Everyone wants a vacation to spend quality time with their loved ones, and Indians are no exception. India’s overseas travel industry has seen strong growth this year as international travel destinations were highly sought after by Indians in 2015. Barriers such as inflation, skyrocketing ticket prices, and the depreciation of the rupee have not curbed the spirit of the Indian traveler to travel around the world. Earth. More than 60% of Indians remain unaffected by the depreciating rupee and are eager to travel. However, the rate at which travel insurance is used to secure the trip is still depressing among Indian travelers.
Younger generations prefer to travel to international destinations at least once a year. According to one study, 90% of these travelers use their savings to travel abroad and do not consider travel insurance. Quite surprisingly, that’s the mentality of the internet-savvy younger generation, as ICICI Lombard conducted the survey among 1049 people in the 25-35 age group who had traveled internationally in six metropolitan areas in India in the previous year.
The survey also reveals that Singapore is the most preferred travel destination among young Indian travelers; USA and UK take the second and third places.
Let’s take a look at the current travel plans and prices for those who prefer these destinations. Let’s start with Singapore.
Travel insurance plans available for trips to Singapore
The following list of the top 5 policy offers in terms of lowest premium is for a 30 year old looking for a single trip to Singapore. The journey time is 10 days and the selected insurance amount is 500,000 USD.
- Universal Sompo – Premium of Rs. 942
- HDFC Ergo – Premium of Rs. 1015
- Trust – Premium of Rs. 1129
- TATA AIG – Premium of Rs. 1234
- 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, Thailand. This means one has to pay less than Rs. 100 per day to make your journey safe and secure.. Indian travelers should be aware that travel plans are not only cheap, but also provide coverage for loss of luggage, passport, hijacking and even emergency treatment.
Travel Insurance plans available for UK travel
The following list of the top 5 policy offers in terms of lowest premium is for 1 person looking for a single trip to the UK. The journey time is 10 days and the selected insurance amount is 500,000 USD.
- Universal Sompo – Premium of Rs. 942
- Bajaj Allianz – Premium Rs.991
- HDFC Ergo – Premium of Rs. 1015
- Trust – Premium of Rs. 1129
- Bajaj Allianz (Travel Elite Platinum) – Premium of Rs. 1139
Universal Sompo provides the lowest premium. The premium for the travel insurance plan is also Rs. 942 for a 10 day trip to England.
Travel insurance policies for US trips
The following list of the 7 best policy offers in terms of lowest premium is for 1 person looking for a single trip to the USA. The journey time is 10 days and the selected insurance amount is 500,000 USD.
- Universal Sompo – Premium of Rs. 1344
- HDFC Ergo – Premium of Rs. 1438
- Bajaj Allianz – Premium of Rs 1441
- IFFCO-TOKIO – Premium of Rs.1456
- Bajaj Allianz (Travel Elite Platinum) – Premium of Rs. 1658
- TATA AIG – Premium of Rs. 1694
- Trust – Premium of Rs. 1783
The lowest premium is Rs. 1344 for a travel insurance plan for a 10-day trip to the USA. Just imagine covering all kinds of risks by paying less than Rs. 140 for each day of your trip.
Best travel insurance plans in India in terms of luggage and health insurance The survey also made it clear that 79% of people purchased itineraries to cover medical emergencies. Baggage security is the second most important reason accounting for 60% of purchasing a travel insurance policy. So let’s find the best travel insurance plans in terms of medical emergency and luggage security.
From the list of US travel policies above, the two plans from Reliance and Bajaj Allianz seem to be the best in terms of baggage coverage.
The Reliance Travel maintenance platinum provides $1500 for the loss of checked baggage for a premium of Rs 1783.
Bajaj Allianz’s Travel Elite Premium plan provides $1000 for a premium of Rs. 1658 for loss of checked baggage.
To get the best coverage for medical conditions, the Titanium plan revealed by HDFC ERGO is the best. It primarily covers:
- Emergency Medical Expenses
- Permanent Disability/accidental death
- Hospital Cash
- Loss of Personal Documents
- accidental death
- Loss of Luggage
- Financial Emergency Assistance
- personal responsibility
How much does an international travel policy cost for a couple?
According to the survey, 52% of travelers prefer to travel with their spouse. So if these people can take advantage of an itinerary to visit the US or the UK or Singapore, how much should they pay?
Let’s start with a 10-day US trip with $100,000 insured, covering 2 people aged 30 and 28.
Religare offers the best plan that comes with a premium of Rs. 2407.
If you compare the itineraries available for couples wishing to visit the UK, keeping the same criteria for travel time, insurance amount and traveller’s age, Religare offers the best plan. The premium of the plan is Rs. 1537.
In Asia, which was the top travel destination in 2015, a couple needs to spend less on a travel insurance policy for a trip to countries like Singapore, Thailand. If you compare travel insurance plans that cover Asia, you get the lowest premium of Rs. 1218 from the Explore Asia plan provided by Religare.
The positive side of the survey is the increased awareness among Indian travelers. More than 90% of the younger generation are aware of travel insurance, a significant increase from 80% last year. One of the largest travel insurance plans in India; ICICI Lombard has committed a total travel insurance premium of Rs 100 last year, this year the premium can be expected to increase by 5-10%. The problem is not awareness; a lack of understanding of the benefits associated with these travel coverages.
Of the total respondents surveyed, 27% choose not to take advantage of a travel insurance plan, as they have the misconception that such plans only cover accidents, loss of luggage and theft, but do not provide medical coverage. This is far from the truth, as the complete elimination of the Titanium scheme by HDFC ERGO shows extensive coverage for medical emergencies.
25% of survey respondents did not purchase any travel plans because they thought such plans were costly, but they are not. All plans cost less than Rs for the person mentioned here. 100 to less than Rs. 140 for each day of a 10-day trip. Travel insurance policies for couples are even cheaper as they are in the price range of less than Rs. 65 per person per day, less than Rs. 125 per person per day for destinations like USA, UK and all countries in Asia including popular destinations like Singapore, Thailand.
Indians love to spend their holidays in international destinations. An international travel insurance plan doesn’t cost much and offers a lot in return. If you are also a travel lover, you should insure the total duration of your trip so that you can enjoy your holiday with peace of mind.
