Overseas Travel Insurance Plans - Costs Less and Offers More

Everyone craves for vacations to enjoy some quality time with their loved ones and Indians are no exception. The outbound travel sector of India saw a robust growth this year because international travel destinations are highly sought-after among Indians in 2015. Obstacles like inflation, skyrocketing ticket price and depreciation of rupee couldn't deter the wandering spirit of Indian travelers to travel around the world. Over 60% of Indians remain unmoved by the depreciating rupee and are raring to go to travel. However, the rate of availing travel insurance to safeguard the trip is still dismal among Indian travelers.

Young generations prefer to travel to international destinations once a year at least. According to a survey, 90% of these travelers make use of their own savings for overseas trips and don't consider travel cover. Quite surprisingly, this is the mindset of young internet savvy generation as ICICI Lombard conducted the survey in the age group of 25-35 among 1049 people across six metro cities in India who had international trips in the previous year.

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

Let's take a 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 trips

The following list of top 5 policy quotes in terms of lowest premium are for one 30 years old person looking for a single trip to Singapore. The trip duration is 10 days and the chosen sum insured is US$ 500000.

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

The lowest premium is Rs. 942 for a travel insurance plan for a 10 days trip to any Asian country such as Singapore, Thailand. This means one has to pay less than Rs. 100 per day to make his trip safe and secured. Indian travelers must know that travel plans are not only inexpensive but they also provide coverage for loss of baggage, passport, hijack and even emergency treatment.

Travel Insurance plans available for UK trips

The following list of top 5 policy quotes in terms of lowest premium are for 1 person looking for a single trip to UK. The trip duration is 10 days and the chosen sum insured is US$ 500000.

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

Universal Sompo provides the lowest premium. The premium of travel insurance plan is also Rs. 942 for a 10 days trip To UK.

Travel insurance policies for US trips

The following list of top 7 policy quotes in terms of lowest premium are for 1 person looking for a single trip to US. The trip duration is 10 days and the chosen sum insured is US$ 500000.

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

The lowest premium is Rs. 1344 for a travel insurance plan for a 10 days trip to US. Just imagine, you are getting all types of risks covered just by paying less than Rs. 140 for each day of your trip.

Best travel insurance plans in India in terms of baggage and medical coverage

The survey also made clear that 79% people buy travel plan to cover medical emergencies. Safety of baggage is the second most vital reason as 60% people behind purchasing travel insurance policy. So let's find out best travel insurance plans in terms of medical emergency and luggage safety.

From the above list of travel policies for US, two plans by Reliance and Bajaj Allianz look best in terms of baggage cover.

Reliance Travel care platinum provides US$1500 for the loss of checked baggage for a premium of Rs.1783.

The Travel Elite Premium plan by Bajaj Allianz provides US$ 1000 for a premium of Rs. 1658 for the loss of checked baggage.

To get the best coverage for medical emergencies, the Titanium plan by HDFC ERGO is the best. It primarily covers:

1. Emergency Medical Expenses
2. Permanent Disablement/accidental death
3. Hospital Cash
4. Loss of Personal Documents
5. Accidental Death
6. Loss of Baggage
7. Financial Emergency Assistance
8. Personal Liability

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

According to the survey, 52% of travelers prefer to have trips with spouses. So, if these people can avail a travel plan for visiting US or UK or Singapore, how much do they have to pay?

Let's start with US trip for 10 days for a sum insured of US$ 100000 covering 2 people who are 30 and 28 years old.

Religare offers the best plan which comes at a premium of Rs. 2407.

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

For a trip in countries like Singapore, Thailand within Asia which has been the top travel destination of 2015, a couple has to spend even less for a travel insurance policy. If you compare travel insurance plans that cover Asia, you will get the lowest premium of Rs. 1218 from Explore Asia plan provided by Religare.

The positive part of the survey is the increased awareness among Indian travelers. More than 90% of young generation is aware of the travel insurance which is a significant rise from last year's 80%. One of the major provider of travel insurance plans in India; ICICI Lombard underwritten a total travel insurance premium of Rs 100 previous year, one can expect the premium to increase by 5-10% in this year. The problem is not with the awareness; it is the lack of understanding about the benefits associated with these travel covers.

27% of the total respondents in the survey choose not to avail a travel insurance plan simply because they were under the wrong conception that such plans cover only accidents, loss of baggage and theft but don't provide medical coverage. This is far from being the truth as the complete break-up of Titanium plan by HDFC ERGO shows extensive coverage for medical emergencies.

25% surveyed people didn't buy any travel plan because they thought such plans are costly but it is not so. The price of all plans for person mentioned here are about less than Rs. 100 to less than Rs. 140 for each day of a 10 days trip. Travel insurance policies for couples are even cheaper as they cost in the range of less than Rs. 65 per day per person to less than Rs. 125 per day per person for destinations like US, 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 freak, you should insure the total duration of the trip so that you can enjoy your holiday with complete peace of mind.

Avishek Bhattacharjee has been associated with the general insurance sector in India for many years. He regularly comes up with informative and interesting articles to provide information about various insurance policies. This write-up discusses about the importance and benefits associated with travel insurance plans in India.

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Why You Need an Insurance Broker

Whether you own your own business and need group health and other insurance benefits for your employees, or you want or need health, life, accident or other insurance for yourself and/or your family, finding an insurance broker is a wise decision. An insurance broker does not add to your cost of insurance, yet an insurance broker does guide you through the maze of information that you need to know to purchase insurance. How much insurance do you need? What is a fair price? Do I really need this particular insurance? Should I buy term or whole life insurance?

To start, an insurance broker is appointed with a number of different insurance carriers, so your broker can shop each of the carriers for benefits and pricing of each of the carriers. A broker does not work for the insurance carriers, they work for you and your interests. They will shop each of the carriers for the protection and benefits you need and want as well as the price. A good broker will find you the insurance you need at a price you are willing to pay. An insurance broker does not cost you any more money, since they are paid by the carrier through which you purchase your insurance.

Another benefit of purchasing insurance through a broker is that you will get to know the person who is selling you your insurance, and you will benefit from their knowledge and experience. You will receive personalized service from a person that you get to know and trust. Generally, an insurance company will guide you to their "one-size-fits-all" policies. A broker will work with you to determine your individual or group needs and show you several options from different insurance carriers that best fit your needs or the needs of your business. You also get an unbiased professional opinion from a broker, not the corporate marketing "speak" from an insurance carrier that point out their benefits and avoids their weaknesses.

A broker can also help you and your employees with processing claims, often saving you valuable time trying to find the right person at the insurance carrier that can assist you with your claim or answer your question.

A broker is also a member of your community, they shop the same businesses (including yours), go to the same churches and know the same people. An insurance broker will be more in tune with your local circumstances including local economic issues and other factors that may have an impact on your insurance needs. Ultimately, a good insurance broker will become a lifelong friend as well as a consultant and broker.

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Tips to Purchase Your Travel Insurance

Buying travel insurance is not as simple as you think. Firstly, it is way more different than buying an article you've long desired and wait for its price to drop soon. It's even different from buying an airplane ticket where you go online and do a price comparison to look for the cheapest one.

People who are new to it often find it very hard to get their way around it. Firstly, they struggle with the idea of whether they really need to get it or not. Most travelers believe they don't really need it and coverage is simply spending more money unnecessarily.

To solve your confusions, here is an ultimate guide to buying travel insurance.

1. Do You Need Insurance?

To begin with, there are many countries that won't let you in if you don't have it. But the chances are that you'll get away with many destinations that allow you to get away without it.

So do you wonder why you still need that? You're right in thinking so. But it's mandatory to be traveling with valid travel insurance. You plan a vacation because you want to escape all the stresses of life and have the time of your life. That is great thinking, but might not always end up being how you've planned.

Accidents never come with an invitation and are never welcomed. But they can become very bitter if you're not prepared to battle with them. This is where travel insurance comes extremely useful.

2. Buy it Early

We all refrain from buying travel insurance because it is expensive. One of the sensible ways of saving on your buy is to get your travel insurance early. You'd still be only paying for the time you're traveling.
However, you would still be covered for that time free of any charge.

So if you choose to purchase your insurance three months prior to flying, any changes to your travel plans are likely to be covered by your insurance company. It's better not to wait last minute for things to go wrong and get your insurance beforehand.

3. Purchase Online

Nearly all of us admire online purchasing simply because there are plenty of discounts available. This is why it may be a great option to buy your insurance cover online.

However, this is not as simple as it may sound. Online purchases are mostly done with a low price indicator. But when buying travel insurance, there's way more than just looking at the price. Before making the purchase, it is a must to carefully examine your policy and ensure you've studied it in depth.

Domestic as well as international traveling must be worry free if you truly wish to enjoy it. But when you purchase your insurance cover, it is very important that you can fully trust your company with their policies and know exactly what you've opted for. Once you experience this, you'd never go anywhere without travel insurance!

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