What to consider before buying a travel insurance policy. Check details

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HIGHLIGHTS

  • A good travel insurance policy works as a cover that can protect you from financial hardship while traveling abroad.
  • Travel insurance includes cancellation and interruption coverage, reimbursement of expenses incurred due to significant travel delays, missed connections, emergency money and baggage problems.
  • Be sure to choose the correct amount for the sum insured under the policy, which should be appropriate for any medical emergency in the country of destination.

India finally lifted the official ban on scheduled international passenger flights on March 27, 2022; as the government announced regular international flights, demand for outbound travel has increased. Travel insurance demand is seeing an increase after the resumption of normal flight operations.

A larger proportion of international travelers now purchase insurance than at pre-pandemic levels. Subramanyam Brahmajosyula, Manager – Underwriting & Reinsurance, SBI General Insurancetells you what to consider before buying travel insurance.

What do you think of the full resumption of international flights from the end of the month? What will be the impact on businesses and the economy as a whole?

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With the full resumption of international flights and the approach of the summer season, travel demand will increase further. In the past two years, the entire travel insurance industry has come to a standstill. We hope to be able to resume our normal activities soon.

In fact, we have seen a marked increase in travel insurance claims. Now that the situation is improving in India and internationally, with the gradual easing of covid-induced restrictions and the permission to travel, we will see a significant increase in the demand for travel insurance cover in the coming months.

With the pandemic, there have been several flight delays or cancellations; how does travel insurance help protect customers against such cases?

A good travel insurance policy works as a cover that can protect you from financial hardship while traveling abroad. the travel insurance benefits include trip cancellation and interruption insurance, reimbursement of expenses incurred due to significant travel delays, missing connections, emergency money and baggage problems, and it also provides coverage for medical emergencies.

Will there be any changes to travel insurance products and premiums as international travel resumes?

The travel insurance products available in the market today are quite comprehensive in terms of the coverage available. In terms of premiums, we do not expect an industry-wide increase in the near future, although some companies may choose to do so based on individual experience.

Post-pandemic, are there any new trends emerging in travel insurance?

The Covid-19 outbreak has heightened the importance of travel insurance, with people taking a more proactive approach to getting insurance to secure their future.

We’ve noticed a shift in people’s travel insurance buying behavior, who now view travel insurance coverage as an essential safety net rather than a discretionary expense. People are also choosing comprehensive policies with broad coverage in light of global uncertainty.

What are some of the points that customers should consider before opting for travel insurance?

It is imperative to know the coverage offered by a plan. It should be noted that most companies offer several variations of travel insurance products depending on the geographies/countries covered. Therefore, it is important to ensure that the chosen travel plan meets your requirements.

Also make sure that you choose the correct amount for the sum insured under the policy, which is appropriate to suffice for any medical emergency in the destination country you will be visiting, as medical costs vary widely. Choosing the right travel insurance depends entirely on the purpose of the trip.

What are the main benefits of SBI General’s travel insurance products?

SBI General’s travel insurance plans cover medical expenses incurred while abroad as a result of hospitalization due to illness, disease or illness.

Apart from this, a host of other benefits including Personal Accident, Passport Loss, Trip Cancellation/Delay, Checked Baggage Delay, Home Burglary Insurance and others are also included. offered. Worldwide protection, easy claims settlement, single/multiple and 24-hour assistance are some of the other strengths of the policy.

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