Benefits of Indian overseas travel insurance

Majority of Europe, which are 26 Schengen countries have a mandatory insurance policy for obtaining a visa and hence any traveller will need to first purchase an insurance policy. The Schengen visa requirements stipulate that the insurance coverage needs to be a minimum of Euros €30,000 for Accident & Sickness Expenses. It is important to note that all insurance companies should have an approval from the Schengen Committee for participating in the Schengen insurance program, only then can they underwrite a Schengen insurance program. Currently most of the leading travel insurers offer a specific plan for Schengen Travel which include Tata AIG, Bajaj Allianz, Religare, Reliance General, Royal Sundaram, Future Generali etc. As an insured, once can opt for any of them given their comprehensive coverage and competitive premium.

Similarly 16% of the world travellers are visiting Americas (out of which majority of them are going to the USA) which is one of the largest market travel and tourism markets. A whopping 53% of the Indian outbound travellers are going to the “The Americas (North & South America)” and the largest % of them are going to USA. Most Indians travel there to visit family and friends and for their higher studies. USA is probably the costliest country for medical treatment and so while it is not mandatory for a traveller to have insurance before entering USA or for obtaining a visa, it is critical that the traveller does not take the risk of going to USA without insurance cover.

Given the way the medical system operates in the USA (with repricing of medical invoices) it is important that your India travel health insurance partner along with their Assistance and Claims Management partner (normally referred to as TPA) has a large network of hospitals across the country and also is aware of the medical landscape there. Most insurance companies have their TPA arrangements in USA. The traveller should ensure sufficient coverage (atleast $250,000 sum insured for accident & sickness) and should ensure their plan has coverages like Personal Liability etc.

Also, the average Indian traveller tends to visit USA for a minimum of 60-90 days, it is strongly recommended that they do not venture out to USA without an insurance coverage which can support them financially in an unforeseen exigency. Given the significantly high cost of healthcare in USA, it is advisable for the traveller to purchase an insurance plan that has a coverage of atleast $250,000 at a bare minimum.

While most travellers from India or family members in the USA who are sponsoring their family from India do acknowledge the importance of travel/health insurance, many of them opt to purchase the plan from an American Insurance partner. Please find below and illustration of the Indian insurance plans premiums when compared to the American insurance plans. It is important to note that all Indian insurance companies also have an Assistance Partner based in the USA and offer Cashless Settlement for inpatient hospital admission.