Is An Old Passport Invalid After Getting A New One Overseas Travel Insurance Plans – Costs Less and Offers More

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Overseas Travel Insurance Plans – Costs Less and Offers More

Everyone craves vacations to enjoy some quality time with their loved ones and Indians are no exception. India’s outbound travel sector saw a robust growth this year as international travel destinations are in high demand among Indians in 2015. Headwinds like inflation, rising ticket prices and devaluation of the rupee cannot deter the wanderlust of travelers. Indians to travel around the World. Over 60% of Indians remain unfazed by the devaluation of the rupee and rarely travel. However, the uptake of travel insurance to protect travel is still dismal among Indian travelers.

Younger generations prefer to travel to international destinations at least once a year. According to a survey, 90% of these travelers use their savings for overseas travel and don’t consider travel coverage. Surprisingly, this is the mindset of the internet savvy new generation as ICICI Lombard conducted the survey in the 25-35 age group among 1,049 people in six metro cities in India who had international travel last year.

The survey further reveals that Singapore is the most preferred travel destination among young Indian travelers; The second and third places are held by the USA and Great Britain.

Let’s take a look at the travel plans available and their prices for those who favor these destinations. Let’s start with Singapore.

Travel insurance plans available for travel to Singapore

The following list of top 5 policy quotes in terms of lowest premium is for a 30-year-old looking for a single trip to Singapore. The duration of the trip is 10 days and the chosen insurance amount is 500000 USD.

  1. Universal Sompo – Premium of Rs. 942

  2. HDFC Ergo – Premium of Rs. 1015

  3. Support – Premium of Rs. 1129

  4. TATA AIG – Premium of Rs. 1234

  5. Religare – Premium of Rs.1666

The lowest premium is Rs. 942 for a travel insurance plan for a 10-day trip to any Asian country like Singapore, Thailand. This means one has to pay less than Rs. 100 per day to make his journey safe and secure. Indian travelers should know that the travel plans are not only cheap but they also provide coverage for lost luggage, passport, kidnapping and even emergency treatment.

Travel insurance plans are available for UK travel

The following list of top 5 policy quotes in terms of lowest premium is for 1 person looking for a single trip in the UK. The duration of the trip is 10 days and the chosen insurance amount is 500000 USD.

  1. Universal Sompo – Premium of Rs. 942

  2. Bajaj Allianz – Premium of Rs.991

  3. HDFC Ergo – Premium of Rs. 1015

  4. Support – Premium of Rs. 1129

  5. Bajaj Allianz ( Travel Elite Platinum) – Premium of Rs. 1139

Universal Sompo offers the lowest price. The travel insurance plan premium is also Rs. 942 for a 10 day trip to the UK.

Travel insurance policies for trips to the US

The following list of top 7 policy quotes in terms of lowest premium is for 1 person looking for a single trip in the US. The duration of the trip is 10 days and the chosen insurance amount is 500000 USD.

  1. Universal Sompo – Premium of Rs. 1344

  2. HDFC Ergo – Premium of Rs. 1438

  3. Bajaj Allianz – Premium of Rs.1441

  4. IFFCO-TOKIO – Premium of Rs.1456

  5. Bajaj Allianz ( Travel Elite Platinum) – Premium of Rs. 1658

  6. TATA AIG – Premium of Rs. 1694

  7. Support – Premium of Rs. 1783

The lowest premium is Rs. 1344 for a travel insurance plan for a 10-day trip to the US. Just imagine, you are covering all kinds of risks just by paying less than Rs. 140 for each day of your trip.

Best travel insurance plans in India in terms of baggage and medical cover

The survey also revealed that 79% of people buy travel plans to cover medical emergencies. Baggage security is the second most vital reason as 60% of people after purchasing travel insurance policy. So, let’s find out the best travel insurance plans in terms of medical emergency and luggage security.

From the above list of travel policies for USA, two plans from Reliance and Bajaj Allianz look the best in terms of baggage coverage.

Reliance Travel care platinum offers US$ 1500 for loss of checked baggage for a price of Rs 1783.

The Travel Elite Premium plan from Bajaj Allianz provides US$1000 for a price of Rs. 1658 for the loss of checked baggage.

To get the best coverage for medical emergencies, the Titanium plan from HDFC ERGO is the best. It mainly covers:

  1. Emergency medical expenses

  2. Permanent Disability/accidental death

  3. Hospital money

  4. Loss of personal documents

  5. Accidental death

  6. Loss of luggage

  7. Emergency Financial Assistance

  8. Personal responsibility

How much does an international travel policy cost for a couple?

According to the survey, 52% of travelers prefer to travel with their spouses. So if these people can take advantage of a travel plan to visit the US, UK or Singapore, how much should they pay?

Let’s start with the trip to USA for 10 days for a sum assured of USD 100,000 covering 2 people who are 30 and 28 years old.

Religare offers the best plan that comes at a price of Rs. 2407.

If you compare the travel plans available for couples who wish to visit the UK, keeping the same criteria of travel duration, sum insured and age of the traveller, Religare offers the best plan. The plan premium is Rs. 1537.

For a trip to places like Singapore, Thailand within Asia, which has been the top travel destination of 2015, a couple should spend even less on a travel insurance policy. If you compare travel insurance plans covering Asia, you will get the lowest premium of Rs. 1218 from the Explore Asia plan offered by Religare.

The positive part of the survey is the increased awareness among Indian travelers. More than 90% of the younger generation is aware of travel insurance which is a significant increase from 80% last year. One of the leading providers of travel insurance plans in India; ICICI Lombard signed a total travel insurance premium of Rs 100 last year, one can expect the premium to increase by 5-10% this year. The problem is not awareness; is the lack of understanding about the benefits associated with these travel covers.

27% of the total survey respondents choose not to use a travel insurance plan simply because they were under the misconception that such plans only cover accidents, loss of luggage and theft but do not provide medical coverage. This is far from the truth as HDFC ERGO’s complete breakdown of Titanium plan shows extensive coverage for medical emergencies.

25% of the respondents did not buy any travel plans because they thought that such plans are expensive, but it is not. The price of all the plans for the person mentioned here is around less than Rs. 100 to less than Rs. 140 for each day of a 10-day trip. Travel insurance policies for couples are even cheaper as they cost in the range of less than Rs. 65 per day per person to less than Rs. 125 per day per person for destinations like USA, UK and all countries in Asia including popular destinations like Singapore, Thailand.

Indians like to spend their holidays in international destinations. An international travel insurance plan doesn’t cost much and offers a lot in return. If you are also a travel fanatic, you should ensure the total duration of the trip so that you can enjoy your vacation with complete peace of mind.

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