Corporate Travel Insurance

The culture of multinational companies has not only improved per capita income and infrastructure of India but also introduced a lot of corporate travel. Every year thousands of people travel to different foreign countries for business purposes. Due to this, almost all of the organizations that send their employees to various countries opt for corporate travel insurance policies. These travel insurance policies provide sufficient health-related and other travel coverage to the policyholders.

What is the Need of a Travel Corporate Insurance Plan?

A corporate travel insurance plan is purchased by the employers of the companies which want to provide travel insurance coverage to their employees who travel to different geographical locations for business purposes.

Best Corporate Travel Insurance Plans


Plan Name Eligibility Special Feature Common Exclusion
Star Corporate Travel Protect
  • All corporate executives above 18 years
  • Accidental dental cover
  • Pre-existing medical condition
Bajaj Allianz Travel Insurance
  • 18-40 years
  • 41-60 years
  • Hospitalization Daily Allowance
  • Pre-existing medical condition
Reliance Travel Care
  • For frequent flyers
  • Pre-existing condition cover in case of a life-threatening situation
  • Pre-existing health condition, unless it is life-threatening



Benefits & Features of a Corporate Travel Insurance Policy

Though different corporate insurance plans provide different benefits to their insured people, However, some common benefits that most of the corporate travel insurance policies offer are:

Medical Expenses:

An employee who is travelling for the purpose of the business gets coverage for the entire healthcare expenses during his/her trip.

Baggage Delay or Loss:

If a corporate traveller happens to lose his/her checked-in baggage or the baggage is getting delayed due to some issue in airlines, its cost is covered.

Expenses for Dental Treatment:

Due to some accident during travel, if some injury incurred in the teeth of an insured, it is also covered.

Personal Liabilities:

Personal liabilities like damage or injury to the third-party or its property by the insured is also covered.

Add-On Covers:

In order to fulfil the additional needs of corporate travellers, the insurance providers offer various add-ons covers or riders. These extra covers can be purchased by paying some extra cost from the insurer only. Some common add-ons provided by most of the insurance companies are:

Cover for pre-existing illnesses

Under this add-on, an insured can get coverage of different pre-existing illnesses, such as diabetes, hypertension, asthma, etc. These medical issues otherwise are not covered in a normal travel insurance policy.

Cover for high-risk areas

If an insured has to travel to countries that are listed under the category of high-risk, such as nuclear war, terrorist activities, natural disasters, etc. then he/she can get extra cover for that as well.

Cover for participation in adventurous sports and activities

The adventurous activities or sports such as mountaineering, water sports, etc. that can expose an insured to risks, are not covered by the normal corporate travel insurance policy. However, if a policyholder wants such covers, he/she can take it as an add-on.

Personal Liability Cover While Driving a Rented Car

To ensure a safe travel, the insured can buy a suitable add-on cover with personal liability option. This cover reimburses that amount for damages caused to another person/property while driving a rented vehicle abroad. The car insurance policy bought in the home country will not cover the damages caused in a foreign land.

Corporate Travel Insurance Inclusions & Exclusions

Inclusions

The basic inclusions of a corporate travel insurance policy are:

  • A medical emergency due to a sudden illness or an accident during a business trip
  • Medical evacuation of an insured person
  • Damage or loss of travel documents
  • Repatriation of mortal remains in case of death of an insured
  • If the trip is cancelled or delayed due to some issue with the airlines or some unavoidable circumstances
  • Robbery and theft
  • Accidental death benefits
  • If an accidental injury has caused a temporary or permanent disability
  • If the checked-in baggage is delayed for more than 12 hours, the insured gets reimbursement for basic necessities like clothes, daily medicines, toiletries, etc
  • Missing the connecting plane due to goof-up of the airlines
  • Benefits of hijack distress
  • Delay in trip due to natural calamities like bad weather

Exclusions

Below mentioned are some exclusion that most of the corporate travel insurance policies have:

  • Pre-existing medical conditions
  • Self-inflicted injuries
  • Routine medical checkup
  • Suicide or attempt to suicide
  • Mental disorder treatment arising from anxiety, stress, depression, etc
  • Involvement in criminal or illegal activities
  • Passport loss due to carelessness and not reporting the complaint in the local police station
  • Loss or damage of other valuable items, which is not reported to the local police within 24 hours

Claim Process for a Corporate Travel Insurance Policy

The claim process of most of the corporate travel insurance policies remains the same with little variations. The common steps of the claim process are:

1. Inform the Insurer:

In case of travel-related emergency, the insured must inform his/her insurer as soon as possible. Generally, all insurance providers offer claim assistance 24X7. An insured can inform the insurance provider through email. SMS, or by calling them on their helpline number.

2. Download the Claim Form:

An insured can download the claim form from the official webpage of the insurance provider or can ask for it from the representative of the insurer.

3. Send the Document:

Duly fill the claim form and attach all the necessary documents. Without the relevant documents, travel insurance claim can’t be initiated. Send this form with the required documents to the address of the insurance provider.

Note: For easy and fast settlement of the insurance, make sure that all the documents that are attached with the form are valid and relevant.

4. Insurer Settles the Claim:

After receiving the claim form with the documents the insurer estimates the loss and approve the claim up to an amount. In some cases, the full amount is paid.

Compare Corporate Travel Insurance Policies Online

Before purchasing any corporate travel insurance plan, it is good to compare various policies of this category online. A web aggregator, like us, is the best medium to compare different corporate travel insurance policies online. We have a dependable and quick platform that compares insurance policies online and offers the following benefits as well:

  • Easy and understandable comparison of different corporate travel insurance plans
  • If you want, you can make an informed choice by getting the quotes from various corporate travel insurance policies online
  • Compare the benefits and features of different corporate travel plans online
  • Choose an insurance plan that best suits your travel needs
  • The online comparison is a fast and hassle-free way to choose and purchase the best corporate travel insurance plan
  • Time and money saving
  • A peaceful and secure way to compare and purchase a travel insurance policy online

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