Best cheapes schengen visa travel insurance

The Schengen visa allows travellers to visit any of the 26 member countries (Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, Switzerland) without requiring a specific visa for each country. The traveller needs to just apply for single Schengen visa and inform the authorities about the countries they are likely to visit. Firstly, it is mandatory for the traveller to buy travel insurance for Schengen visa and since it is mandatory to have Travel Insurance when one is travelling to Europe, the traveller should ensure they have a comprehensive coverage in place. Secondly the minimum sum insured coverage for Accident & Sickness (A&S) needs to be €30,000 (currently approx. USD $40,000 / ₹ 24,00,000). Without these conditions being met, no visa is granted for entry to any of the Schengen countries.

For the traveller, it is equally important to understand that the cost of healthcare is significantly higher when compared to India and hence the traveller is advised to opt for a (A&S) coverage of atleast $250,000, but ideally $500,000 (₹INR 3.5 crores) under the plan they choose to buy. Also, given that almost all Indians travel to Europe on a holiday, one could suffer a non-medical emergency like a Trip Cancellation/Interruption, Loss of Passport, Baggage Delay/Loss, Missed Flight, Flight Delay or even a Bounced Hotel and hence ensure that the travel insurance plan that is being chosen also has a comprehensive range of non-medical coverages as well.

Currently Indian insurance companies like Tata AIG, Bajaj Allianz, Future Generali, Religare Health and Royal Sundaram have Best travel insurance for Schengen visa for insureds travelling to Schengen countries. However it is not mandatory to buy a Schengen specific plan, one can opt for an Excluding Americas (Rest of the World) plan as well which is offered by all insurance companies, including the ones mentioned above.

Cheapest travel insurance for Schengen visa

Europe is today the largest tourist destination across all countries/continents in the world. According to UNWTO report, in 2018, 51% of the world’s travellers (around 627 million travellers, 62.7 crores) arrived in Europe and the visitors grew at a higher rate than overall global travel itself. There is clearly so much to see and experience across Europe and the Schengen visa has made it very convenient for traveller to criss-cross the continent without too many visa issues. The Schengen visa allows travellers to visit any of the 26 member countries without requiring a specific visa for each country and so the traveller needs to just apply for single Schengen visa and inform the authorities about the countries they are likely to visit.

Most Indian insurance companies today offer affordable travel medical insurance for travel to Schengen countries. As the traveller should be aware, it is mandatory to have India travel insurance for Schengen visa cover prior to applying for a Schengen visa, and the visa will not be granted without the insurance. The Schengen visa authorities also have made it mandatory for the insurance coverage be a minimum of €30,000 (currently approx. USD $40,000 / ₹ 24,00,000) for Accident & Sickness (A&S). While the Schengen authorities mandate €30,000 for getting a visa, it is important to keep in mind the cost of healthcare in all European countries while deciding on the final sum insured to opt for. The healthcare costs in Europe are relatively lower than USA but still significantly higher than India and hence the traveller should ensure they are adequately protected when they visit Europe. It is recommended that the traveller has a plan with A&S cover of atleast $250,000 or ideally $500,000 for their European trip.

Figs in $ USD	Switzerland	Spain	UK	India
Humira Drug for Arthiritis / Skin Conditions	822	1,253	1,362	1,000
Harvoni Drug for Hepatitis C	16,861	18,165	22,554	2,000
Avastin Drug for Cancer	1,752	1,534	470	450
MRI Scan	503		788	175
Day in Hospital as an Inpatient	4,781	424		200
Appendix Surgery	6,040	2,003	9,000	1,500
Cataract Surgery	2,114	1,719	3,145	300
Bypass Surgery	34,224	14,579	24,059	8,000
Knee Replacement	20,132	6,686	18,481	4,500
Source - International Federation of Health Plans / Indicure

Most Indians travel to Europe on holiday/sightseeing packages and average durations are around 12-15 days. Given this duration of stay, it is like that the traveller could also face a non-medical exigency like a Loss of Passport, Baggage Delay/ Baggage Loss, Missed Flight, Flight Delay, Bounced Hotel or even a Trip Cancellation/ Trip Curtailment. So it is recommended that the traveller also opts for good travel insurance for Schengen visa with a wide range of Non-Medical benefits to cover potential risks that can ruin their holiday.

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