UNIVERSITY OF MUMBAI
PROJECT ON “TRAVEL INSURANCE” BACHELOR OF COMMERCE
(BANKING & INSURANCE) SEMESTER VI (2011-2012)
SUBMITTED BY BHAIRAVI A. DANDEKAR ROLL NO. -07
PROJECT GUIDE Prof. NANDINI JAGANNARAYAN
HINDI VIDYA PRACHAR SAMITI’S RAMNIRANJAN JHUNJHUNWALA COLLEGE, GHATKOPAR (WEST), MUMBAI-400 086. “INFORMATION ABOUT HDFC BANK” 1
BACHELOR OF COMMERCE BANKING & INSURANCE SEMESTER VI
SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE AWARD OF DEGREE OF BACHELOR OF COMMERCE- BANKING & INSURANCE
BY BHAIRAVI A. DANDEKAR ROLL NO. - 07
HINDI VIDYA PRACHAR SAMITI’S RAMNIRANJAN JHUNJHUNWALA COLLEG GHATKOPAR (WEST), MUMBAI-400086.
2
HINDI VIDYA PRACHAR SAMITI”S RAMNIRANJAN JHUNJHUNWALA COLLEGE GHATKOPAR (W), MUMBAI-400086
CERTIFICATE
THIS IS TO CERTIFY THAT Miss BHAIRAVI A. DANDEKAR OF B.COM. BANKING & INSURANCE SEMESTER V (2011-12) HAS SUCCESSFULLY INSURANCE”
COMPLETED UNDER
THE
THE
PROJECT
GUIDANCE
OF
ON
“TRAVEL
Prof.
NANDINI
JAGANNARAYAN)
PRINCIPAL. (DR. USHA MUKUNDAN)
PROJECT GUIDE/ INTERNAL EXAMINER (Prof. NANDINI JAGANNARAYAN)
EXTERNAL EXAMINER
3
DECLARATION
I, Miss BHAIRAVI A. DANDEKAR THE STUDENT OF B.COM. BANKING & INSURANCE SEMESTER V (2011-12) HEREBY DECLARES THAT
I
HAVE
COMPLETED
THE
PROJECT
ON
“TRAVEL
INSURANCE”. THE INFORMATION SUBMITTED IS TRUE AND ORIGINAL TO THE BEST OF MY KNOWLEDGE.
SIGNATURE OF STUDENT
NAME OF THE STUDENT BHAIRAVI A. DANDEKAR
ROLL NO. 07
4
ACKNOWLEDGEMENT
I would like to express my sincere gratitude to the almighty that has showered her blessing on me without which this project would have not been possible. I would also like to express my heartfelt gratitude to our principal Dr .USHA MUKUNDAN, who has given me opportunity to conduct this study. My guide Mrs. NANDINI JAGANNARAYAN also deserves sincere thanks that has given me her guidance throughout the project and made it a success. I would also like to thank our madam Mrs. LAKSHMI CHANDRASEKRAN who has cleared some of my doubts. My parents have been a backbone to me in completing this project and my friends who extended their constant support during my study also deserve heartfelt thanks.
5
INDEX
SR.
CHAPTER
NO.
PAGE NO
EXECUTIVE SUMMARY
7
1
INTRODUCTION TO INSURANCE INDUSTRY
9
2
INTRODUCTION TO TRAVEL INSURANCE
16
3
4
5
NEED’S, ADVANTAGES &DISADVANTAGES OF TRAVEL INSURANCE COVERAGE & NATURE OF CLAIM’S OF TRAVEL INSURANCE DIRECTION’S FOR SELECTING COVERAGE BASED ON NEED’S OF TRAVELER
18
25
32
6
TRAVEL INSURANCE CAN BE TAKEN FROM
35
7
TYPE OF TRAVEL INSURANCE
45
8
9
10
TWO COMPANIES WHICH PROVIDES VARIOUS INSURANCE COVER IMPORTANT STEPS TO TAKE AFTER YOU PURCHASE TRAVEL INSURANCE SURVEY MADE BY STUDENT
6
67
79
81
11
12
CONCLUSION
REFERENCE
7
84
85
CHAPTER.1. INTRODUCTION TO INSURANCE INDUSTRY:Insurance is a form of risk management in which the insured transfers the cost of potential loss to another entity in exchange for monetary compensation known as the premium. Insurance allows individuals, businesses and other 8
entities to protect themselves against significant potential losses and financial hardship at a reasonably affordable rate. Insurance is appropriate when you want to protect against a significant monetary loss. Take life insurance as an example. If you are the primary breadwinner in your home, the loss of income that your family would experience as a result of our premature death is considered a significant loss and hardship that you should protect them against. It would be very difficult for your family to replace your income, so the monthly premiums ensure that if you die, your income will be replaced by the insured amount. The same principle applies to many other forms of insurance. If the potential loss will have a detrimental effect on the person or entity, insurance makes sense. Everyone that wants to protect themselves or someone else against financial hardship should consider insurance. This may include: 1. Protecting family after one's death from loss of income. 2. Ensuring debt repayment after death. 3. Covering contingent liabilities. 4. Protecting against the death of a key employee or person in your business. 5. Buying out a partner or co-shareholder after his or her death. 6. Protecting your business from business interruption and loss of income. 7. Protecting you against unforeseeable health expenses. 8. Protecting your home against theft, fire, flood and other hazards. 9. Protecting you against lawsuits. 10.Protecting you in the event of disability. 11.Protecting your car against theft or losses incurred because of accidents. etc. THERE ARE TWO TYPES OF INSURANCE:-
9
FIRE INSURANCE
MEDICAL INSURANCE
GENERAL INSURANCE CORPORATION OF INDIA
PERSONAL ACCIDENT INSURANCE
LIFE INSURANCE CORPORATION OF INDIA
MOTOR INSURANCE
TYPE OF INSURANCE
TRAVEL INSURANCE
1. LIFE INSURANCE CORPORATION OF INDIA:Life Insurance Corporation of India (LIC) was established on 1 September 1956 to spread the message of life insurance in the country and mobilize people’s savings for nation-building activities. LIC with its central office in Mumbai and seven zonal offices at Mumbai, Calcutta, Delhi, Chennai, Hyderabad, Kanpur and Bhopal, operates through 100 divisional offices in important cities and 2,048 branch offices. LIC has 5.59 lakh active agents spread over the country. It has also entered into an agreement with the Sun Life (UK) for marketing unit linked life insurance and pension policies in U.K. The total new business of the Corporation during 1998-99 was Rs 75,316 crore of sum assured under 148.43 lakh policies. LIC’s group insurance business up to 31 March 1999 was Rs 66,085 crore (provisional) providing cover to 219 lakh people. Life insurance is an insurance coverage that pays out a certain amount of money to the insured or their specified beneficiaries upon a certain event such as death of the individual who is insured. The coverage period for life insurance is usually more than a 10
year. So this requires periodic premium payments, either monthly, quarterly or annually. 2. GENERAL INSURANCE CORPORATION OF INDIA:General insurance is basically an insurance policy that protects you against losses
and
damages
other
than
those
covered
by life
insurance.
The coverage period for most general insurance policies and plans is usually one year, whereby premiums are normally paid on a one-time basis. General insurance industry in India was nationalised and a government company known as General Insurance Corporation of India (GIC) was formed by the Central Government in November 1972. With effect from 1 January 1973 the erstwhile 107 Indian and foreign insurers which were operating in the country prior to nationalisation, were grouped into four operating companies, namely, (i)
National Insurance Company Limited;
(ii)
New India Assurance Company Limited;
(iii)
Oriental Insurance Company Limited; and
(iv)
United India Insurance Company Limited.
All the above four subsidiaries of GIC operate all over the country competing with one another and underwriting various classes of general insurance business. From 799 offices in 1973, the network grew to 4,208 offices as on 31 March 1998. Besides the domestic market, the industry is presently operating in 17 countries directly through branches or agencies and in 14 countries through subsidiary and associate companies. The wholly-owned subsidiary of GIC known as India International Insurance Private Limited set up in 1988 in Singapore has grown into a leading company in the Singapore market. The gross premium income of the general insurance industry in India during 199798 was Rs 7,736 crore as against Rs 7,021 crore during 1996- 97 representing a
11
growth of 10.2 per cent over the premium income of 1996- 97. The net premium income of the general insurance industry in India during 1997-98 was Rs 6,725 crore as against Rs 6,041 crore during 1996- 97 representing a growth of 11.3 per cent over the net premium income of 1996-97. The gross profit of the industry during 1997-98 were Rs 1,623 crore as against Rs 1,084 crore in 199697 recording a growth of 49.7 per cent over the previous year. The net profits of the industry during 1997-98 were Rs 1,255 crore as against Rs 719 crore in 1996-97 representing a growth of 74.5 per cent over the previous year. TYPE OF GENERAL INSURANCE:1. FIRE INSURANCE:It is a form of property insurance which protects people from the costs incurred by fires. When a structure is covered by fire insurance, the insurance policy will pay out in the event that the structure is damaged or destroyed by fire. Some standard property insurance policies include fire insurance in their coverage, while in other cases, fire insurance may need to be purchased separately. Property owners should check with their insurance companies if they are not sure whether or not fire insurance is part of their policies, and if fire insurance is not included, it should be purchased. Depending on the terms of the policy, fire insurance may pay out the actual value of the property after the fire, or it may pay out the replacement value. In a replacement value policy, the structure will be replaced in the event of a fire, whether it has depreciated or appreciated: in other words, if homeowners purchase a home and the value increases, as long as it is covered by a replacement value policy, the insurance company will replace it. Anactual cash value policy covers the structure, less depreciation. Most accounts come with coverage limits which may need to be adjusted as property values rise and fall.
12
2. MEDICAL INSURANCE:Life is full of uncertainties: an untoward event can strike an individual anytime, anyplace. It is for such a reason that individuals need to be prepared and plan their finances better. This is where a Mediclaim policy comes to an individual's rescue and helps him not only tide over a potential crisis but also protects him from a disproportionate and/or unplanned outflow of his personal finances. Simply put, a Mediclaim policy is a non-life insurance policy, which covers the expenses incurred by an individual in case of an injury/hospitalisation. Mediclaim covers not only the expenses incurred during hospitalisation but also the pre and post-hospitalisation expenses (subject to conditions).Individuals have to pay a minimal premium for buying medical insurance. An illustration will help in understanding this better. 3. PERSONAL ACCIDENT INSURANCE:Sometimes even a small accident or mishap can throw your financials out of gear. Get insured to be prepared for those trying times. Accident Insurance is specially designed to protect you from the following unforeseen events - Death, Total Disability and Permanent Partial Disability. This comprehensive policy will help your family meet its financial commitments in the hour of need. This is available for the age band between 5 to 70 years. The proposer’s age should be between 18 to 70 years.
4. MOTOR INSURANCE:It is an insurance purchased for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage and/or bodily injury resulting from traffic collisions and against liability that could also arise there from. The specific terms of vehicle insurance 13
vary with legal regulations in each region. Depending on the jurisdiction, the insurance premium can be either mandated by the government or determined by the insurance company, in accordance with a framework of regulations set by the government. Often, the insurer will have more freedom to set the price on physical damage coverage’s than on mandatory liability coverage’s. The premium can vary depending on many factors that are believed to have an impact on the expected cost of future claims. Those factors can include the car characteristics, the coverage selected (deductible, limit, covered perils), the profile of the driver (age, gender, driving history) and the usage of the car.
5. TRAVEL INSURANCE:It is an insurance that is intended to cover medical expenses, financial default of travel suppliers, and other losses incurred while traveling, either within one's own country, or internationally. Temporary travel insurance can usually be arranged at the time of the booking of a trip to cover exactly the duration of that trip, or a "multi-trip" policy can cover an unlimited number of trips within a set time frame. Coverage varies, and can be purchased to include higher risk items such as "winter sports".
14
CH APTER.2. INTRODUCTION TO TRAVEL INSURANCE:Travel insurance is insurance that is intended to cover medical expenses, financial default of travel suppliers, and other losses incurred while traveling, either within one's own country, or internationally. Temporary travel insurance 15
can usually be arranged at the time of the booking of a trip to cover exactly the duration of that trip, or a "multi-trip" policy can cover an unlimited number of trips within a set time frame. Coverage varies, and can be purchased to include higher risk items such as "winter sports". THE MOST COMMON RISKS THAT ARE COVERED BY TRAVEL INSURANCE ARE: Medical/dental expenses Emergency
evacuation/Medical
Air
Evacuation/repatriation
of
remains Return of a minor child Trip cancellation/interruption Accidental death, injury or disablement benefit Overseas funeral expenses Curtailment Delayed departure, missed connection Lost, stolen or damaged baggage, personal effects or travel documents Delayed baggage (and emergency replacement of essential items) Legal assistance Trip Cancellation Flight Connection was missed due to airline schedule Travel Delays due to weather Medical Emergency and hospital care (Accident or Sickness) INDIAN TRAVEL INSURANCE OVERVIEW
Travelling is one of the more pleasurable experiences for one and all. In the travel insurance context, travel to exotic destinations can be divided as domestic 16
and overseas travel. Travelling within India is called as domestic travel and once you are out of India its overseas travel. Travel insurance is very essential when
you
travel,
be
it
domestic
or
International
travel.
Calamities and pandemics across the globe are also common these days. Travelers, despite of their age have to be careful about their health particularly when they are outside their familiar surroundings. They need proper medical insurance coverage as falling ill or getting injured is not predictable. There are several travel insurance plans to suit your requirements; it can be purchased to safeguard you and your family respectively. Shop around online to learn more about the distinctions between different travel insurance plans before buying.
Travelling overseas has become common nowadays with people travelling abroad either to visit their close ones or simply for recreation or through business. The United States and Canada are two nations in North America that are frequented by Indians. While it is exciting to visit America, visiting an American hospital as a patient is not as exciting. The health care costs are exorbitant, and even though, insurance is not mandatory to travel to these countries, it is highly recommended.
CHAPTER.3.
NEED,
ADVANTAGES
TRAVEL INSURANCE: NEEDS OF TRAVEL INSURANCE:17
&
DISADVANTAGES
OF
Most of these policies cover cancellations due to weather, sudden illness, death and
emergencies
whilst
at
home
or
abroad.
It is for medical emergencies. This is particularly useful if you plan on traveling to underdeveloped countries, or for individuals with an ongoing illness that might require medical attention at some point during the trip. These policies will reimburse you for the cost of doctor visits, medication, and sometimes even medical evacuation out of the country. For longer trips, or for frequent travelers, a comprehensive insurance package is probably the best value. These usually provide a wide variety of coverage, and some even allow you to choose what kinds of coverage to be included. Since it's impossible to know what problems might arise during your trip, these policies cover all the bases so that you have protection against monetary loss in the event of nearly any emergency. YOU NEED TO CANCEL:1. You’ve planned to go skiing for ages, and you’ve finally got the trip scheduled. Just before you are due to leave, the kids get sick with the flu. You’ll be taking care of them for days and it will be a miracle if you don’t get sick yourself. Will you be able to recover your non refundable fees – even the lift tickets? 2. You’ve been planning an anniversary trip, but the week before you are scheduled to leave, your boss calls to tell you that you are required to work for a week of emergency meetings. Will you be able to reschedule your trip and recover the money you put down? 3. You are taking the family on a cruise before school starts. Days before your scheduled departure, severe rain causes flood damage to your home. With only a week to dry out and make the repairs before returning to work, you’ve got more immediate – and more expensive – things on your 18
mind. Will you be able to get your money back? With trip cancellation coverage, you’ll be able to recover your out-of-pocket expenses for these covered reasons and more. 4. You’ve planned a cruise with your girlfriends, but you discover the connecting flight to get to the ship is delayed. The customer service agents apologize for the missed connection, but it looks like you will miss your cruise departure. How will you catch up to the ship? With missed connection coverage, you can take another flight to catch the ship at the next port-of-call. You’ll also have assistance services to help you arrange and pay for those travel changes.
5. After attending the family reunion, you arrive at the airport to return home and are told tornadoes have canceled all flights through Dallas. Who will help you find a new flight to return home? With trip interruption coverage, you’ll have the money you need to get a new return ticket or wait out the delay in a comfortable hotel.
6. You saved all year for a summer vacation to Aruba, but as the vacation draws closer, so does a hurricane that destroys the hotel, shatters the pool, and litters the beach with debris. As you watch the television in horror, your dream vacation is washed away. Will you lose all the money you worked so hard to save? With travel insurance protection for weather damage, you’ll be able to recover your pre-paid costs. 7. You’ve planned an excursion to Egypt for years, but weeks before leaving a terrorist attack occurs. The airports are closed and Egypt is in chaos. It would be unwise to travel now, but will you lose all your non refundable fees? With terrorism coverage, you can cancel your trip without losing all the money you’ve spent. 19
8. You and your friends have planned a hiking trip to climb Machu Picchu since college. After your first night in Lima, you wake with severe stomach pains and a high fever. You cannot start your hike. Instead, you need emergency medical care – and quick. With travel medical coverage, you won’t be paying a huge medical bill. You’ll also have assistance services – in your own language – to locate a suitable medical facility and arrange transportation. 9. Your special day has finally arrived – a wedding at a beach side resort. Unfortunately, the airline made a mistake and your baggage will be delayed. Luckily you’ve got the dress and the rings, but what about your other clothes, shoes, toothpaste, and personal items? With coverage for delayed bags, you can relax. The service hot-line will help you recover your bags. You’ll also be reimbursed for the essential items you need to start enjoying your trip.
10. You are required to speak at a business conference in Las Vegas, but somewhere in transit, your baggage is lost. Your presentation is tomorrow, how will you get ready in time? With coverage for luggage that is lost, stolen, or damaged, you’ll have the money you need to get new clothes and personal items. You’ll even have coverage for a suitcase so you can take your new stuff home.
11. You are at a conference in London, and you realize you left your passport at a local restaurant. With coverage for lost passports, you’ll have help expediting the process of replacing and paying for a new passport.
20
12. You and your daughter have planned a summer tour of Mont-Blanc, but high in the mountains your daughter is overcome with dizziness and a dangerously high fever. She needs immediate medical attention. How will you get her to safety? With medical evacuation coverage, you can arrange safe transportation to a medical facility. Medical evacuations typically cost tens of thousands of dollars, but with trip insurance you won’t break the bank to save your daughter. 13. You’ve planned a two-week honeymoon cruise to Alaska, but a week before the trip you see on the news that your cruise is canceled due to financial default of the cruise company. How will you recover your money? With trip insurance that covers financial default, you’ll be able to recoup your expenses. With the help of assistance services, you’ll be able to reschedule your cruise as well.
14. You and your parents have planned a trip to their home country, but on your way, the train is canceled for mechanical repairs. You don’t speak the language. Who can help you locate alternative transportation? With trip insurance you’ll have emergency assistance services. The service agents will recover your non refundable fees, then locate and pay for transportation to get you where you want to be.
ADVANTAGES OF TRAVEL INSURANCE:Travel insurance is usually the last thing on people's mind when they are booking a trip, but can turn out to be the most important thing to have when you are in a crisis situation. Here are some advantages of booking travel insurance:
21
1. Medical Care: The most obvious advantage is that if you fall sick on your trip, you will be covered for any medical care you need. Make sure you understand the limitations in your policy, as some have upper limits for the amount they will pay. 2. Medical Transport: Most insurance policies will pay for you to be transported to a medical establishment, such as by road or air ambulance. 3. Repatriation: Insurance will also pay for the cost to be returned to your home country after your medical treatment, along with a medical professional. This also covers the transport of your remains if you die while abroad. 4. Medical Evacuation: In the event of you being extremely sick and there not being a good hospital where you are, you will be evacuated to the nearest good hospital for treatment, even if this means taking you to another country. 5. Hospital Incidentals: This covers incidental costs while you are a patient in a hospital. This is only given after a minimum length of stay and also has an upper limit on the amount you can claim. 6. Cancellation or trip interruption: This covers any costs of you having to change the duration of your trip, such as flight changes etc. This includes a death in the family, or something happening to your home, such as fire. 7. Missed Flights: This covers all added costs if you miss your flight back home. This will help you get the first possible flight back, as well as cover any extra costs of changing flights or hotel stays.
22
8. Personal Liability: This gives you cover in case you hurt a third party or damage any property. 9. Legal Expenses: There is usually some sort of cover provided if you have to get involved in litigation while on your visit. 10. Personal Accident: This means that if you get hurt or die during your trip, you will be given some amount of money. 11. Personal Baggage: This covers your belongings while on the trip. If you lose a bag, a laptop or any other belongings, you can claim compensation for it. This is usually accompanied with information on the maximum amounts you can claim, for instance on jewelry. All of these are advantages of carrying travel insurance, however, the covers given to you under different policies vary, and so make sure you read the fine print before you sign any documents or pay for your cover. Depending on where you are going, and how long you are going for, you will be required to pay different amounts. So, it may be more expensive to buy travel insurance for a dangerous country, as compared to a country with low crime rate. DISADVANTAGES ABOUT TRAVEL INSURANCE INDIA:1. The interesting info locating travel insurance India greatly provides more benefits than some disadvantages. Still, a few might would like to appreciably reduce your flip aspect your well. So, most certainly don’t disadvantage mounted on client get a insurance. 2. Solution to your idea that a lot of the truth is sometime comes to pass in your direction understanding traveling. So, the majority of buy items travel insurance, an individual could convey more your money inside pocket.
23
3. They certainly efforts contrary to insurance if you happen to junior and after that in good health they will not constantly fall sick. In which performing yourself, reasons why I would select insurance as soon as easily, and one motives have provides gain therefore the risk because of will surely which you can me is most probably longer than those risk which often can one thing happening. 4. Relocating a widespread tourist and therefore little or nothing does have by chance happened, chronochraph watches or just minimal desire to buying insurance now. 5. Take part in terribly skeptical may are convinced finding travel insurance is often a waste debris regarding money. 6. Awful crops during the careless or sometimes ready to occupy the fact jeopardize and still not must splash out on travel insurance of a any kind of kind. 7. Once there is the meticulously away to the end of the different eliminating hair by waxing on top of that cons, achievable evaluate the public in the buy goods travel insurance India or it may be not. It includes opposite viewing what we liked and yet cons. A lot of stuff on when travelers travel plus so what purpose. So, makeup the mind and make sure to travel safe. Bon voyage!
CHAPTER.4.COVERAGE & NATURE OF CLAIMS OF TRAVELL INSURANCE: TRAVEL INSURANCE COVERS:-
24
The intent of travel insurance is to provide financial protection against large unexpected financial losses due to listed unforeseen events that occur while you are traveling. Unforeseen events are those situations that result from sudden, unpredicted, and unknown conditions. Travel insurance covers you, and those insured with your policy, for unforeseen events such as: Unexpected medical emergencies or death Medical emergencies, including sudden illnesses or injuries (and preexisting medical conditions if the insured purchases a pre-existing condition waiver with their plan) The need for emergency medical transportation or evacuation (some plans also provide coverage for non medical evacuations in certain situations) The repatriation of an insured’s remains in case of death The need to cancel or interrupt your trip for a covered reason (the plan will list covered reasons for trip cancellations and interruptions) Unexpected loss of a job at which you have worked for less than 3 years (most policies provide coverage if you’ve worked in a position for at least three years, although some require a minimum of five) A travel supplier suddenly and unexpectedly ceasing operations Delays due to severe weather such as hurricanes, tornadoes, earthquakes and more Lost, stolen or destroyed belongings packed in checked bags Trip delays due to unexpected and unannounced labor strikes Trip interruptions and cancellations due to terrorist acts at your destination Traffic accidents or damage to a rental car, or the loss of a rental car due to theft 25
Loss of life or functioning limbs Flight accidents A non medical evacuation because you are declared a persona non grata by a country you are visiting on your trip and you are asked to leave. Because medicines and medical treatments are given different names around the globe, this coverage gives a traveler access to a drug translation guide. It also includes access to a medical phrase and terms translation guide. Some plans offer the traveler their choice of hospital or medical facility in the event of an emergency medical evacuation. This one’s great for grandparents and expectant fathers who are traveling. A covered reason for trip cancellation and trip interruption includes needing to attend the birth of an immediate family member’s child. This coverage provides medical evacuations and covers medical expenses due to complications from medical treatment scheduled in a foreign country (also called medical tourism). A covered reason for trip cancellation that includes canceling because the school year is extended.
NATURE OF CLAIMS:-
26
A. RETURNING EARLY TO YOUR COUNTRY OF RESIDENCE:If you have to return to your country of residence under Section A (Cancellation & Curtailment) or B (Emergency Medical and Treatment Expenses), the 24 hour medical emergency service must authorize this. If they do not, this could mean that we will not provide cover or we may reduce the amount we pay for your return to your country of residence. The 24 hour medical emergency service reserve the right to repatriate you should our medical advisors view you as being fit to travel, if you refuse to be repatriated then all cover under this policy will cease. The 24 hour medical emergency service may be contacted from anywhere in the world to provide assistance to you. B. WHEN YOU RETURN HOME – MAKING A CLAIM:If you need to make a claim, please complete and return the relevant claims form below no later than 31 days after the event: 1. Policy cancellation, trip interruption in travel insurance:Travel insurance can be cancelled conveniently online. If the insured prefers to get his/her travel insurance policy cancelled before the policy start date then he/she should intimate the E India Insurance by sending an email. The insured should furnish policy number or schedule number in the email. If the cancellation request is after the start date of the policy then Photo copy or Scan copy of all the pages of the passport should be sent to Insurance Company as a proof that he/she has not travelled overseas. In both the cases there will be a 250/- cancellation charges. Covers any financial loss, unrecoverable by other means, such as lost deposits or non-refundable transport costs, you suffer as a result of having to cancel or cut short your trip or having to return home suddenly. 2. Curtailment claims settlement in travel insurance:-
27
The efficiency of an insurance company is best determined considering the history of claims settlement. Cashless settlement in travel insurance for outpatients can be availed by walking in to the hospitals directly. If the insured is an inpatient, then he/she is expected to inform the service provider by calling the toll free number specified on the policy document. Signed claim form, policy copy and other documents as specified by the insurer is required to apply for a claim. Common reasons for claiming under this section would be the sudden and unexpected serious illness or death of a close relative, or something happening to your home such as fire or flood. What is considered a valid reason to claim under this section varies from policy to policy so as usual you must read the small print.
3. Medical expenses:The likelihood of person suffering from an ailment or disease is very high especially in these days of swine flu epidemic etc. Hence hospitalization will be needed in most cases for a person who is suffering from such ailments. The plan should pay for in-patient and out-patient hospitalization. It should provide a daily allowance in case of hospitalization. a. Emergency Medical Treatment: - Covers the cost of emergency medical treatment, this usually involves being treated at a hospital but not necessarily. Prior authorization by the insurer is normally required if the expected cost of treatment is likely to be above a fixed amount set out in the policy wording, this is often quite low, in the hundreds of pounds. b. Emergency Medical Assistance: - Covers the cost of emergency medical assistance, mainly getting someone to hospital, whether that is the costs of a road ambulance or where necessary an air 28
ambulance or sea rescue, although you must check that you are covered for the activity in which you were participating when injured or becoming ill. c. Medical Evacuation: - In the event of there being no hospital capable of treating you locally, this section of the policy covers the costs of transporting you to the nearest hospital that can treat you, even if it is in another country. d. Hospital Benefit: - It is a small daily amount to cover incidental costs of being a hospital in-patient abroad. Usually a minimum length of stay requirement and a maximum limit on the total benefit paid. e. Personal Possession Contingencies:- One of the most common grouses of a traveler in a foreign country is the loss of passport or baggage while travelling. The policy should provide coverage against loss of passport or baggage by reimbursing the cost of obtaining a fresh or duplicate passport. f. Time Based Contingencies:-So also with the heavy density of air travel, there are high chances of flight delays etc. especially during the snowfall or rainfall seasons. The Travel Policy should reimburse towards additional expenses incurred if trip is delayed. In case of the trip being cancelled or interrupted, compensation for any nonrefundable payments or additional expenses incurred should be paid. g. Other Contingencies:- In a foreign country, there are many chances of personal accidents happening wherein one might involuntarily damage another person. Hence, a travel policy should also cover you against liability to a third person caused involuntarily by you or your family. Also theft of foreign currency in a foreign country should also be covered. h. Personal Liability:-It provides cover in the event that you injure a third party or damage their property, although there is often exclusion 29
for liability arising from the use of a vehicle or by an animal under your control, such as a horse or dog. 4. Strikes & hijacks:This provides a daily allowance if your travel is delayed for more than 12 hours from reaching your scheduled destination due to organized industrial action, strike or hijack. 5. Missed departure:It covers additional costs if you miss your scheduled means of transport for departing your home country and the first international means of transport on the return journey. Cover under this section is usually restricted to incidents out of your control such as failure of public transport or your own vehicle breaking down, although you may be required to prove that it had been maintained regularly. Missed connections in a third country that is not your home country or the final destination country are often excluded. 6. Legal expenses:In the event of you becoming involved in litigation there is some cover for legal costs. 7. Personal belongings / baggage:It covers for your personal belongings and money that you take with you. There is usually an overall limit that is the maximum for any claim as well as limits for individual types of property. These are the single item, pair or set of items limit, for instance a set of golf clubs is considered to be one item and you cannot claim for each club separately. The valuables limit, valuables usually referring to jewelry and electronic devices. There will be an individual item 30
limit as well as a total valuables limit being the maximum cover in any one claim for all items considered to be a valuable. There will also be a limit on the amount of cash covered in a claim. In the event of theft there will also be restrictions on valid claims with regard to where the item was, if it was secure, and a requirement to report the theft to the police.
31
CHAPTER.5.DIRECTIONS FOR SELECTING COVERAGE BASED ON NEED’S OF TRAVELER: HOW TO SELECT THE RIGHT COVERAGE BASED ON YOUR NEEDS:Each plan from each company can have very different coverage’s. Some will have certain coverage while another plan might not. Also, the amount of coverage will vary between the different plans ($25,000 medical expense coverage vs. $50,000) Identify the coverage that is most important. When you start comparing plans, you will need some criteria to help you prioritize and narrow down your choices. The criterion you’ll use is a list of coverage’s that you think are the most important for your trip. You might also factor in minimum coverage amounts on certain coverage’s like medical expenses. For example: A family taking a Disney cruise in September might have the following coverage criteria: 1. Hurricane & Weather coverage for cancellations is a must 2. Medical Evacuation coverage of at least $100,000 is necessary as well 3. Missed Connection coverage would be nice since there is a connecting flight This list of coverage criteria will help the family choose a plan that meets their needs. They will be able to filter out plans that do not have these minimum criteria, making the choice easier. 1. Most popular coverage criteria:a. Emergency Medical (at least $50,000) b. Medical Evacuation (at least $100,000) c. Pre-existing Medical Conditions d. Cancel For Any Reason 32
e. Hazardous Sports f. Hurricanes & Weather g. Terrorism h. Employment Layoffs i. Missed Connections j. Rental Car Coverage 2. Cancellations:a. Trip Interruption b. Hurricane & Weather c. Terrorism d. Financial Default e. Employment Layoff f. Cancel For Work Reasons g. Cancel For Any Reason 3. Medical related:a. Primary Medical b. Emergency Medical c. Pre-existing Medical d. Medical Deductible 4. Evacuations:a. Medical Evacuation b. Non-Medical Evacuation 5. Loss or delays:a. Travel Delay b. Baggage Delay c. Baggage Loss 33
d. Missed Connection 6. Life insurance:a. Accidental Death b. Air Flight Accident c. Common Carrier 7. Sports:a. Hazardous Sports 8. Other benefits:a. Rental Car b. Money Back Guarantee c. 24 Hour Assistance Service d. Identity Theft e. Renewable Policy f.
All Events Upgrade
g. Travel Insurance Plans & Premiums
34
CHAPTER.6. TRAVEL INSURANCE CAN BE TAKEN FROM:1. Buying travel insurance from third party company vs. through a travel agent:Many travelers like the idea of purchasing their travel and travel protection as a single purchase with one company; however, this convenience and perceived cost savings may come at a price. Reasons to be wary of purchasing travel insurance from your travel agent:a. Travel agents earn extra money by selling travel insurance, but they may only offer the travel insurance plans that earn the best commissions b. Travel agents may have only a few plans to offer from a limited number of travel insurance providers c. While some travel agencies have at least one agent that is licensed to sell travel insurance, many travel agents are not licensed insurance agents d. A travel agent’s protection plans may or may not be backed by a legitimate underwriter Differences between purchasing from a 3rd party company vs. a travel agent Travel Insurance Plans
Travel Agent Protection
In the event of a By a check in U.S. Payment
depends
on
the
claim, how are you dollars.
reason you have a claim -
paid?
some payments may be in the form of future travel credits
35
Travel Insurance Plans
Travel Agent Protection with expiration dates.
Are
independent Yes, all non refundable No, only the arrangements
travel
arrangements pre-paid travel costs are made and purchased through
covered?
covered, including third- the travel agent are covered. party airline tickets, side trips,
tours,
and
excursions.
Is
bankruptcy
or Yes, as long as you've No coverage
financial
default purchased a plan with
covered?
that coverage and met the plan rules.
Are cancellations for Yes, depending on the May or may not be covered reasons of terrorism plan. or
political
unrest
covered?
Does
it
emergency coverage?
include Yes, depending on the Often, but coverage limits are medical plan
you
choose; usually quite limited ($10,000
coverage limits as high - $25,000). as
$1,000,000
available.
36
are
Travel Insurance Plans
Travel Agent Protection
Is there 'cancel for Yes, depending on the No coverage any reason' coverage? plan.
Is trip cancellation Yes, depending on the May or may not be covered for schedule conflicts plan. (jury
duty,
school
work, year
extensions) covered?
Does trip cancellation Yes, trip cancellations No, extend departure?
to
cancellation
coverage
my are covered until the often ends 1-3 days prior to moment you leave home. your scheduled departure.
Is there coverage for Yes, depending on the May or may not be covered pre-existing medical plan. conditions?
Is there an official Yes,
travel
insurance No, if you have a dispute,
body regulating the plans are regulated by your only recourse is to file plans?
each
state's
Insurance legal action which will likely
Licensing Department.
cost additional money.
Some plans offered by travel agents may not be 100% travel insurance and those plans don’t provide the same level of coverage 3rd party travel insurance companies have a number of plans that can be compared side-by-side with a comparison engine 37
2. Why buying travel insurance from a 3rd party company is better than buying from a cruise line:Cruise travelers are usually offered a host of protection plans and waiver plans by the cruise line operator when they schedule and pay for their cruise travel. Travelers may feel tempted to purchase these plans as a ‘quick fix’ to their travel insurance needs. Differences between cruise line protection and travel insurance Travel
Insurance Cruise Line Waiver Plans
Plans
In the event of a By a check in U.S. Usually
in
non
transferable
claim, how are you dollars.
partial credits that expire and
paid?
have a number of limiting rules.
Are
independent Yes,
all
non No, only the arrangements made
travel arrangements refundable covered?
travel
pre-paid and purchased through the cruise
covered,
including
third-party tickets,
are line operator are covered.
costs
side
airline trips,
tours, and excursions.
Is
bankruptcy
or Yes, as long as you've No coverage
financial
default purchased a plan with
covered?
that coverage and met the plan rules.
38
Travel
Insurance Cruise Line Waiver Plans
Plans
Are
cancellations Yes, depending on the May or may not be covered
for
reasons
terrorism political
of plan. or
unrest
covered?
Does
it
include Yes, depending on the Often, but coverage limits are
emergency medical plan coverage?
you
choose; usually quite limited ($10,000 -
coverage limits as high $25,000), plus you may be as
$1,000,000
are forced to evacuate the ship if the
available.
on-board medical facility cannot treat
you,
thus
incurring
additional expenses.
Is there 'cancel for Yes, depending on the No coverage any
reason' plan.
coverage?
Is trip cancellation Yes, depending on the May or may not be covered for
schedule plan.
conflicts (jury duty, work, school year extensions) covered?
39
Travel
Insurance Cruise Line Waiver Plans
Plans
Does
trip Yes, trip cancellations No, cancellation coverage often
cancellation extend are covered until the ends 1-3 days prior to your to my departure?
moment
you
leave scheduled departure.
home.
Is there coverage Yes, depending on the May or may not be covered pre-existing plan.
for
medical conditions?
Is there an official Yes, travel insurance No, if you have a dispute, your body regulating the plans are regulated by only recourse is to file legal plans?
each state's Insurance action which will likely cost Licensing Department. additional money.
Reasons to buy travel insurance from a 3rd party company (and NOT the cruise line) a. Your trip insurance will extend beyond the cruise line and provide coverage from the time you leave home until the time you return. b. Your trip insurance will extend to independent travel arrangements before, during, and after your cruise, including flights and hotels at end, tours and excursions and more. c. Your travel insurance can be much more complete and include coverage for trip cancellation, cancellations for work reasons, flight delays, financial default, bad weather, pre-existing medical conditions,
40
medical evacuations, and more. See a complete explanation of travel insurance coverage. d. You will be reimbursed in cash as opposed to future cruise line credit vouchers. e. Purchasing through a state-licensed travel insurance agent means you’ll have real travel insurance backed by regulated underwriters. Cruise line protection plans are not 100% travel insurance and come with significant limitations Cruise line plans protect only the cruise portion of your trip Purchasing your travel insurance through a 3rd party travel insurance provider yields better coverage
3. Buying travel insurance directly from the company vs. Using a comparison site:Travel insurance companies offer their products for purchase on their own websites to make it easy for travelers to purchase their plans. While each website is designed a little differently, they all ask for a few up-front details about your travel plans: when you’re going, how much it will cost, and where you’re going, before displaying a list of travel insurance plans to fit your needs. Whether buying directly from a travel insurance company or purchasing through a comparison site, you can get immediate quotes, pay with a credit card, and receive an e-mail with your purchase confirmation and travel insurance plan documents. No price difference when using a comparison site. Benefits of buying through a comparison site:A comparison site gives you access to many plans offered by a number of different travel insurance providers (see How to Compare Quotes with a Travel Insurance Comparison Site). Some of the features that make using a comparison engine attractive include: 41
a.
Side-by-side comparisons of individual plans and coverage’s
b.
Send quotes to other travelers by e-mail
c.
Review travel insurance company and plan ratings
d.
Make plan upgrade selections and see real-time price adjustments
e.
Instant access to review plan certificates
f.
Purchase immediately and receive an e-mail confirmation and plan
documents Benefits of buying directly from the travel insurance company:Buying directly from the travel insurance company’s website gives you access to all of the company’s plans at once. Some of the features that make purchasing this way attractive include: a.
Access to the company’s guarantees and customer support
b.
Many, but not all, company websites offer plan comparison
capabilities c.
Review plan descriptions and exclusions
d.
Access to the company’s travel alerts
e.
Instant access to review plan certificates
f.
Purchase immediately and receive an e-mail confirmation and plan
documents 4. Do not shop for travel insurance based on price alone:Every traveler is looking for the best deal and no one likes to feel they’ve paid more than they should have, but when it comes to insurance it’s hard to judge what an insurance benefit in hand is worth until you need it. Shopping for travel insurance based solely on price may leave you wishing you’d spent a little more.
42
What happens if even worse ...
Why Travel Insurance is priceless
...
You are badly You brought the kids With emergency evacuation coverage while along
injured
you'll have coverage for expensive
traveling abroad
evacuations and some plans return
and hospitalized
your children home and/or bring someone to your bedside.
Your
luggage Your tuxedo was in it The airline has limited responsibilities
has been lost by and the wedding is for the airline
tomorrow
missing
luggage,
but
travel
insurance baggage coverage provides reimbursement
for
replacement
clothing and other necessities (like a tuxedo rental).
Your
tour You
pre-paid
by With travel insurance protection for
operator goes out check and their doors financial of business
are locked tight
default,
your
pre-paid
money can be refunded to you.
Your parents call Your child has been With trip interruption protection, you with bad news in an accident and can leave your trip and be refunded while babysitting you need to get home your un-used pre-paid travel costs and the kids
now
have
additional
funds
to
make
emergency flight arrangements to get home.
43
What happens if even worse ...
Why Travel Insurance is priceless
...
Your connecting Your wife and kids With travel delay protection, you can flight is delayed are very tired and the be reimbursed for a hotel room and due to an ice airline storm
cannot transportation, so everyone can get
reschedule
your some dinner and a good night's rest
flight until tomorrow while the storm blows over. at the earliest
Your honeymoon The resort you pre- With travel insurance protection that destination is hit paid by a hurricane
for
is provides 'cancel for any reason'
completely destroyed coverage, you'll receive all your prepaid non refundable trip costs and can reschedule your honeymoon.
44
CHAPTER.7.TYPES OF TRAVEL INSURANCE:-
1. PACKAGE PLAN TRAVEL INSURANCE:When most people think of travel insurance, they are thinking of a package plan, which combines a lot of coverage into a single, comprehensive plan suitable for most travelers. This is the most common type of travel insurance plan. As opposed to a travel medical or medical evacuation plan, which covers only a certain set of travel risks, travel insurance package plans are the most common type of travel insurance purchased, and for a good reason: they are comprehensive travel protections combined into a single, easy-to-understand package. Much coverage combined in a single plan. Travel insurance companies combine a comprehensive set of coverage’s for each package plan for targeted traveler types. For example, you can find travel insurance plans for golf trips, that include cancellation, interruption, medical and evacuation and provides coverage for your checked sports equipment as well. It protects many kinds of travelers. Because you can choose a package plan with the coverage’s you need, you won’t be paying for coverage that’s not useful to you. Optional coverage’s ensure that travelers with special needs like pre-existing medical conditions or plans for adventure activities have coverage ‒ even for things that are typically excluded from coverage. It covers many types of trips. It’s important to note that there are package plans for just about any kind of trip, from a family vacation, to a honeymoon, to a missionary trip, and more. The great thing about package plans is that they are designed specifically to cover the common types of trips people take. You can even get a package plan for multiple trips. Some package plans cover kids free too, which means a better price value for parents and grandparents traveling with kids.
45
The following coverage is typically found in a Package Plan travel insurance plan: Coverage for trip cancellations for covered reasons like illnesses, injuries, hurricanes, job loss, revoked leave, military duty, traffic accidents and more. Coverage for trip interruptions for many of the same reasons as trip cancellation plus extra dollars for the unexpected airfare, lodging, and transportation. Coverage for medical and dental expenses due to emergency illnesses and injuries. Coordination and coverage for emergency medical evacuations (some plans also have security or political evacuation coverage) when you cannot obtain proper medical care where you are. Travel assistance services and reimbursement for unexpected lodging, meals and transportation due to travel delays. Coverage for lost, stolen, destroyed baggage and even delayed baggage means you can be reimbursed for unexpected losses due to missing luggage. Assistance, coordination, and reimbursement for return of minor children and emergency bedside visits if you are hospitalized. Optional ‘cancel for any reason’ lets you cancel your trip for reasons not covered under standard trip cancellation; optional ‘cancel for work reasons’ lets you cancel your trip for a number of covered workrelated reasons. Coverage and coordination assistance for your body to be returned home.
46
Experienced travel assistance services representatives to help you locate medical help, arrange for an evacuation, deliver pre-trip planning assistance and much more. Some package plans also provide coverage for: Adventure activities Sports equipment Pre-existing medical conditions Rental car collision coverage Roadside assistance Identity theft assistance Business services Concierge services Passport and credit card services Pet care Travelers like these should purchase travel insurance package plan: Families or couples taking an expensive cruise. You may have waited and saved a long time for this trip, so it’s important to protect your financial investment. If the trip costs more than you can afford to lose, you should purchase adequate travel insurance coverage. Sports enthusiasts traveling to a once-in-a-lifetime event. The cancellation coverage will cover all your non refundable trip costs – even the tickets to the event if you have to cancel or abort your trip. Newlyweds on their honeymoon. The last thing you want to come home with you from your honeymoon is a fat medical bill. Be sure you have the coverage for medical accidents and illnesses just in case. 47
Adventurers planning to scale mountains, hang-glide off peaks, ski unknown terrain and more. Because these activities are typically excluded from travel insurance plans, it’s important to purchase a package plan customized for adventure travel or add the optional adventure coverage to ensure you will be safe if you are injured on your trip. Families on a budget. If you are already counting pennies (and even if you’re not!), you don’t need to lose all your non refundable trip costs back or have to pull out every credit card or call for emergency cash to pay a big emergency room bill while on vacation. The cost of a package plan ranges depending on whether it’s a budget plan, a standard plan, or a premium plan and the options that are added. A general rule of thumb is that a package plan will cost between 5 and 7% of the total trip cost depending on the plan. The following factors affect the cost of a package plan: The number of travelers The age of each traveler The type of trip The total trip costs The destination The optional coverage Travelers must take many factors into account when deciding which package plan to choose, but remember that you get what you pay for. Many travelers have purchased a cheap travel insurance plan only to find out later it doesn’t have coverage for their particular situation when they make a claim.
48
2. TRAVEL
ACCIDENT
INSURANCE
/
FLIGHT
TRAVEL
INSURANCE:Travel accident insurance, or flight travel insurance, is extra term life and disability protection to cover a sudden and unexpected loss that occurs as a result of a travel accident or flight accident on a covered trip. Travel accident insurance plans – also called flight travel insurance plans – focus on term life and accidental death & dismemberment benefits for the insured and their families. Travel accident insurance focuses on accidental death & dismemberment (AD & D) and term life insurance benefits that apply while the insured is traveling on an insured trip or during their annual coverage period. Some travel accident plans have flexible benefit options and let you choose the amount.
Flight accident
24-hour AD&D
Emergency travel assistance services
Some travel accident plans include a few package-like benefits and extra options including: Baggage loss and delay Pre-existing medical conditions Security evacuations Coverage for war and terrorist acts
49
The following coverage is typically found in a flight accident insurance plan: AD&D benefits if you are seriously injured on a covered trip and cannot work. Term life benefits to your beneficiary if you die in a travel-related accident on a covered trip. Flight accident benefits to your beneficiary if you die in an air flight accident. Emergency medical evacuation benefits if you are injured and need to obtain medical care back home. Repatriation benefits to return your body home if you are killed or die on a covered trip. Some plans include coverage for medical and dental emergencies as well. Travelers like these should purchase flight accident insurance: Travelers concerned with having enough life insurance. Travelers who are perhaps between jobs or facing travel to risky parts of the globe may want a little extra accidental death & dismemberment and/or term life benefits. Frequent travelers concerned about flight accidents. Travelers who put in a lot of miles on the road may want to be sure their family is protected in the event of an accident. Overseas travelers who want to be sure their body is recovered. Travelers who die on their trip and want their body recovered and repatriated at no additional cost to their families will find this type of coverage helpful.
50
The following factors affect the price of a travel accident plan: The age of the travelers The length of the trip Optional coverage’s A single-trip travel accident plan will cost between $22 and $45 depending on the length of the trip and the traveler’s age. An annual plan will typically cost in the neighborhood of $220.
3. ANNUAL TRAVEL INSURANCE:Like a package plan, a worldwide annual travel insurance plan delivers comprehensive protection for all the trips you take ‒ all year long. Some annual trip insurance plans are renewable. Many travelers like the convenience and economy of a worldwide annual trip insurance plan, which is similar to a package plan but covers the traveler for a full year. It provides same worldwide coverage for 12 full months. The reason many travelers like an annual trip insurance plan is the convenience of having the same coverage for all their travel plans all year long. Most plans have a long per-trip length requirement (usually 70-90 days). Annual plans are relatively cost-effective because the coverage for cancellation is low or not included (some plans offer optional trip cancellation coverage on a per-trip basis for an extra fee). Age is taken into account, but most annual plans run a couple hundred dollars per year, per traveler. The amount of trip cancellation and interruption coverage needed is determined by the total pre-paid non refundable travel costs at risk for a particular trip. With an annual plan, however, each trip during the year will have a different trip cost and the traveler won’t likely know all those costs when they purchase their annual plan.
51
This is why trip cancellation and interruption coverage is very limited in annual plans and may only be available for a flat trip cost amount (such as $1,000) and it may only apply to a single trip during the annual coverage period. The following coverage is typically found in an annual trip insurance plan: Coverage for emergency medical and dental care, including hospital visits, surgery, prescription drugs, doctor and dentist office visits, and more. Emergency medical transportation so you can receive medical care for your illness or injury. Reimbursement for unexpected lodging, meals, and transportation costs if your travel is delayed a certain number of hours (usually 6-12). Reimbursement for lost, stolen, or destroyed baggage and personal effects (up to the policy limit) whether they are lost or destroyed by the airline, a taxi driver, a hotel employee, or anyone else. Reimbursement (up to the policy limit) for personal essentials if your delayed certain number of hours (usually between 12 and 24). The comfort of knowing your dependent children will be flown home (with a chaperone, if necessary) if you are hospitalized an unable to care for them. Arrangements must be made through the insurance provider’s travel assistance services. A bedside visit benefit if you are hospitalized or in critical condition on your trip. Arrangements must be made through the insurance provider’s travel assistance services. Some flight accident insurance as a term life benefit to your beneficiaries if you are killed in a flight accident on one of your trips.
52
The convenience of 24/7 travel assistance services for help with medical emergencies, travel emergencies, business emergencies, pre-trip planning, and more. And some annual plans include: Car rental collision coverage Trip cancellation coverage Trip interruption coverage Pre-existing medical condition coverage
Travelers like these should purchase annual travel insurance: Frequent travelers, such as business owners and academics. When much of your time is consumed by traveling for your work or study, it’s difficult to research travel insurance for each trip and much more economical to have one plan with consistent coverage you understand all year long. Active, healthy, traveling retirees. You may have waited all your life for your retirement and want to put as many trips on the schedule as possible. Of course, you want the safety of travel insurance on each of those trips too. Journalists and writers frequently sent on last-minute assignments. When you have to travel often at the last minute, there’s no time to understand, purchase, and review a single-trip policy. Plus, it’s useful to have the same coverage all year round so you know what to expect without having to sign up for new coverage every time.
53
Most full-featured annual multi-trip insurance plans will cost a traveler around $200, depending on these factors: The estimated number of trips The estimated number of days for the longest trip of the year The traveler’s age The options chosen with the plan
4. SINGLE TRIP TRAVEL INSURANCE:This plan is for single trips. If you are an occasional traveler, Travel insurance is very essential and single trip Insurance comes handy. Single trip insurance can be purchased from a few days up to 360 days. Most companies offer the single trip up to 180 days. However there are a couple of plans which can be purchased directly for 360 days. Single trip travel insurance insures you against loss or accident for a single holiday or business trip abroad. If you are only expecting to have one vacation or business trip within the year an annual policy may not be appropriate so single trip coverage is a better option. Also where risks are higher, for example for the over 65s, many travel insurance companies may be reluctant to provide cover for an entire year. Single Trip Travel Insurance, covers you for any medical emergencies and a range of other potential problems during your trip abroad and ceases when you return home. Not only does it cover you against the financial impact of an unexpected cancellation and problems such as illness or an accident whilst you're away, but arranging single trip insurance needn't take long a few minutes online. Plus usually it is more affordable if you don't travel very often. This type of travel insurance provides an excellent level of insurance cover which is suitable for any typical holiday abroad. 54
Features usually included are: Coverage for a specified destination or group of destinations. Ideal for typical vacations abroad (the typical family trip) Coverage can be tailored to include or exclude specific additional requirements such as Ski Cover, Medical Exclusions etc. Single trip travel insurance you will find generally covers Trip Delays, Flight cancellation, Injuries/Illness, Accidents, Lost/Stolen baggage, passports. Single Trip Travel Insurance can be flexible to your needs so if you want your insurance to be ideal for you, it is important that you tell your insurance provider if you have any existing medical conditions. Make sure you detail out all those that is likely to influence the insurer in making their assessment or providing you with travel insurance. The consequences of not giving the correct information could mean you would not be covered should an incident occur which work out very expensive or even could mean you put your life at risk.
5. MULTI TRIP TRAVEL INSURANCE:-
Multi trip travel insurance allows the insured to travel multiple times during the coverage period. There are different travel insurance products specially designed to meet the requirements of those who travel multiple times in a year. This plan is quite popular with business people. There is usually a limit of 30, 45 or 60 days as being the maximum number of days outside India in a single trip
under
the
Multi
55
trip
plans.
Eligibility:For all ages between 18 years – 70 years. However, some companies offer annual multi trip insurance for age as low as 6 months too. For age above 70 years, insurance may be obtained by special approval and at the sole discretion of the insurance company, on case to case basis. Policy
Duration:-
Policy is issued for 365 days and maximum days covered per policy year are 180 days You can choose 30, 45, 60 or 90 days as the maximum duration per trip. Policy
Maximum
(Coverage
Amount):-
Various coverage options are offered in the range of US $ 10,0000 to US $ 500,000. Max
Trip
per
Policy:-
Multiple trips per policy period are covered. There is a restriction of maximum days (Mostly 180 Days) covered during the year. Pre-existing
diseases:-
Pre-existing ailments and maternity are generally excluded. There are few companies which provide coverage in case of life-threatening situations i.e. until the insured's heath is stable. Deductible/Policy
Excess:-
There is a Deductible/Policy Excess of 50-100 US$ depending upon the plans. This implies that for any claim the first $50-100 are to be borne by the insured
56
Additional
Coverage:-
Coverage’s include Dental Treatment, Medical Evacuation, Repatriation, Baggage Loss/Delay, Trip Cancellation and Interruption etc. Emergency Cash Advance may be covered in some plans. Medical
Check-up:-
Medical check-up may be required depending upon the age of the Individual. Medical check-up are generally required for 60 plus individual. There are plans offered by some companies with no medical check-ups up to 70 years with some limit on per illness or injury. Renewal:The policy can be renewed after completion of one year. Premium:Plan Premium is based upon your destination, Coverage Amount, Age and max days per trip. Exclusions:General Physical Checkup, pre-existing conditions, Vision (Eye Test, Eye Glasses, and Contact Lens), Pregnancy and Prenatal Care is not covered by any of the Plan. Besides these, there could be other exclusions which are mentioned in the policy wordings. Claim:In order to make a claim; you need to contact the Insurer or Third Party Administrator (TPA) of the Insurance Company, which has tie-ups with network hospitals worldwide.
57
6. ASIA TRAVEL INSURANCE:-
It is common among Indians to travel frequently within Asia. Indians visit Asian countries like Malaysia, Hong Kong, Indonesia, Maldives, Singapore, Nepal, Sri Lanka etc for several reasons. While travelling within Asia you require travel insurance but most of the people tend to ignore this fact. There are several insurance companies to offer you Asia travel insurance. You can choose affordable
Asia
travel
plan
of
your
choice
and
stay
secure.
Indians frequently travel within Asia be it for vacation or for business, popular destinations include Dubai, Thailand, Malaysia, Hong Kong, Indonesia, Maldives, Singapore, Sri Lanka, Nepal etc. Quite often travelers from India to these Asian countries tend to ignore travel insurance. Travel insurance within Asia is however very affordable when compared to other overseas travel insurance plans to the rest of the world. Asia travel insurance plan covers the insured for medical expenses, passport loss, accidents, repatriation, and more. Asia travel insurance can be purchased for Single trip and Multi trip respectively based on individual requirements. It is prudent to purchase Asian travel insurance given its low cost when compared to the coverage it provides. Make sure that you are secure with Asia travel insurance whether you are walking through the colorful streets of Bangkok or relaxing in the exotic islands of Maldives. Single Trip Insurance is essential for occasional travelers. A single trip that lasts for a maximum period of six months is covered under this plan. Single Trip insurance policy is exclusively designed to suit the requirements of individuals, family and businessmen respectively. Emergencies are always unanticipated while travelling overseas. Single Trip insurance covers you for Medical expenses, Emergency evacuation/repatriation, Accidental death, injury or disablement benefit, Trip cancellation, Delayed departure, Delayed baggage etc. 58
7. DOMESTIC TRAVEL INSURANCE PLANS:Domestic insurance policies cover travelers within India. These plans can be purchased either for a single trip, or for the entire year. Your domestic Travel insurance becomes ineffective once you are out of home country. Travel is a necessity these days whether be it for business or for simply taking a break from your daily life and rejuvenating yourself or spending some quality time with your family. Travel comes with own risks - an accident or theft, both could leave you or your family in a troublesome situation during travel. Swades Yatra insurance plan takes care of all your needs during domestic travel. The policy comes with 4 different plans, customized to suit the various needs of a domestic traveler. India is country which has great variety of historical and geographical travel destinations. You can enjoy your holidays by visiting fabulous places like Goa, Kashmir, and Kerala etc. Visiting all these places comes with element of risk. That’s why buying domestic travel insurance is very important. In India places like north India cause problems in winter where place like Mumbai, Kerela are vulnerable in monsoon. Domestic travel insurance will prepared you against the risk connected with trip. Domestic travel insurance which will cover your trip anywhere within India.
A person on his vacation with his family waiting at Delhi airport to catch the flight. But all flights has been cancelled and delayed for 24 hours because of foggy weather condition. Now he is worried about his rest of travel plans which are in danger. He also has to payout one day extra charges for his hotel rent and expenses connected therewith. Travel insurance in these circumstances would have been more than useful.
59
It covers : Provides information about medical services & hospitals of required cities. Round the clock medical advice on telephone anywhere in India. Reimbursement of medical expenses. Daily hospitalization allowances. Loss/ Delay of Baggage. Delay or Cancellation of Trip. Personal Accident cover. Personal Liability. Domestic Travel Insurance is as important as overseas; having a Domestic Travel Insurance will make you prepare for such eventualities and will provide you much needed peace of mind.
8. SENIOR CITIZEN TRAVEL INSURANCE PLANS:This special travel insurance plan is designed to suit the requirements of travelers above the age of seventy. As you grow old the chances of health risks will be higher compared to your younger days. It is important that you have travel insurance when you travel outside India as the cost of healthcare is very high and you do not want to be forced to visit an foreign hospital without insurance. If you have over 65, retired and look for a travel package, do not neglect your insurance cover. It is imperative to get insured when you travel so that if you happen to get sick because of illness, you do not have to bear huge medical expenses in a foreign country. Enjoy your holiday. Keep an eye on your options under the Senior Citizen Travel Insurance coverage.
60
Unfortunately, many travel insurance companies do not accept Senior Citizen (over 65 years old) Insurance application. Unexpected demands tend to be more inherent for vacations time of gray hair elderly, therefore, it is normal for people over 65 years old to select Senior Citizen Travel Insurance. Trip insurance is carefully planned to complement the needs of individuals in the older age groups. Policies are tailored for people of various senior ages, including Single Trip Travel Insurance, etc. Senior Citizen Travel Insurance covers lost baggage costs, a delay, etc. Grandmothers and grandfathers can get complete peace when traveling. Senior Travel Insurance offers 24 hour support when the group is the elderly across the country. Get ready for a delay, or theft of property is generally much higher on every traveler’s lists, but with specialist cover for an elder, it will give a realistic basis to enjoy your holiday. With grandparents travel insurance, no place too far.
9. SPORTS TRAVEL INSURANCE:This Insurance policy satisfies the demands and needs of a person who wishes to be covered for Travel and Sports activities whilst travelling away from their home and also whilst participating in sports activities listed in the sports group that they have chosen and lower numbered groups. The actual validity dates are shown on the Insurance Schedule. Annual multi trip policies are valid for one full year (subject to a 90 day limit per trip) and Single Trip / Extended stay policies are valid for specific dates purchased. You may need to review and update your cover periodically to ensure it remains adequate. The insurance is effective from the date processed (unless otherwise requested).
61
It is only available to persons resident in the United Kingdom, Ireland or an official BFPO address It only covers amateur activities – professional (earning over £4000 pa); are excluded. Annual multi trip polices are valid for one year and allow any number of trips per year subject to a 90 day limit on each trip. There is exclusion for losses arising from war or terrorist activities The insurance contains important conditions that relate to your health and existing medical conditions. In particular you must declare pre-existing medical problems and details of all medical claims made in the past 3 years. There are specific sports conditions applicable to certain sports such as diving, winter sports and mountaineering. There are limits to the amount the insurer will pay in all sections of the policy. The insurance does not provide cover on a ‘new for old’ basis. This means that claims will be paid on the basis of the value of your property at the time of loss. Top-Up cover means insurance for activities that take place for a selected period during journey. Top-Up cover is valid only whilst participating in activities during a journey which is covered by an equivalent insurance which excludes the activities for which the Top-Up cover is taken out.
10.CORPORATE TRAVEL INSURANCE:With globalization hitting the Indian subcontinent, international boundaries are diminishing. In morning, you could be attending a conference in Las Vegas and you could be discussing business over a cup of tea in London. Your company could therefore, expect you to travel to any place in the world for business. 62
Whether you travel just once a year or clock up hundreds of hours on the road, it is best to check if your organization covers you against travel and non-travel contingencies through business travel insurance. Business or Corporate Travel Insurance is designed in a way to cover employees against emergency expenses incurred when they are on business trip. Expenses for medical treatment, emergency evacuation, flight cancellations or lost luggage are just a few of the common costs that companies might face when their employees are on business trips. World events resulting from political and social unrest have further increased the risk of business traveling. So it is advisable for organizations with overseas travel commitments to ensure their corporate travel insurance is appropriate and fits their needs. Corporate Travel Insurance Plans provide comprehensive travel insurance for the employees against almost any mishap that could occur when traveling. The benefits offered include: Oversee medical emergency expenses Accidental death Disability and loss of income Expenses linked to loss of luggage and travel documents Trip delay and cancellation expenses.
11. OVERSEAS TRAVEL INSURANCE:You’ve been saving for that once in a life time trip around the world. Or maybe your business will take you to the farthest corners of the world. International travel is an exciting adventure but also poses many unpredictable situations. World events resulting from political and social unrest have further increased 63
the risk of international travel. As you prepare to go you also need to ensure that you have protection in case anything should happen while you’re away. An overseas travel insurance plan will make sure that you are not caught unprepared. So before your next trip abroad it is advisable to have international travel insurance. Spend just as much time, if not more, making sure you are protected by a foreign travel plan, as you do planning where you are going to eat dinner or what sights you are going to see. Overseas travel insurance plan aims to make your foreign travel safe and hassle free by guarding you against all travel and non-travel inconveniences, emergency medical costs incurred in the event of any unforeseen event. Highlights of Overseas Travel Insurance:
Pre-trip information service provides you important up-to-date travel and health information.
24/7 access to medical advice on telephone from anywhere in the world.
Referral of medical service providers and hospitals.
Reimbursement of medical expenses incurred during hospitalization (where ever possible).
Arrangement of compassionate visit / emergency evacuation / repatriation/ repatriation of mortal remains.
Lost luggage / passport assistance.
Embassy / interpreter referral services.
Segment specific plans with special plans for Asia region (excluding Japan).
No medical tests required up to 70 years of age.
64
12. BACKPACKER TRAVEL INSURANCE:Usually, Backpackers travel over a spending budget. But just such as the typical traveler, they’re at a chance of injuries or accidents when abroad. Whether or not they’re scuba diving in Cairns or trekking the slopes of Thailand, a traveler must have backpackers travel insurance. They travel overnight or sleep in dorm rooms or hostels and they’re prone to sickness. A practical traveler assures that he is in excellent hands by purchasing backpackers travel insurance. He gets 1 before he leaves. To meet the needs of a traveler, Backpackers travel insurance was especially developed to satisfy every single traveler. These plans offer higher levels of coverage for lengthy periods of travel. From one week to two many years, a traveler can avail the backpackers travel insurance. A single should also remember that just since it’s referred to as backpackers travel insurance; it does not mean that they will be roughing it. Backpackers travel insurance serves being a less expensive and efficient alternative to single trip journey insurance plans. Actually, some plans cover extras like sports and ski protection. A single won’t know what may perhaps occur while in travel so this might arrive in handy. You will discover standards when looking for backpacker’s vacation insurance policy which the traveler ought to appear. Right here are some functions that ought to be included within the backpackers travel insurance. It must possess the Emergency Medical Include. This covers the cost of any event that requirements urgent healthcare interest. It ought to also have Rescue and Repatriation.
65
This is the insurance policies that the expenses are going to be paid through the insurance policies provider. The package contains rescue that consists of helicopter rescue too. Other features are Personal Liability. This means that the insurance provider is legally responsible to cover any injury, accident, or harm that may be inflicted on the traveler. Then there’s Holiday Cancellation. This is the have to make the trip brief, just in circumstance something comes up. For that quantity that was lost, the person is going to be compensated. The Baggage and Possessions Include is also incorporated. The insurance policies provider will cover the administrative charges that have been incurred in circumstance the possessions with the traveler happen to be lost or stolen. This involves having to pay for replacing the passport that may be stolen.
66
CHAPTER.8.TWO
COMPANY’S
WHICH
PROVIDES
VARIOUS
INSURANCE COVER: ICICI LOMBARD RELIANCE GENERAL INSURANCE
ICICI LOMBARD:1. SINGLE ROUND TRIP / OVERSEAS TRIP:A comprehensive Travel Insurance policy that covers unexpected medical and non-medical expenses when you are travelling abroad. Avail of benefits like Baggage loss/delay and unique facilities such as Cashless hospitalisation, worldwide.
Our Travel Insurance plans are the most preferred among others because we cover
Pre-Existing
diseases
in
life-threatening
emergency
situations.
Experience quality health care while in USA with UHI (UnitedHealth International). Key Benefits: Cashless hospitalisation facility available worldwide Avail of quality health care through our tie up with UnitedHealth International (UHI Isa leading US based health care provider) No medical check-up required The insurance also covers medical evacuation costs back to India. Pre-existing diseases are covered under life-threatening situations
67
Coverage available up to 360 days (Original policy for 180 days and extension for additional 180 days) Pay Per day: Slab rate for first 7 days only, then pay on a per day basis Extend the policy online in case you extend the trip, pay only for number of day extended. This policy also covers you for hospitalisation in case of Swine Flu / H1N1 influenza, if it is not a pre-existing disease. View details of policy Coverage:-
Platinum Coverage Details
Coverage
Plan
Amount
Age 1 to Age 1 to 70 years 70 years
1) Medical Cover
US$ 50,000, US$ 100,000, US$ 250,000
2) Cashless hospitalisation L worldwide 3) Daily
allowance
hospitalisation$
for US$ 25 (for 5 days)
4) Dental Treatment
US$ 250
5) Passport Loss
US$ 200
6) Checked-in
Baggage US$ 500
Loss
68
Gold
Plan
7) Checked-in
Baggage US$ 100
Delay+ 8) Personal Accident
US$ 15,000
9) Personal Liability
US$ 100,000
10) Financial
Emergency US$ 300
Assistance 11) Hijack
Distress US$ 125 per
Allowance
(7 days day
max) 12) Trip
Cancellation
& US$ 500
Interruption 13) Missed Connectionˆ
US$ 500
14) Trip Delay ++
US$ 500 Insurance#
15) Home -
Building
- Content 16) Repatriation
2,000,000 500,000
of US$ 7,000
Remains 17) 180
days
Policy L
extendable up to 360 days Scenario 1 : Premium for an Insured
for
2,455
1,714
3,981
2,690
individual, aged 35 years, US$ 100,000 traveling to USA for 30 days Scenario 2 : Premium for an Insured
for
69
individual aged 65 years, US$ 100,000 traveling to Europe for 30 days
2. FREQUENT FLIER (MULTI-TRIP) / ANNUAL MULTI TRIP:A comprehensive Travel Insurance policy that covers unexpected medical and non-medical expenses when you are travelling abroad. Avail of benefits like Baggage loss/delay and unique facilities such as Cashless hospitalisation, worldwide.
The Multi-Trip Plan is specially designed for the frequent international traveler. The policy is valid for 1 year and you can choose between 2 options of 30 or 45 days
as
the
maximum
duration
per
trip.
Our Travel Insurance plans are the most preferred among others because we cover
Pre-Existing
diseases
in
life-threatening
emergency
situations.
Experience quality health care while in USA with UHI (UnitedHealth International). Key Benefits: Cashless hospitalisation facility available worldwide Pay an annual one-time premium without any extension hassles Secure as many trips (30 or 45 days per trip) throughout the year Covers Checked-in Baggage Loss, Trip Delay, Passport Loss, Financial Emergency The insurance also covers medical evacuation costs back to India No medical check-up required 70
Avail quality health care with leading US based UnitedHealth International Pre-existing diseases are covered under life-threatening situations Buy Online and pay in installments without any extra charges It cover’s: Medical Cover - US$ 100,000, US$ 250,000 and US$ 500,000 For medical costs due to illnesses or accidents and medical evacuation back to India. Financial Emergency Assistance - US$ 300 Emergency cash made available in case your travel funds are robbed. Passport Loss - US$ 200 For expenses incurred in obtaining a fresh or new passport.
3. SALT & PEPPER (71-85) / SENIOR CITIZEN PLAN:-
A comprehensive Travel Insurance policy for Senior Citizens that covers unexpected medical and non-medical expenses when travelling abroad including hijack distress allowance. Avail of benefits like Checked-in Baggage Loss/Delay and unique facilities such as Cashless hospitalisation, worldwide. This
plan
is
for
senior
citizens
between
71
to
85
years.
Our Travel Insurance plans are the most preferred among others because we cover
Pre-Existing
diseases
in
life-threatening
emergency
situations.
Experience quality health care while in USA with UHI (UnitedHealth International). Now avail Senior Citizen Plan instantly with no medical checkup.
71
Key Benefits: Cashless hospitalisation facility available worldwide Pay Per day: Avail of plans with slab rates for the first 7 days only, and then pay on a per day basis. Covers
Checked-in
Baggage
Loss/Delay,
Passport
Loss,
Financial Emergency Lightning Fast Claims - Settled within 7 days of receipt of required documents. Avail quality health care with leading US based UnitedHealth International Pre-existing diseases are covered under life-threatening situations Coverage available up to a maximum of 180 days. Buy Online and pay in installments without any extra charges It covered: Medical Cover - 71 to 75 years - US$ 50,000 & 76 to 85 years - US$ 25,000 This covers medical cost due to illnesses or accidents, including outpatient & inpatient medical expenses, medical aid, therapies and diagnostic test. It also covers medical evacuation costs back to India. There are 2 plans available depending on the age of the insured. If the insured is 71 to 75 years of age, the sum insured is USD 50,000. However, if the insured is between 76 to 85 years of age, the sum insured is USD 25,000. Financial Emergency Assistance – US$ 300 Emergency cash made available in case your travel funds are robbed. Passport Loss – US$ 200 For expenses incurred in obtaining a fresh or new passport. 72
RELIANCE GENERAL INSURANCE:1. RELIANCE TRAVEL CARE – ANNUAL MULTI-TRIP POLICY FEATURES If you are a frequent flyer, then getting insurance for every overseas journey that you make can get tedious. Reliance Travel Care – Annual Multi-trip Policy is specially designed for frequent international travelers that provide comprehensive travel insurance for your trips across the year. Coverage
Elite ( In Plus ( In Standard ( In US $)
Medical
Expenses
Including 500,000
US $)
Us $)
250,000
100,000
Transportation & Evacuation Dental Care Expenses
500
500
500
Loss of Passport
300
300
300
Total Loss of Checked baggage
1,500
1,000
500
Key Highlights: Travel insurance specially designed for individuals who frequently travel abroad Instant Policy Issuance through online and on call (1800 3002 8282) Comes with one year validity Comprehensive and Custom Made coverage through various unique benefits like Compassionate Visit, Home Burglary Insurance, Financial Emergency Assistance etc. Facilities like cashless hospitalization, cover for expenses due to loss of passport, loss of checked-in baggage, delayed and cancelled trips 73
Wide Choice from Elite, Plus and Standard plan variants Speedy and Hassle free claim settlement Key Advantages: Reliance Travel Care Policy- Multi Trip gives you protection to meet your unique needs with comprehensive coverage for your medical and non medical expenses during your trips Offers choice from Elite, Plus and Standard plan variants We give you the maximum coverage with minimal paperwork. In case your trip gets extended, we cover wide durations up to 182 days, which is extendable up to 365 days. We provide automated extensions of policy in case certain eventualities. 24 Hour Emergency Cashless Services offered through Emergency Assistance Service Provider.
2. TRAVEL CARE- SENIOR CITIZENS INSURANCE FEATURES:Medical costs abroad are really high. Hence it is important that our senior citizens must avail travel insurance to protect themselves from unexpected illness or accidents. Reliance Travel Care Policy – Senior Citizens gives you comprehensive travel insurance by providing you cover for medical and non medical expenses that may arise during your trip abroad.
Coverage
Medical
Expenses
Reliance
Age Reliance
Standard
Platinum
( In Us $)
( In Us $)
Including 50,000
Transportation & Evacuation
74
500,000
Age
Dental Care Expenses
500
500
Loss of Passport
300
300
Total Loss of Checked baggage
500
1500
Key Highlights: Specially designed for senior citizens in the age group 61-70 years Instant Policy Issuance through online and on call (1800 3002 8282) Comprehensive and Custom Made coverage for medical expenses that includes dental treatment with the facility of cashless hospitalization Covers you for the loss of passport, loss of checked-in baggage, delayed and cancelled trips No medical checkup needed Special Conditions (limit of liability) in case of any one illness and/ or any one accident. Wide choice from Standard, Silver, Gold and Platinum plan variants Speedy and Hassle free claim settlement Key Advantages: Reliance Travel Care Policy- Senior Citizens gives you protection to meet your unique needs. Offers choice from Standard, Silver, Gold and Platinum plan variants. We give you the maximum coverage with minimal paperwork. Planning a long trip? We cover wide durations up to 182 days, which is extendable up to 365 days. Automated extensions of Policy in case of medical emergency and evacuation (up to 30 days) and delay of common carrier (up to 7 days) beyond Policy expiry 75
24 Hour Emergency Cashless Services offered through Emergency Assistance Service Provider.
3. RELIANCE STUDENT TRAVEL INSURANCE FEATURES:We value your dreams and aspirations and we will be glad to assist you in realizing them. The Reliance Travel care Insurance policy is specially designed to provide you comprehensive student travel insurance meeting the norms of your university. This policy provides overseas student health insurance and covers other non medical expenses as well, so that you have a stress free student life abroad.
Coverage
Reliance (In US $)
Medical
Expenses
Basic Reliance Platinum ( In US $) 50,000
including
transportation and evacuation Personal Accident
25000
25000
Loss of Passport
100
200
Total Loss of Checked Baggage
1000
1000
Bail Bond
1000
5000
Study Interruption
10000
10000
Key Highlights: Instant Policy Issuance through online and on call (1800 3002 8282) 76
Custom made Plans (Platinum, Gold, Silver, Standard and Basic) available for students to choose from depending on his/her and the university’s requirements Affordable cost compared to taking health insurance overseas Comprehensive coverage through various unique benefits like Bail Bond, Study Interruption, Sponsor Protection etc Coverage of pre-existing ailments – in case of life threatening situations Two way compassionate visit benefit to ensure that you are by the side of your loved ones in times of an emergency A special Basic Plan offering only non-medical benefits Policy tenure can coincide with the course duration up to 2 years No medical checkup needed Maximum coverage with minimal paperwork Speedy and Hassle free claim settlement Key Advantages: Reliance Travel Care gives you protection to meet the requirements of the University of your Choice. Students travelling to following International Universities have been insured by Reliance General Insurance. Policy tenure can coincide with the course duration up to 2 years. Automated extensions of policy in case certain eventualities We have five different plans to choose from – Basic, Standard, Silver, Gold and Platinum No Medical check-ups Policy tenure can coincide with the course duration up to 2 years Automated extensions of Policy in case of medical emergency and evacuation (up to 30 days) and delay of common carrier (up to 7 days) beyond Policy expiry
77
24 Hour Emergency Cashless Services offered through Emergency Assistance Service Provider
78
CHAPTER.9.IMPORTANT
STEPS
TO
TAKE,
AFTER
YOUR
PURCHASE OF TRAVEWL INSURANCE POLICY :1. Print your confirmation email:You will receive an email confirmation after your purchase your travel insurance plan. This is your confirmation of coverage, and will include general information about your plan including the policy number and effective dates. Most importantly, it includes emergency contact numbers so you can contact the insurance company with any issues during your trip. You can print it out and carry it with you, and it is a good idea to carry an extra copy in a different bag. Furthermore, you can keep a copy in the ‘cloud’ on your email server or Google Docs so you can access it from anywhere in the world.
2. Review your policy certificate to verify the coverage:Every travel insurance company provides a Free Look period, which is a set number of days after purchase where you can review your plan and return it for a full refund if you are not satisfied. This is your chance to read the policy certificate and make sure you fully understand the coverage in the plan.
3. Read the Exclusions section:This is another part of using your Free Look period wisely. The policy certificate will have a section of Exclusions that lists cases in which coverage is not provided.
4. Contact your insurance company immediately if you have any claims questions:This one is very important. If you have any situations where you think you will have a claim, contact the insurance company immediately. Think you need to 79
cancel? Call the company. Call the company. Get sick abroad and need a doctor? Call the company. The company will be able to advise you on your situation, answer coverage questions, and arrange support if necessary. 24/7 phone support is one of the best coverage’s provided with travel insurance…you should use it.
80
CHAPTER.10.SURVEY MADE BY STUDENT:1. Doesn’t a credit card have travel insurance? No, not in the way most travelers want it to. Credit cards that have ‘travel insurance’ provide some coverage, but nothing in comparison to a separate policy from a travel insurance company. Some cards provide cancellation coverage, but with an annual limit ($1,500$2,500 per 12 month period), and the list of covered reasons is limited. Interruption coverage is limited as well, as is travel delay coverage. Most importantly though, is that almost no credit cards provide medical expense or evacuation coverage. 2. Won’t one’s regular health insurance cover also cover’s an abroad? Not completely. Most regular health insurance plans provide only partial or no coverage while you are traveling in another country. For Medicare, there is no coverage abroad. Countries with ‘universal health care’ might assist with minor needs, but they are under no obligation to do so. In the event of major or ongoing medical expenses, they would probably cease to help, and they would never pay to evacuate you or help you return home.
3. Will my cruise line refund me? It depends on when you cancel, but generally you won’t get much back. Most cruise companies have a declining refund schedule where they refund less and less the closer to the departure date, until they refund nothing at all. Generally within 2 weeks there is zero refund, and even canceling a month before will usually only get you a 25% refund.
81
4. Are hurricanes covered? Yes, many plans cover hurricanes and weather under trip cancellation coverage. To be covered you need to: Make sure it is listed as a covered reason, Buy before the storm is named, Insure for the full trip cost, and Some plans require that you buy soon after your trip payment to avoid the waiting period.
5. Are pre-existing conditions covered? Yes, many plans offer a waiver that removes the pre-existing condition exclusion. To be covered you need to: Buy your plan soon after your first trip payment, Insure for the full trip cost, Be medically cleared for travel at the time of purchase.
6. What does travel insurance cost? Generally 4-8% of the trip cost (pre-paid, non-refundable expenses). Basic plans can be very budget-minded at around 4%, and premium vacation plans can be over 12%. Travel medical insurance is sold on a time basis, and can be as little as dollars per day.
82
7. When should I purchase my plan? The soon as you make your initial trip deposit. There are many benefits to purchasing the plan sooner, including maximizing the period of cancellation coverage, and being eligible for pre-existing condition coverage and hurricane coverage.
8. How do I know I can trust the company? Our comparison tool only features companies that have years of experience with strong AM Best ratings of financial stability, and they comply with a Zero Complaint Policy.
9. What is the refund policy? A 100% refund of premium within the Free Look Period is guaranteed by all companies. This allows travelers to review their policy and return it for any reason with the time period (less a small administration fee $5-$8)
10. How do I buy travel insurance? Get quotes and purchase online using a credit card. Since travel insurance is a temporary insurance product, there is generally no underwriting period or medical examination required. You can get a quote online, buy with a credit card, print your email confirmation, and you’re all done.
83
CHAPTER.12. REFERENCE:1. www.askme.com 2. www. icicilombard.com 3. www.reliance general insurance.com 4. www.google.com
84
