Overseas Travel Insurance Plans – Less Expensive and More Comprehensive
Vacations are desired by everyone, including Indians, to spend quality time with their loved ones. Because international travel destinations were in high demand among Indians in 2015, India’s outbound travel sector increased this year. However, inflation, skyrocketing ticket prices, and rupee depreciation could not deter the wandering spirit of Indian travelers from traveling around the world. Over 60% of Indians are unaffected by the rupee’s depreciation and eager to travel. However, among Indian travelers, the rate of purchasing travel insurance to protect their trip remains low. To read the Aviva Travel Insurance Review, click here
Younger generations prefer to visit international destinations at least once a year. According to a survey, 90% of these travelers use their savings for international trips and do not consider travel insurance. Surprisingly, this is the mindset of the young internet-savvy generation, according to a survey conducted by ICICI Lombard among 1049 people across six metro cities in India who had international trips the previous year.
According to the survey, Singapore is the most popular travel destination among young Indians, followed by the United States and the United Kingdom.
Let’s look at the travel options and prices for those who prefer these destinations. Let us begin with Singapore.
Singapore travel insurance plans are available.
The top five policy quotes regarding the lowest premium are for a 30-year-old man looking for a single trip to Singapore. The trip lasts ten days, and the sum insured is $500,000.
- Universal Sompo – Rs. 942 Premium
- HDFC Ergo – Rs. 1015 Premium
- Reliance – Rs. 1129 premium
- TATA AIG – Rs. 1234 premium
- Religare – Rs.1666 premium
The lowest premium for a travel insurance plan for a 10-day trip to any Asian country, such as Singapore or Thailand, is Rs. 942. This means that one must pay less than Rs. 100 per day to ensure the safety and security of his journey. Indian travelers should be aware that travel insurance is inexpensive and covers baggage loss, passport loss, hijacking, and even emergency treatment.
Travel insurance plans are available for trips to the United Kingdom.
The top five policy quotes regarding the lowest premium are for a single person looking for a single trip to the UK. The trip lasts ten days, and the sum insured is $500,000.
Universal Sompo – Rs. 942 premium Bajaj Allianz – Rs.991 premium HDFC Ergo – Rs. 1015 premium Reliance – Rs. 1129 premium Bajaj Allianz (Travel Elite Platinum) – Rs. 1139 premium
Universal Sompo has the cheapest premium. A travel insurance plan costs Rs. 942 for a 10-day trip to the United Kingdom.
Travel insurance policies for trips to the United States
The top seven policy quotes regarding the lowest premium are for a single person looking for a single trip to the United States.
- The trip lasts ten days, and the sum insured is $500,000.
- Universal Sompo – Rs. 1344 Premium
- HDFC Ergo – Rs. 1438 Premium
- Bajaj Allianz – Rs.1441 premium IFFCO-TOKIO – Rs.1456 premium
- Bajaj Allianz (Travel Elite Platinum) – Rs. 1658 premium
- TATA AIG – Rs. 1694 premium
- Reliance – Rs. 1783 premium
The cheapest premium for a 10-day trip to the United States is Rs. 1344. Consider that you are getting all types of risks covered for less than Rs. 140 per day of your trip.
In terms of baggage and medical coverage, the best travel insurance plans in India
According to the survey, 79% purchase travel insurance to cover medical emergencies. The safety of one’s luggage is the second most important reason, with 60% of people buying travel insurance. So, let’s look at the best travel insurance plans for medical emergencies and luggage security.
Regarding baggage coverage, two Reliance and Bajaj Allianz plan stand out from the above list of travel policies for the United States.
For a premium of Rs.1783, Reliance Travel Care Platinum provides US$1500 for checked baggage loss.
Bajaj Allianz’s Travel Elite Premium plan provides US$ 1000 for a premium of Rs. 1658 for checked baggage loss.
The Titanium plan from HDFC ERGO provides the best coverage for medical emergencies. It primarily addresses:
- Medical Emergency Expenses
- Accidental death/permanent disability
- Hospital Cash
- Personal Documents Lost
- Unintentional Death
- Baggage Misplacement
- Financial Help in an Emergency
- Individual Liability
What is the cost of a couple’s international travel policy?
According to the survey, 52% of people prefer to travel with their spouses. So, how much do these people have to pay if they can get a travel plan to visit the United States, the United Kingdom, or Singapore?
Let’s start with a 10-day trip to the United States for a sum insured of $100,000 for two people aged 30 and 28.
Religare provides the best plan for a premium of Rs. 2407.
When you compare travel plans available for couples visiting the UK while keeping the same criteria for trip duration, sum insured, and traveler age in mind, Religare provides the best plan. The plan’s premium is Rs. 1537.
A couple must spend even less on a travel insurance policy for a trip to Singapore, Thailand, Asia, the top travel destination in 2015. When you compare travel insurance plans that cover Asia, the Explore Asia plan from Religare has the lowest premium of Rs. 1218.
The survey’s positive outcome is increased awareness among Indian travelers. More than 90% of the young generation is aware of travel insurance, a significant increase from 80% last year. ICICI Lombard, a primary provider of travel insurance plans in India, underwrote a total travel insurance premium of Rs 100 the previous year; the dividend is expected to rise by 5-10% this year. The issue is not one of awareness; instead, it is one of understanding the benefits of these travel insurance policies.
27% of the total respondents in the survey chose not to purchase a travel insurance plan because they were misled into believing that such programs only cover accidents, loss of baggage, and theft and do not provide medical coverage. However, this is far from the case, as the complete breakdown of HDFC ERGO’s Titanium plan demonstrates an extensive range of medical emergencies.
25% of those polled did not purchase a travel plan because they believed it was too expensive, but this is false. All of the programs for the people mentioned here cost between Rs. 100 and Rs. 140 for each day of a 10-day trip. Travel insurance policies for couples are even more affordable, ranging from less than Rs. 65 per day per person to less than Rs. 125 per day per person for destinations such as the United States, the United Kingdom, and all countries in Asia, including popular destinations such as Singapore and Thailand.