Overseas travel insurance, Compare best overseas mediclaim insurance

As we have seen in the earlier pages of this article, Travel has become a very integral part of our daily lives, be it Domestic or International, be it for Business or Leisure/Holidays. We have travellers across all age groups, across all social strata with higher disposable incomes aspiring to travel away from home for a quick getaway or for a long holiday. Most Tourism Development Boards of developing and developed nations are vying with each other for a share of the India outbound market. The United Nations World Tourism Organization (UNWTO) estimates that India will account for 50 million outbound tourists by 2020. Despite the slowdown due to rupee fluctuations, the Indian outbound numbers have been growing at an average annual growth rate of 10-12% over the last seven years. The market for travel and tourism in　India　is expected to grow at a Compound Annual Growth Rate (CAGR) of around 7.23% during 2016-2021.

India, a growing, consumption-driven economy, a large and increasingly affluent middle class, and the ongoing liberalization of air transportation have contributed significantly to this growth in international outbound travel. Additional interest in niche tourism sectors such as medical, wellness, religious and adventure tourism has also contributed to this growth. Increased smartphone and internet penetration have also contributed to an increased number of online bookings. Indian spending outside the country while traveling abroad has doubled in the past 10 years, from $7.5 billion in 2005 to nearly $16 billion in 2015 and touching around $19 billion in 2018. Even through Domestic travels, Indians spend are estimated to spend almost $200 billion on trips within India.

With this growing Travel Market for both Domestic and International travel, the risks (both medical and non medical) associated with this growth is bound to catch up with the India traveller. And hence it is recommended to buy best overseas travel insurance so that every trip would be insured against unforeseen exigencies and can set you back emotionally and financially. Some of the important pointers on why Travel Insurance is a critical must have item on your "Things to carry on your trip list" are listed below:

• Cost of Medical Treatment abroad – Since your domestic Mediclaim policy will not remain in force when you leave India shores, it is important to suitably cover yourself with an insurance policy should you have any unfortunate accident or illness. The cost of medical treatment in a foreign country can be prohibitively expensive and without and insurance cover, you could end up spending all your hard earned savings for such treatments.
• Your Trip could be cancelled unexpectedly – While one has made all arrangements for a wonderful trip with the family, an unexpected hospitalisation or illness could come up and force the trip to be postponed/cancelled. But these days most of the bookings (air,hotel, sightseeing, cruise etc) are paid for in advance and if you cancel your trip, you could stand to lose these deposits. An insurance policy with a Trip Cancellation benefit could come in handy in this case.
• Lost or Delayed Baggage – With so many connecting flights and global criss crossing across airports, sometimes you can be stuck at the end of a lost or delayed baggage. This could mean purchase of clothes, toiletries, other accessories for your events abroad. Travel insurance provides a coverage for this.
• Personal Liability can come in Handy – Unlike in India, where “Saying Sorry” can get you away with almost anything, situations and people abroad may not be as understanding. Any untoward incident where unintentionally you have caused a third person bodily injury or property damage, you could end up having a Liability suit brought up against you, with damages being claimed for significant amounts. The Travel insurance policies not only offer coverage of the Liability amounts, they also help in providing access to Legal advice and Lawyers to present your case in court.
• Assistance Services (TPA) – When you are abroad in a country where sometimes you don’t even know the local language, having an emergency, whether it is medical or non medical can be daunting. This is where the Assistance Company (or TPA) of the insurance company play a key role in making you feel at home. In case of a medical emergency, they can help direct/support you to get to a medical facility and supervise your admission/treatment. If unfortunately there is an accident to the insured, they swing into action with ambulance services etc. They can arrange for Medical evacuation to move the insured to a better medical facility for treatment. For Non Medical support, they can help with Baggage Loss or Delay, providing Emergency Cash, helping with Translation services etc. They are your “Friend in Need” abroad or in India when you travel domestically…
• Specific Coverages like Pre Existing and Adventure Sports – With travellers opting for “Diverse Experiences” on trips including Adventure activities, having insurance policies that cover them for any unforeseen emergency will be useful. Similarly with people of all age categories traveling, Pre Existing coverage is another relevant and useful cover to have as part of the travel insurance policy. Without these coverages, the insured could end up paying for any medical expenses that come up unexpectedly.
• Travel Insurance is Mandatory – In most European countries (26 Schengen Countries), travel insurance is mandatory to get a visa and hence one must ensure to buy the appropriate travel policy. For certain working class travellers, having an insurance cover is mandatory for being granted a work visa. While it is not mandatory in many other countries, it is highly recommended to buy an insurance policy when traveling to countries like USA, UK, Europe, China, Australia, Singapore.