroad.
Trip cancellation insurance
Trip cancellation insurance reimburses travellers for prepaid, non-refundable travel expenses if they must cancel their trip for valid reasons.
“Common situations include illness or injury, the death of a family member, severe weather events, or job loss,” Mahyavanshi said.
This insurance provides financial relief and peace of mind before embarking on a journey.
Lost or stolen baggage
Travellers often face the risk of lost or stolen belongings.
Insurance policies typically cover the value of lost, stolen, or damaged luggage and personal items during the trip.
“To secure reimbursement, travellers should report the incident to local authorities, contact their insurer promptly, and file a claim with the necessary documentation,” Mahyavanshi told CNBC-TV18.com.
Trip interruption
Trip interruption coverage helps reimburse costs if a trip is unexpectedly cut short due to unforeseen events, such as medical emergencies or political unrest.
This coverage can help travellers recover unused trip expenses and arrange alternative travel plans.
Emergency assistance
Emergency assistance services provide 24/7 support, including locating medical facilities, arranging transportation, and managing logistics like contacting family in emergencies.
Events typically covered by travel insurance
Travel insurance is designed to cover a wide range of events that can disrupt travel plans (as compiled by Mahyavanshi):
- Illness or injury: Coverage for medical emergencies requiring treatment while traveling.
- Natural disasters: Protection against events like hurricanes or floods that may affect travel safety.
- Trip cancellations: Reimbursement for cancellations due to valid reasons, such as illness or severe weather.
- Emergency evacuation: Coverage for emergency medical evacuations to suitable facilities.
The growing travel insurance market in India
Mahyavanshi highlighted the expansion of India’s travel insurance market.
“Factors such as higher disposable incomes and more frequent international trips have fuelled this growth,” he said.
The rising awareness of the benefits of travel insurance, especially post-pandemic, has further contributed to this trend.
Travellers are realising the financial risks of unexpected incidents while abroad.
The role of digital transformation
The insurance sector is undergoing a digital transformation, making it easier for consumers to access and purchase travel insurance.
“Online platforms and mobile apps simplify policy distribution,” Mahyavanshi said.
Insurers are leveraging AI and data analytics to streamline services.
A look at travel insurance policies available in India
| Insurance Providers | Name of the plan available |
| Apollo Munich | Easy travel- Senior Citizen Easy travel-Family Easy travel-Individual Easy travel- Multi-trip Educare-Student travel plan |
| Bharti AXA | Individual Travel Insurance Family Travel Insurance Student Travel Insurance |
| Bajaj Allianz | Individual Travel Insurance Family Travel Insurance Student Travel Insurance Travel Asia Senior Citizen Plan Corporate travel Insurance policy |
| HDFC ERGO | Individual Travel Insurance Family Travel Insurance Student Suraksha Travel Insurance International Travel Insurance |
| Cholamandalam | Domestic Travel Insurance Policy Chola Overseas Travel Protection Policy Senior Citizen Insurance Policy Chola Corporate Travel Days Chola Student Travel protection plan |
| Future Generali | Overseas Travel Insurance Schengen/Worldwide Travel Insurance Student Travel Insurance |
| ICICI Lombard | Senior Citizen Insurance Policy International Travel Insurance Travel Insurance- Gold Multi-Trip |
| Niva Bupa | TravelAssure plan |
| IFFCO Tokio | Overseas Travel Insurance Pravasi Bhartiya Bima Policy |
| New India Assurance | Suhana Safar Policy Overseas Mediclaim Policy- for frequent flyers |
| Reliance | Asia Travel Insurance Schengen Travel Insurance Student Travel Insurance Overseas Travel Insurance Senior Travel Insurance |
| National Insurance Travel Insurance | Senior citizen Travel Insurance (70 years above) Asia Travel Insurance Schengen Travel Insurance Domestic Travel Insurance Policy Inbound Travel Insurance Titanium Travel Plan- $ 1 million Australia Travel Insurance |
| Religare | Explore-International Travel Insurance Student Explore- International Travel & Health Insurance |
| Royal Sundaram | Schengen Travel Insurance Overseas Travel Insurance |
| State Bank Of India | International Travel Insurance |
| STAR HEALTH &ALLIED | Star Travel Protect Insurance Policy Star Student Travel Protect Insurance Policy |
| United India | Baggage Travel Insurance Policy Suhana Safar Policy Marga Bhandu Policy |
| Universal Sompo | Individual Overseas Travel Plan Student Travel Insurance Plan Travel Asia |
(Source: Bankbazaar)
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