News
   
Latest News
SBI life leads globally at million dollar round table (MDRT) 2010
....Read more
2009 News
2009 News
....Read more
2008 News
2008 News
....Read more
2007 News
2007 News
....Read more
2006 News
2006 News
....Read more
 
 
 
 
Latest News
Oct 13 2011 5:12PM
What you need to check before buying travel insurance

With Diwali vacation round the corner,most of you must have already planned your trips. Earlier, majority of the urban population used to pack their bags and head to their grandmas place to spend their entire vacation.Now, with high disposable income, cheaper airfares, incentives by tour operators and increased air connectivity, people are heading to exotic locations during this period. However, a sudden illness or an accident during the trip can cause you huge financial losses. Similarly, unexpected events such as theft can leave you distressed .A travel insurance policy can keep all such worries at bay. Gaurav Garg,managing director & CEO, Tata AIG General Insurance ,says, Currently, more than 10 million people are travelling abroad. It is better to take travel insurance since the cost of medical treatment abroad is very high while the cost of insurance is negligible.Travel insurance provides coverage against the unforeseen eventualities while travelling. One should be aware about the availability of assistance. The support provided by the insurance company and the third party administrator is significant while choosing a travel policy. There are various travel insurance covers available for business travellers, families and students. Karan Chopra, head-retail business, HDFC ERGO General Insurance, says,Today,insurance companies have specialised product portfolio for individual, family, senior citizens, students and annual trips. While buying a policy ensure that the coverage offered by the insurer meets all your requirements. Minimum coverage for a single trip may be around $30,000 and it can go up to around $2,00,000. One should look for policies which provide higher reimbursement and additional benefits,Chopra said. Premium on the policy depends on various factors such as destination, duration, sum insured for accident and sickness cover. It may also vary according to the specific assistance and support provided for the insured. If you want some extra benefits like trip delay and cancellation, you will have to shell out more.Before purchasing a travel policy, check the claims settlement record of the company, the service providers abroad and the network tie-ups with the facilitators and agencies abroad for handling emergencies. TA Ramalingam, head underwriting, Bajaj Allainz General Insurance, says,We have tied up with Amex, Amadeus and Galileo. All these intermediaries can issue policies online, the moment the ticket is booked. The policy issuance is also done by the travel agent.The value added services offered by the insurers include assistance with information about the town to which you are travelling, information on eateries and other referral services. Traditionally, overseas travel has been of primary interest to the insurers. However, there has been a growing action in the domestic travel segment too. However, the primary segment of travel insurance buyers has been destination where obtaining travel insurance is mandated for travel to such countries, says KG Krishnamoorthy Rao, managing director & CEO Future Generali India.Basically, a travel insurance policy covers emergency medical expenses, personal accident, loss of baggage and passport, emergency financial assistance and hijack distress allowances.Common exclusions specified under travel insurance may vary from insurer to insurer.Pre existing medical condition, pregnancy, events arising out of adventure sports, breaking of any law and order and terrorism are generally excluded from the cover.There is specific number of days for which the policy is effective. The minimum number of days is between 1 and 4 days to take the policy and the maximum may vary from 60 to 90 days, sometimes it may be higher.
 
 
 
 
 
 
 
 
 
     
 
     
 
 
 
 
Insurance is a subject matter of solicitation -- Our License No.IRDA/DB 486 /2010
Home | About Us | Car Insurance | Health Insurance | Travel Insurance | Life Insurance | Loan | FAQ | Contact Us
Privacy Policy | Disclaimer | Terms of Use | SiteMap | Process | Our Partners | Press Area | Careers | Claims