Best Travel Insurance Plans When planning your travels, it’s important to consider unexpected financial needs that may arise from emergency situations. With the impact of Covid-19 on travel, a comprehensive travel insurance plan is no longer considered an optional expense but rather a necessity. The right travel insurance policy can provide coverage for medical emergencies, trip cancellations or interruptions, lost or stolen luggage, and more. It can give you peace of mind knowing that you are protected against unforeseen circumstances that could potentially ruin your trip. It is important to review the terms and conditions of the policy thoroughly to ensure that it meets your specific needs and provides adequate coverage for your travel plans.
We have conducted a comprehensive analysis of over 50 travel insurance plans to identify the most cost-effective options that offer maximum benefits to policyholders. This research is crucial for travelers as it helps them make informed decisions when purchasing travel insurance. By providing a list of pocket-friendly plans with extensive coverage, We have made it easier for individuals to safeguard their travels without burning a hole in their pockets. Moreover, this research also highlights the importance of comparing and contrasting different options before finalizing a travel insurance plan.
Best Travel Insurance Plans In 2024: Our Detailed List
Best For Family Travel Abroad
Care Insurance International Travel Insurance
Why We Picked It
The Care Insurance International Travel Insurance plan offers coverage for both single and multiple trips, catering to a wide age range from 1 day old with no upper age limit for the former and a maximum age of 70 for the latter. Its inclusion of pre-existing conditions makes it well-suited for family vacations abroad. The policy comes in three options: Platinum, Gold, and Silver, with the possibility of further customization based on the traveler’s worldwide destinations.
Pros & Cons
Pros
- Coverage included pre-existing illnesses.
- Add-on cover to reimbursement of visa fee if visa gets rejected for no fault or negligence on the part of the insured.
Cons
Any loss due to war isn’t covered
Tata AIG Travel Guard
Why We Picked It
The TATA AIG Travel Guard insurance policy is offered for both single-trip and multi-trip international travel. It provides comprehensive coverage for accidental death and dismemberment, medical expenses related to sickness while traveling, and medical evacuation, making it a convenient choice. Additional coverage options or add-ons, available for an extra premium, are particularly appealing, including home burglary insurance and compassionate visit by a family member insurance.
Pros & Cons
Pros
- This minimum entry age for single trip policy is 6 months to as long as lifetime and annual multi-trip policy for 19 to 70 years old.
- Emergency cash transfers and advances facility through a variety of sources including credit cards, hotels, banks, consulates and Western Union.
Cons
- No renewal benefits.
- Sum insured can be increased only at the time of renewal subject to no claim lodged or paid under the policy.
- Accidental death and dismemberment benefit is limited to 10% of the principal sum insured for insured persons aged 17 years or below.
Universal Sompo Travel Worldwide
Why We Picked It
The Universal Sompo Travel Worldwide policy offers a wide range of plans for international travel insurance, catering to individuals, students, and corporate travelers. It includes coverage for emergency medical expenses, repatriation, personal accidents, and travel-related losses like lost baggage and passports.
Pros & Cons
Pros
- Automatic policy extension of up to 7 days.
- Wide network hospitals worldwide for cashless treatment.
Cons
- The company does not cover damages to the passport if it is confiscated by customs or authorities such as police.
Bajaj Allianz Bharat Bhraman Insurance Policy
Why We Picked It
The Bajaj Allianz Bharat Bhraman Insurance Policy provides comprehensive coverage for travel using public transport like buses, trains, and airplanes, as well as private vehicles including cars, scooters, and even bicycles within the country. With a limited number of domestic insurance policies available in India, the Bharat Bhraman Insurance Policy stands out. It offers affordability and can be utilized for personal or business trips, as well as holidays.
Pros & Cons
Pros
- Its personal accident cover protects against death and permanent total disability up to a good range of INR 10 lakh.
- Option covers or add-ons such as home burglary insurance and compassionate visit by a family member are quite attractive.
- Age is no bar to avail this policy and that makes it suitable for all members of the family.
Cons
- Does not include international travel.
Reliance Travel Care Policy – Senior Citizens
Why We Picked It
The Reliance Travel Care Policy – Senior Citizens plan stands out by offering coverage to a broad range of senior citizens. Unlike many other insurers’ plans, it provides comprehensive coverage for loss of passport, checked-in baggage, trip cancellation, and personal accident for all senior citizens. However, it only covers pre-existing medical conditions for citizens aged 61-70, which may be disappointing for some.
Pros & Cons
Pros
- Cover available for a broad age range of 61-90 years.
- Cashless hospitalization during a medical emergency.
- Coverage of expenses for medical evacuation to India.
- Reimbursement of return ticket fare for a family member visiting the policyholder if they are hospitalized for more than seven days
Cons
- Life threatening conditions arising out of disclosed pre-existing diseases covered only for people up to age 70.
- Standard plan offers low coverage; for ideal coverage Gold and Platinum plans are a must
ICICI Lombard Overseas Travel Insurance
Why We Picked It
The ICICI Lombard Overseas Travel Policy offers a distinctive pay-per-day option for current policyholders, providing comprehensive coverage for extended trips. Its protection against Swine Flu and H1N1 influenza is beneficial for unforeseen medical emergencies, and it also includes strong coverage for non-medical expenses like trip delays and cancellations.
Pros & Cons
Pros
- Overseas cashless hospitalization coverage
- Pre-existing diseases covered under life-threatening emergency situations
- Existing policy can be extended on a pay-per-day basis
Cons
- The policy is not applicable in certain countries including China, which is an important business destination.
- Sporting activities not covered
Royal Sundaram Travel Secure-Leisure Trip
Why We Picked It
The Royal Sundaram Travel Secure-Leisure Trip Plan provides a leisure trip policy that offers comprehensive coverage for various unforeseen circumstances such as socio-political, medical, natural, and man-made catastrophes, including terrorism. The policyholder can travel without worrying about getting stranded anywhere. The Sum Insured value ranges from $50,000 to $1,00,000, and the premium, which varies based on age groups and travel destination, is reasonably priced.
Pros & Cons
Pros
- Covers trip cancellations or losses during a trip due to political unrest
- Available for children as young as 3 months
- Allows repatriation of mortal remains
- Permits automatic extension of policy
Cons
- Does not cover Covid-19
- Not applicable as a family floater plan; covers only one individual
- Not applicable for adults above the age of 70
How To Choose The Best Travel Insurance Plan In India
In order to select the optimal travel insurance plan in India, it is important to take certain key factors into account. These factors will assist in determining the effectiveness of your travel insurance plan in unexpected situations, and whether your insurance company provides the necessary assistance for resolving travel-related difficulties.
Flight Changes
It’s important for your travel insurance to be flexible and able to adjust to changes in your travel plans, particularly in the case of flight cancellations. Certain policies also cover flight rescheduling for unforeseen circumstances, which could be beneficial to look into.
Medical Emergencies
A good travel insurance policy should provide extensive medical support, particularly in case of sudden hospitalization. Without adequate medical coverage, unexpected emergencies abroad can lead to higher-than-anticipated expenses.
Other Emergencies
Anticipating unexpected emergency situations, whether natural disasters like floods, earthquakes, or volcanic eruptions, or man-made crises such as theft, conflicts, or curfews, is challenging. Having a travel insurance policy that covers these emergencies will prevent you from bearing the financial burden of unforeseen circumstances during your trip.
What to Look For in Your Travel Insurance Plan
Coverage
Always make sure to understand the coverage provided by your travel insurance plan. Reviewing the policy document carefully to determine the expenses that are covered during your trip can help you save both time and money.
Additional Riders
When purchasing your policy, consider adding extra riders that can help simplify any emergency situation, particularly if you are traveling internationally.
Claims Ratio
Understanding the proportion of claims paid by your insurance company annually is crucial. This claims ratio is easily accessible, and for any policyholder, the policy is meaningful only if there is a realistic chance of easily claiming their expenses.
Steps To Buy A Travel Insurance Plan
Before purchasing a travel insurance plan, you need to explore the market to find the best options. This can be accomplished through offline or online methods.
Purchase a travel insurance plan offline
If you prefer to purchase a travel insurance plan through traditional channels, you can contact your trusted travel insurance provider to inquire about the available options. Often, travel agencies that organize your trips have partnerships with insurance companies that provide discounted rates. When planning your trip with an agency, remember to explore the potential for favorable deals on offline policy purchases.
Purchase a travel insurance plan online
Purchasing a travel insurance plan has become incredibly convenient in today’s age, all thanks to the accessibility of mobile phones and the high-speed internet provided by Indian service providers. To discover the most appropriate plan for your journey, simply visit the websites of insurance providers by clicking on their links. Alternatively, you can browse through aggregator websites that showcase partner offerings and competitive plans. Before finalizing your policy, be sure to take advantage of the “compare plans” feature available on most aggregator websites.
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Final Words
We have examined over 50 travel insurance plans and evaluated them based on these key factors:
Coverage for Medical Needs (20%): This comprises medical evacuation, coverage for covid, inclusion of pre-existing conditions, and more.
Cancellation (20%): This includes a period for cancellation, choices to prolong coverage, and more.
Cost of the Policy (20%): This covers the expenses for purchasing the policy, extending it, and canceling it.
Additional Coverage (20%): This includes coverage for delayed trips, reimbursement for baggage, theft, flight cancellations, and hotel expenses, among other things.
Flexibility (20%): This involves providing emergency cash transfers, reimbursement of visa fees, and similar benefits.
Best Travel Insurance Plans in 2024: FAQs
What is travel insurance?
A travel insurance policy provides financial protection for the policyholder throughout their trip, covering various unexpected travel issues such as medical emergencies, baggage loss or theft, and protection from unforeseen events like storms and floods, as well as accidental death.
What is not covered by travel insurance?
Travel insurance does not cover financial protection for medical reasons, pregnancy complications, suicide, adventure sports, or losses incurred while traveling under the influence.
Is there travel insurance for multiple trips?
Certainly, you have the option of obtaining travel insurance for multiple trips. Instead of purchasing insurance for a single trip, you can select an annual policy that best suits your needs.
Should I declare a pre-existing illness?
Certainly, it is advisable to disclose any pre-existing medical conditions and consider acquiring additional coverage if necessary, rather than concealing the information and filing a claim for it in the future.
Is travel insurance useful?
Travel insurance can provide protection in the event of being stranded in a foreign location without having to worry about costly expenses for delays, accidents, or emergency situations like evacuation. While traveling without insurance may seem convenient, it can be irresponsible if unexpected challenges arise during your trip.
