Overseas travel insurance plans – cost less and offer more

Everyone is looking for vacations to enjoy some quality time with loved ones, and Indians are no exception. India's outbound travel sector experienced strong growth this year, as international travel destinations are in high demand among Indians in 2015. Obstacles such as inflation, skyrocketing fare and rupee depreciation could not deter Indian travelers' traveling spirit to travel around the world. Over 60% of Indians remain unmoved by the deterrent rupee and are victorious to travel. However, the rate of using travel insurance to protect the trip is still bleak among Indian travelers.

Young generations prefer to travel to international destinations at least once a year. According to a study, 90% of these travelers spend their own savings on overseas trips and do not consider travel coverage. Quite surprisingly, this is the mindset of the young internet-savvy generation, as ICICI Lombard conducted the study in the 25-35 age group among 1049 people in six metro cities in India who had international tours in the previous year.

The study further reveals that Singapore is the most preferred travel destination among young Indian travelers; the second and third positions are held by the US and UK.

Let's look at the travel plans available and their prices for those who favor these destinations. Let's start with Singapore.

Travel insurance plans available for Singapore tours

The following list of the top 5 policy deals regarding the lowest prize is for a 30 year old person looking for a single trip to Singapore. Travel time is 10 days and the selected insured sum is $ 500000.

  1. Universal Sompo – Premium of Rs. 942
  2. HDFC Ergo – Prize for Rs. 1015
  3. Reliance – Premium for Rs. 1129
  4. TATA AIG – Prize for Rs. 1234
  5. Religare – Prize for kr.1666

The lowest premium is Rs. 942 for a travel insurance plan for a 10 day trip to any Asian country like Singapore, Thailand. This means paying less than Rs. 100 pr. Day to make his trip safe and secure . Indian travelers need to know that travel plans are not only cheap but they also cover for loss of luggage, passports, hijacking and even emergency treatment.

Travel insurance plans available for UK tours

The following list of the 5 best price offers with regard to the lowest prize is for 1 person looking for a single trip to the UK. Travel time is 10 days and the selected insured sum is $ 500000.

  1. Universal Sompo – Premium of Rs. 942
  2. Bajaj Allianz – Prize for Rs.991
  3. HDFC Ergo – Prize for Rs. 1015
  4. Reliance – Premium for Rs. 1129
  5. Bajaj Allianz (Travel Elite Platinum) – Prize for Rs. 1139

Universal Sompo gives the lowest prize. The premium for travel insurance plan is also Rs. 942 for a 10 day trip to England.

Travel insurance for American trips

The following list of the top 7 promotional prices for the lowest prize is for 1 person looking for a single trip to the United States. Travel time is 10 days and the selected insured sum is $ 500000.

  1. Universal Sompo – Premium of Rs. 1344
  2. HDFC Ergo – Prize for Rs. 1438
  3. Bajaj Allianz – Premium for Rs.1441
  4. IFFCO-TOKIO – Premium for Rs.1456
  5. Bajaj Allianz (Travel Elite Platinum) – Prize for Rs. 1658
  6. TATA AIG – Prize for Rs. 1694
  7. Reliance – Premium for Rs. 1783

The lowest premium is Rs. 1344 for a travel insurance plan for a 10 day trip to the United States. Imagine getting all types of risks covered simply by paying less than Rs. 140 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% people buy travel itinerary to cover medical emergencies. Luggage security is the second most important reason as 60% of people buy travel insurance. So let's find out the best travel insurance plans in terms of medical emergency and luggage security.

From the above list of travel policies for the United States, two Reliance and Bajaj Allianz plans look best in terms of luggage coverage.

Reliance Travel care platinum provides $ 1500 $ for loss of checked luggage at a premium of Rs.1783.

The Travel Elite Premium Plan from Bajaj Allianz provides $ 1000 for a prize of Rs. 1658 for loss of checked luggage .

To get the best coverage for medical emergencies, the HDFC ERGO Titanium Plan is the best. It mainly covers:

  1. Emergency medical expenses
  2. Permanent disability / accidental death
  3. Hospital Cash
  4. Loss of personal documents
  5. Accidental death
  6. Loss of luggage
  7. Financial relief
  8. Personal responsibility

What is the cost of an international travel policy for a couple?

According to the survey, 52% of travelers prefer to travel with spouses. So if these people can use an itinerary to visit the US or UK or Singapore, how much do they have to pay?

Let's start with American Tour for 10 days for an insurance sum of US $ 100,000 that covers 2 people who are 30 and 28 years old.

Religare is offering the best plan coming at a premium of Rs. 2407th

If you compare available travel plans for couples who want to visit the UK and who meet the same criteria for the duration of the trip, the sum insured and the age of the traveler, Religare provides the best plan. The premium for the plan is Rs. 1537th

For a trip in countries such as Singapore, Thailand in Asia, which has been the best travel destination of 2015, a few have to spend even less on travel insurance. If you compare travel insurance plans covering Asia, you get the lowest premium of Rs. 1218 from Explore Asia plan provided by Religare.

The positive part of the study is the increased awareness among Indian travelers. More than 90% of the young generation is aware of travel insurance, which is a marked increase from last year's 80%. One of the largest providers of travel insurance plans in India; ICICI Lombard subscribed for a total travel insurance premium of Rs 100 the previous year, one can expect the premium to increase by 5-10% this year. The problem is not with consciousness; it is the lack of understanding of the benefits of these travel coverages.

27% of respondents in the survey chose not to use a travel insurance plan simply because they were under the misconception that such plans only cover accidents, luggage loss and theft, but do not provide medical coverage. This is far from the truth, as HDFC ERGO & # 39; s complete breakdown of the Titanium plan shows comprehensive coverage for medical emergencies.

25% of people surveyed did not buy any travel itinerary because they thought such plans are expensive, but they are not. The price of all plans for the person mentioned here is about less than Rs. 100 to less than Rs. 140 for each day on a 10 day tour. Travel insurance for couples is even cheaper as they cost in the range less than Rs. 65 pr. Day per day Person for less than Rs. 125 pr. Day per day Person for destinations like USA, UK and all Asian countries including popular destinations like Singapore, Thailand.

The Indians love to spend their holidays at international destinations. An international travel insurance plan does not cost much and offers a lot in return. If you are also a travel freak, you should insure the total duration of the trip so you can enjoy your vacation with complete peace of mind.