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Interest Rate (Monthly reducing balance) |
Starts from 8.70% p.a. |
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Loan Tenure |
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When you travel, you might face emergencies in unfamiliar surroundings. A travel insurance plan provides assistance for personal accidents, illnesses, hijacking, theft, personal liability expenses, and other travel-related issues. Having a comprehensive travel insurance policy ensures you don’t have to worry about handling emergencies and helps you have a safe trip abroad.
Indian travelers have many options from various general insurance companies. Travel plans are tailored based on the customer type, travel destination, and trip type. Here are the different types of travel insurance plans available in India.
General insurance companies in India offer customized international travel insurance plans based on the destination. These plans cover specific requirements for different regions, ensuring comprehensive coverage. Common features include cashless hospitalization, no medical tests required up to age 80, easy online applications, and minimal paperwork. Additional benefits might include free international SIM cards, 24/7 customer support, and coverage for total loss of checked-in baggage.
Plans Offered:
A comprehensive Student Travel Insurance plan offers financial and medical assistance to students traveling abroad for higher education. These plans cover the entire course duration and help students manage emergencies or financial hurdles.
Corporate travel insurance plans provide protection for employees traveling abroad, customizable to the organization’s needs. They offer medical and travel-related cover and are available as multi-trip or single round trip policies.
Domestic travel insurance plans cover individuals traveling within India, providing medical expense cover, baggage loss or theft, emergency medical evacuation, trip cancellation and delay, personal accident cover, and emergency cash assistance.
Group travel insurance plans cover at least 20 individuals traveling together. Benefits include trip cancellation, delay, interruption, loss of baggage, and document protection.
Family travel insurance covers a family (policyholder, spouse, and two children) under one policy. Benefits include medical expenses, personal accident, trip delays, loss of baggage and documents, and home burglary insurance.
Senior citizens can travel without hassle with comprehensive travel insurance, offering cashless medical services, medical concierge services, quality healthcare, international SIM cards, coverage for pre-existing conditions, accidental injury, document loss, trip delays/cancellation, third-party damage, and distress allowance.
Some insurers offer customized plans for specific regions worldwide.
Schengen travel insurance is mandatory for travelers to the Schengen area for up to 90 days. It covers emergency medical expenses, repatriation, 24/7 assistance, accidental injury, death or permanent disability, third-party liability, and extended family protection. Schengen countries include Austria, Czech Republic, Belgium, Denmark, Finland, Estonia, Germany, France, Iceland, Greece, Latvia, Hungary, Italy, Lithuania, Liechtenstein, Luxembourg, Malta, Netherlands, Norway, Portugal, Poland, Slovakia, Spain, Slovenia, Switzerland, and Sweden.
Asia-specific travel insurance provides comprehensive protection for travelers to most Asian and Southeast Asian countries, excluding a few specified in the policy. Benefits include emergency medical cover, accidental injury, third-party liability, emergency financial assistance, passport loss, and distress allowance.
Travel insurance policyholders can extend their plans if their stay abroad is prolonged. The extension period depends on the insurer, destination, and traveler type.
These plans cover two adults up to 60 years old and two children up to 21 years old. Floater benefits are available with family travel insurance plans.
These plans typically cover students aged 16 to 35/40 years who are enrolled at a foreign institution for higher education. Existing Indian students abroad also qualify for these policies.
Seniors up to 85 years old can get a Senior Citizen travel insurance policy without undergoing medical tests.
Covers adults up to 70 years old and infants over 90 days. The purpose of travel should be business or tourism.
The coverage offered under travel insurance plans varies by policy. The coverage and sum assured depend on the chosen covers and the type of individual availing the plan. Below are the coverages and exclusions for different travel insurance plans available in India.
International Travel Plans
| What’s covered? | What’s not covered? - Exclusions |
|---|---|
| Emergency Medical Expenses | Pre-existing medical conditions |
| Emergency Medical Evacuation | Expenses incurred due to civil war or terrorism. |
| Repatriation of remains | Expenses incurred due to suicide, self-inflicted injury or non-adherence to a physician’s advice. |
| Emergency Dental Expenses | Expenses incurred for liquor, alcohol or drugs. |
| Hospital Cash Allowance | Treatment of diseases like AIDS, mental or health conditions. |
| Accidental Death / Permanent Total Disability | Participation in adventure sports / Participation as professional players in various sports. |
| Loss of Baggage/Personal Documents | If the policyholder is involved in any criminal act. |
| Loss / Delay of Checked Baggage | Ayurvedic or Homeopathic treatments |
| Personal Liability | Cosmetic Surgery |
| Contingency Travel Benefits | Spa treatments |
| Hijack Distress Allowance | |
| Financial Emergency Assistance | |
| Cover for Home Content | |
| Political Risk and Catastrophe Evacuation | |
| Trip Delays / Missed Flight Connection | |
| Compassionate Visit | |
| Return of Minor Child |
Student Travel Plans
| What’s covered? | What’s not covered? - Exclusions |
|---|---|
| Accidental Death | Pre-existing medical conditions |
| Permanent Disablement | Expenses towards mental disorder, anxiety treatment, alcohol, AIDS, drug abuse and venereal diseases. |
| Emergency Medical Expenses | Expenses incurred if travelling against a doctor’s advice. |
| Emergency Dental Treatment | Theft/loss of passport, when left unattended |
| Loss of Passport | Travel to high-risk zones |
| Loss/Delay of Checked Baggage | Treatment for certain medical conditions as specified by the travel policy |
| Personal Liability | Consequential loss |
| Bail Bond | |
| Study Interruption | |
| Sponsor Protection | |
| Compassionate Family Visits | |
| Psychological Coverage | |
| Medical Screening / Examinations |
Family Travel Insurance Plans / Corporate Travel Insurance Plans / Senior Citizen Travel Insurance Plans
| What’s covered? | What’s not covered? - Exclusions |
|---|---|
| Emergency medical expenses | Pre-existing medical conditions / Routine check-ups |
| Medical Evacuation | Expenses incurred due to civil war or terrorism. |
| Personal Accident | Expenses incurred due to suicide, self-inflicted injury or non-adherence to a physician’s advice. |
| Hospital cash | Expenses incurred for liquor, alcohol or drugs. |
| Loss/delay of checked-in baggage | Treatment of diseases like AIDS, mental or health conditions. |
| Loss of baggage / personal documents / passport | Participation in adventure sports / Participation as professional players in various sports. |
| Personal Liability | If the policyholder is involved in any criminal act. |
| Emergency Cash Advance | Pregnancy |
| Home Burglary Insurance | Self-exposure to perils |
| Trip Curtailment/Delays | Cost of devices aiding in medical treatments |
| Golfer Hole-in-one | |
| Emergency dental expenses | |
| AD&D Common Carrier |
Some travel plans offer additional benefits in the form of optional coverage, which can be chosen by the policyholder for extra protection. These covers require an extra premium in addition to the standard benefits provided.
Listed below are a few conditions for which optional covers can be taken by a travel insurance policyholder:
1. High-risk or adventure sporting activities:
2. Cover for travel to war zones or destinations with high risks:
3. Onset of pre-existing medical conditions:
4. Accidental Death and Dismemberment (AD&D) cover:
5. Third-party supplier insolvency:
Before purchasing a travel insurance policy, it’s important to compare various options. Here are the key factors that influence the cost of an all-inclusive travel insurance plan:
1. What is the Sum Insured?
The sum insured is the coverage amount based on your travel geography. Higher medical costs in certain countries lead to higher sums insured, which increase the premium.
2. How does the Location of Travel affect the premium?
Travel insurance for countries like Canada and the U.S. typically has higher premiums due to expensive medical treatment costs. Japan often has customized plans due to its natural disaster risks.
3. What role does Trip Duration play?
The length of your trip affects the premium. Longer trips generally result in higher premiums, while shorter trips cost less. Extensions to your trip also require an additional premium.
4. How do Covers Offered impact the cost?
Choosing additional covers, such as burglary insurance or home contents protection, will increase the premium.
5. What is the significance of Plan Type?
The type of plan (single-trip, multi-trip, student travel) can influence the premium amount, although this factor is less significant compared to others.
6. How do Health and Age affect travel insurance?
Insurers may consider your age and health condition when issuing policies. Pre-existing or high-risk conditions might not be covered by most insurers.
The Equated Monthly Installments (EMIs) that you will pay will depend on a few key factors.
The higher the loan amount, the higher your EMI will be. Similarly, the shorter the loan tenure the higher the EMI.
To calculate the EMI on your car loan, you can use the formula:
EMI=P×R×(1+R)N(1+R)N−1\text{EMI} = \frac{P \times R \times (1+R)^N}{(1+R)^N – 1}
where:
Manual calculations can be error-prone, complex, and time-consuming, so using an online personal loan EMI calculator is preferable. This calculator requires only a few basic details such as the interest rate, loan amount, and loan tenure.
Once these details are entered, the EMI amount is calculated instantly. Additionally, the calculator provides the total interest amount and an amortization schedule for easy reference.
Travel insurance claims can be processed in two ways: Cashless Claims and Reimbursement Claims.
1. What are Cashless Claims?
For emergencies or hospitalization, customers present their travel insurance document to the medical service provider. The insurer settles the medical bills directly with the provider. Customers must inform their insurance company about the claim.
2. What are Reimbursement Claims?
This is the most common claims process. The policyholder contacts the insurance company to initiate the claim and submits required documents after returning to India. The insurer verifies the claim and settles the amount directly with the policyholder. The time for claim processing varies by insurer and claim type.
When registering a travel insurance claim, customers need to provide the following details:
Travel insurance claims can be processed in two ways: Cashless Claims and Reimbursement Claims.
1. What are Cashless Claims?
For emergencies or hospitalization, customers present their travel insurance document to the medical service provider. The insurer settles the medical bills directly with the provider. Customers must inform their insurance company about the claim.
2. What are Reimbursement Claims?
This is the most common claims process. The policyholder contacts the insurance company to initiate the claim and submits required documents after returning to India. The insurer verifies the claim and settles the amount directly with the policyholder. The time for claim processing varies by insurer and claim type.
When registering a travel insurance claim, customers need to provide the following details:
Cancellation Insurance is offered by insurers as part of a comprehensive travel insurance policy. It covers costs related to trip cancellation and curtailment, including flight cancellation expenses, meals, accommodation, and loss of baggage. Some policies also cover emergency cancellations and expenses related to cancellations due to terrorist activities or travel to high-risk zones.
Customers looking to buy a travel insurance policy can easily check premium rates using travel insurance premium calculators. By entering specific details, the tool provides an estimated premium based on the type of policy. Users need to select whether they want a single-trip or multi-trip plan, the travel destination, trip dates, number of days, number of members included, and the type of plan required. After providing these details, customers can receive premium quotes from different insurers, helping them compare options before making a decision.
In today’s digital age, all general insurers provide easy online services for purchasing or renewing travel insurance policies. Customers can quickly enter their personal and trip details, receive a premium quote, select the most suitable plan, add additional coverage, and make payment online. Payment options include credit cards, debit cards, or net banking. After payment, a new travel insurance policy is generated as a PDF. Some insurers may also send a welcome kit to the policyholder’s address or email a copy of the policy.
Customers can also purchase travel insurance through insurance agents or travel agents. They can visit the nearest branch office of the chosen insurance company. After submitting the required documents and filling out the application form, the insurer will issue a new travel insurance policy to the customer.
| Name of the Company | Types of Plans Offered |
|---|---|
| Apollo Munich Travel Insurance | - Easy Travel - Individual - Easy Travel - Family - Easy Travel - Senior Citizen - Easy Travel - Annual Multi Trip Plan - Educare - Student Travel Insurance |
| Bajaj Allianz Travel Insurance | - Individual Travel Insurance - Travel Asia - Student Travel Insurance - Family Travel Insurance - Corporate Travel Insurance - Senior Citizen Travel Insurance |
| BHARTI AXA Travel Insurance | - Individual and Family Travel Insurance - Student Travel Insurance |
| Cholamandalam Travel Insurance | - Domestic Travel Insurance Policy - Chola Overseas Travel Protection Policy - Chola Student Travel Protection Plan - Senior Citizen Plan - Chola Corporate Travel Days |
| Future Generali Travel Insurance | - Overseas Travel Insurance - Student Travel Insurance - Schengen / Worldwide travel insurance |
| HDFC ERGO Travel Insurance | - International Travel Insurance - Individual Travel Insurance - Student Travel Insurance Suraksha - Family Travel Insurance |
| ICICI Lombard Travel Insurance | - International Travel Insurance - Travel Insurance – Gold Multi Trip - Senior Citizen Travel Insurance |
| IFFCO Tokio Travel Insurance | - Overseas Travel Insurance - Pravasi Bhartiya Bima Policy |
| Oriental Travel Insurance | - Overseas travel - Multi-trip plans / Asia Travel / Senior Citizen plans - Student Travel Plans |
| Reliance Travel Insurance | - Asia Travel Insurance - Schengen Travel Insurance - Student Travel Insurance - Overseas Travel Insurance - Senior Travel Insurance |
| New India Assurance Travel Insurance | - Suhana Safar Policy - Overseas Mediclaim Policy - For frequent travellers |
| National Insurance Travel Insurance | - Travel Insurance for senior citizens (age group - 70+) - Travel to Schengen Countries - Asia Travel - Multi-trip Insurance - Domestic Travel Insurance - Inbound Insurance - Titanium plan - $1 million travel plan - Australia Travel Insurance |
| Religare Travel Insurance | - Explore - International Travel Insurance - Student Explore - International Travel and Health Insurance |
| Royal Sundaram Travel Insurance | - Schengen Travel Insurance - Overseas Travel Insurance |
| SBI Travel Insurance | - International Travel Insurance |
| STAR HEALTH & ALLIED Insurance | - Star Travel Protect Insurance Policy - Star Student Travel Protect Insurance Policy |
| United India Travel Insurance | - Baggage Insurance Policy - Suhana Safer Policy - Marga Bhandu Policy |
| Universal Sompo Travel Insurance | - Individual Overseas Travel Plan - Student travel Plan - Travel Asia |
Choosing a strong travel insurance plan can be challenging, but it’s essential for all travelers, regardless of their destination. Here are some key aspects to consider when comparing different policies:
Destination: The travel destination impacts the coverage needed. The sum insured is based on the geography and the cost of medical treatments in that area.
Duration: Consider the length of your trip. Longer trips typically require higher premiums and coverage amounts, while shorter stays usually have lower costs.
Type of Travel: Select a policy based on your travel type. Those engaging in sports may need additional coverage for high-risk activities. Senior citizens can find customized policies for specific medical needs, while students can choose plans suited for studying abroad.
Compare: Always compare policies before purchasing. Look into the coverage details, claims process, online services, customer support, network hospitals, and payment options to ensure you get the most benefits from your policy.
No Claim Bonus (NCB) is a reward given to policyholders for not making any claims during the previous policy period. Currently, this bonus can range from 20% to 50% on the Own Damage premium, but it does not apply to the liability premium.
No, cancellation insurance is not mandatory. However, if included, it protects against unforeseen events that may lead to trip cancellations or interruptions.
While coverage doesn’t change based on age, insurers offer specific plans designed for different age groups, providing similar coverage for those within that group.
No, only one travel insurance policy is issued per trip by the insurer.
Some travel insurance policies may cover costs associated with airline insolvency if an airline goes bankrupt before the scheduled flight, but this varies by insurer.
Yes, there are minimum and maximum durations, which differ by insurer. For example, Bharati AXA requires a minimum of 2 days for non-Schengen travel, extendable up to 356 days.
Not necessarily. Requirements vary by insurer, but many request fitness or medical certificates regarding existing health conditions.
Online applications are typically processed quickly. For instance, ICICI Bank can provide an online policy in about 15 minutes, while a hard copy may take up to 7 working days.
This coverage applies from the time the policyholder passes airport security until the trip ends. It compensates for lost baggage based on actual loss and the policy’s specified limit.
Yes, especially with insurers like Bajaj Allianz. Policies can often be renewed online, usually requiring a form to be submitted 7-10 days before expiry.
If you cancel your policy, there may be a fee. For example, ICICI Bank charges Rs. 300 for policy cancellations.
According to ICICI Bank’s policy rules, an individual can only be covered by a single policy during a trip.
With ICICI Bank, you can extend your policy multiple times as long as the total duration does not exceed 360 days.
Yes, most travel insurance plans include coverage for lost passports, covering the costs of obtaining a duplicate or temporary passport.
Travel insurance is generally valid until the policy duration ends or until the insured person returns to India. Insurers often allow extensions to accommodate longer stays.
