International travel insurance cost basis

International travel insurance companies

International Travel Insurance policies have two sections of coverage. One is Medical coverages which include Accident & Sickness Expense Coverage, Dental Coverage, Medical Evacuation and Repatriation, Personal Accident etc. The traveller should ensure they are adequately covered given their age, duration of travel and destination of travel. The second section of International Travel Insurance pertains to Non Medical coverages like Trip Cancellation/Curtailment, Loss of Passport, Baggage Delay/Loss, Personal Liability, Bounced Hotel, Missed Connection/Departures, Flight Delay etc. These are also important coverages because if the traveller is stranded in a foreign country without insurance, all expenses relating to such emergencies will have to be borne by the insured. Websites like www.eindiainsurance.com provide International Travel Insurance online where the traveller can visit, compare insurance plans and opt for a plan best suited to their travel requirements. The website also provides International Travel Insurance Reviews and the International Travel Insurance Cost or Premium that allows for the traveller to make an informed decision post comparison.

The International Travel Insurance companies whose plans are on www.eindiainsurance.com today include Tata AIG, Bajaj Allianz, Religare Health, Reliance General, Apollo Munich, Future Generali, Cholamandalam, HDFC Ergo, Royal Sundaram and a few others with dedicated pages to each of them like International Travel Insurance HDFC Ergo, like International Travel Insurance Reliance, like International Travel Insurance Tata AIG etc. There are also plans for specific geographies like International Travel Insurance for USA, International Travel Insurance for Europe, International Travel Insurance for Africa, International Travel Insurance for Asia, International Travel Insurance for Schengen, etc

Apart from Travel insurance company dedicated pages and plans for specific geographies, there are also travel insurance plans for specific customer segments like International Travel Insurance for Students, International Travel Insurance for Senior Citizens, International Travel Insurance for Frequent Travellers etc.

Importantly, International Travel Insurance costs a fraction of the overall cost of the trip when one takes into account the Airfare, Hotel Expenses and Tour Package Cost that the traveller would incur. It is important that the traveller does not look at Travel Insurance as a cost but rather a necessity when one travels abroad given the cost of medical treatment in other countries and any unforeseen non medical exigency that can crop up like Passport Loss, Baggage Loss or Delay, Missed Connection or a Flight Delay.

Let’s look at a couple of examples; please note that insurance premiums will vary depending on Age of the insured, Destination and Duration of Travel and Coverage Sum Insured.

Situation A

• 35 year old going on a 5 day trip to Asia with a coverage of $25,000 (₹17,00,000)
• Package Cost – Airfare ₹20,000, Hotel ₹20,000, Tour Land Package ₹ 10,000 – Total Cost ₹50,000
• Travel Insurance - ₹350 - ₹500 – 1% of the Total Package cost

Situation B

• 35 year old going to USA for 35 days with a coverage of $50,000 (₹34,00,000)
• Package Cost – Airfare ₹60,000, No Hotel and Land Package cost assuming he is visiting family
• Travel Insurance - ₹1,500 - ₹2,800 – 5% of the Total Package cost