Everyone longs for vacations to enjoy quality time with loved ones and Indians are no exception. India’s outbound travel sector saw strong growth this year as international travel destinations are highly sought after among Indians in 2015. Hurdles like inflation, soaring ticket prices and rupee depreciation could not deter to the wandering spirit of Indian travellers. the world. More than 60% of Indians are unmoved by the depreciation of the rupee and rarely travel. However, the availability rate of travel insurance to safeguard the trip remains dismal among Indian travellers.
Young generations prefer to travel to international destinations at least once a year. According to a survey, 90% of these travelers use their own savings for trips abroad and do not consider travel coverage. Surprisingly, this is the mindset of the young internet-savvy generation, as ICICI Lombard conducted the survey in the 25-35 age group among 1,049 people in six Indian metropolitan cities who had traveled internationally in the previous year.
The survey further reveals that Singapore is the preferred travel destination among young Indian travellers; the second and third places are occupied by the USA and the United Kingdom.
Let’s take a look at the available travel plans and their prices for those who prefer these destinations. Let’s start with Singapore.
Available travel insurance plans for trips to Singapore
The following list of the top 5 policy quotes in terms of lowest premium is for a 30-year-old looking for a one-way trip to Singapore. The duration of the trip is 10 days and the chosen sum insured is US$ 500,000.
- Universal Sompo – Premium Rs 942
- HDFC Ergo – Premium of Rs. 1015
- Confidence – Premium of Rs. 1129
- TATA AIG – Premium Rs 1,234
- Religare – Premium of Rs.1666
The lowest premium is Rs 942 for a travel insurance plan for a 10-day trip to any Asian country like Singapore or Thailand. This means that one has to pay less than 100 rupees per day for their trip to be safe and secure.. Indian travelers should know that travel plans are not only cheap but also provide coverage for lost luggage, passport, kidnapping and even emergency treatment.
Travel insurance plans available for trips to the UK
The following list of the top 5 policy quotes in terms of lowest premium is for 1 person looking for a single trip to the UK. The duration of the trip is 10 days and the chosen sum insured is US$ 500,000.
- Universal Sompo – Premium Rs 942
- Bajaj Allianz – Premium of Rs.991
- HDFC Ergo – Premium of Rs. 1015
- Confidence – Premium of Rs. 1129
- Bajaj Allianz (Travel Elite Platinum) – Premium Rs 1,139
Universal Sompo offers the lowest premium. The travel insurance plan premium is also Rs 942 for a 10-day trip to the UK.
Travel insurance policies for trips to the United States
The following list of the 7 best policy quotes in terms of the lowest premium is for 1 person looking for a single trip to the USA. The duration of the trip is 10 days and the chosen sum insured is US$500,000.
- Universal Sompo – Premium of Rs. 1344
- HDFC Ergo – Premium of Rs. 1438
- Bajaj Allianz – Premium of Rs.1441
- IFFCO-TOKYO – Premium of Rs.1456
- Bajaj Allianz (Travel Elite Platinum) – Premium Rs 1,658
- TATA AIG – Premium Rs 1,694
- Reliance – Premium of Rs. 1783
The lowest premium is Rs 1,344 for a travel insurance plan for a 10-day trip to the US. Imagine, you are covering all types of risks by simply paying less than 140 rupees for each day of your trip..
Best travel insurance plans in India in terms of luggage and medical coverage
The survey also made it clear that 79% of people buy a travel plan to cover medical emergencies. Luggage security is the second most important reason, as 60% of people are behind buying a travel insurance policy. So let’s look at the best travel insurance plans in terms of medical emergency and luggage security.
From the above list of US travel policies, two plans from Reliance and Bajaj Allianz look the best in terms of baggage coverage.
Reliance Travel care platinum provides US$1500 for lost checked baggage for a premium of Rs.1783.
Bajaj Allianz Travel Elite Premium plan provides US$1,000 for a premium of Rs 1,658 for lost checked baggage.
For the best coverage for medical emergencies, HDFC ERGO’s Titanium plan is the best. Mainly covers:
- Emergency Medical Expenses
- Permanent disability/accidental death
- hospital cash
- Loss of Personal Documents
- Accidental death
- Baggage Loss
- Emergency financial assistance
- Personal responsibility
What is the cost of the international travel policy for a couple?
According to the survey, 52% of travelers prefer to travel with their spouses. So if these people can take advantage of a travel plan to visit the US, UK or Singapore, how much do they have to pay?
Let’s start with a trip to the USA for 10 days for an insured sum of US$100,000 covering 2 people aged 30 and 28.
Religare offers the best plan with a premium of Rs 2407.
If you compare the travel plans available for couples who wish to visit the UK, keeping the same criteria of duration of the trip, sum insured and age of the traveler, Religare offers the best plan. The plan premium is Rs 1,537.
For a trip to countries like Singapore, Thailand within Asia, which has been the top tourist destination in 2015, a couple has to spend even less on a travel insurance policy. If you compare travel insurance plans that cover Asia, you will get the lowest premium of Rs 1,218 for the Explore Asia plan provided by Religare.
The positive part of the survey is the increased awareness among Indian travellers. More than 90% of the young generation are aware of travel insurance, which is a significant increase from 80% last year. One of the leading providers of travel insurance plans in India; ICICI Lombard underwrote a total travel insurance premium of Rs 100 last year, the premium can be expected to rise by 5-10% this year. The problem is not in consciousness; It is the lack of understanding about the benefits associated with these travel covers.
27% of all survey respondents chose not to use a travel insurance plan simply because they were under the misconception that such plans cover only accidents, lost luggage and theft, but do not provide medical coverage. This is far from true, as HDFC ERGO’s complete break from the Titanium plan shows extensive coverage for medical emergencies.
25% of the people surveyed did not buy any travel plans because they thought that such plans were expensive but they are not. The price of all the plans for the person mentioned here is less than Rs 100 to less than Rs 140 for each day of a 10-day trip. Couples travel insurance policies are even cheaper, ranging from less than Rs 65 per day per person to less than Rs 125 per day per person for destinations like the US, UK and all countries in Asia including popular destinations like Singapore. , Thailand.
Indians love spending their vacations in international destinations. An international travel insurance plan doesn’t cost a lot and offers a lot in return. If you are also a travel geek, you must ensure the entire duration of the trip so that you can enjoy your vacation with complete peace of mind.
