Are you planning for your next vacation abroad? Well, if yes then all you want is to ensure a stress-free vacation. And we can beat on this, without travel insurance, whether international or domestic travel insurance, you can’t reinstate your peace of mind!
Life being so uncertain, nobody can predict the fate. When you don’t have control over the unforeseen, the best way is to be prepared. In this regard, travel insurance offers the much-needed financial protection against the risk related to your journey. It covers you for the medical emergencies arising en route, flight delay or cancellation, loss of baggage and so on. Considering the risk associated with travel and the benefits offered under a plan, dozens of insurance companies have introduced their products. Amidst them, choosing the right plan can be tough. In this regard, the below list of top travel insurance companies will help you land on the best travel insurance companies in India and choose the right plan!
- Reliance General Insurance
Being among the most trusted insurance brands in India, Reliance General Insurance Company offers travel insurance in the categories like Overseas Travel Insurance, Annual Multi Trip Insurance, Schengen Plans, Asia Plan, Senior Citizen Travel Insurance Plans. The plans can be customised as per your travel needs and will be well assured forgetting the prompt customer support, comprehensive coverage and affordability of these plans.
- Bajaj Allianz General Insurance Company Limited
Expanding its business into both Life and General insurance segment, Bajaj Allianz has made its presence in a very short span of time. Among the various general insurance product, travel insurance worth your investment. This policy can be bought for self, family, senior citizen or students to secure a trip. This policy can be availed as corporate travel insurance plans, domestic travel policy and a policy for Asia trips. The Travel Ezee feature offered allows the insurer to inform the customers about any flight delays, eligibility of making claims etc. the value-added services offered are worth mentioning.
- Tata AIG General Insurance Company Limited
With four types of travel insurance policies namely Travel Guard, Asia Travel Guard Policy, Student Guard and Domestic Travel Guard Policy, TATA AIG travel insurance can be a perfect choice to meet your expectations. Whether travelling solo, with family or on a business, Leisure or study trips, this policy covers you for unforeseen events and unplanned expenses incurred. The company’s tie-up with international service provider ensures fast settlement of claims even abroad.
- ICICI Lombard General Insurance Company
A joint collaboration of ICICI Bank Ltd. and Fairfax Financial Holding Ltd., ICICI Lombard General Insurance Company is counted among the leading insurance companies in India. Recently the insurer has been awarded the (Association of Talent Development (ATD) BEST Awards 2018 for the 6th time. The company is well recognised for multiple products, especially travel insurance. There is the flexibility of choosing a plan according to your travel needs among the plans such as Single round trip, Senior Citizen Travel Insurance, and Gold Multi Trip etc.
- HDFC ERGO General Insurance Company Limited
The insurer is famous for introducing innovative products and fast claim settlement. Their “Pay per Day for Travel Insurance” allows you to pay for the number of days you travel. So, need to pay for the entire week when you are travelling for one day only. HDFC ERGO Travel insurance can be availed for self, family and for the students travelling abroad. The company has been rated iAAA by ICRA for high clam paying ability.
- Apollo Munich Health Insurance Company Limited
Famous as Easy Travel, the travel insurance offered by Apollo Munich can be availed for individual, family, senior citizens, students and to cover annual multi trips. This policy is tailor-made to offer you financial protection while travelling against illness, theft, baggage delay or loss, trip cancellation, emergency cash allowance and so on. Student travel insurance comes with exhaustive coverage feature. With ₹ 4,059 crores settled claims since its inception, the company can be your ideal choice to meet the travel-related expectations.
- Cholamandalam MS General Insurance Company Limited
Travel insurance offered by Cholamandalam is to celebrate all the happy moments while travelling. The insurer offers domestic travel insurance, student travel insurance, Chols MS Corporate travel insurance ad Chola Overseas travel insurance. Regardless of whether you are travelling to these plans ensure full financial safety. The 24x7 customer support, no medical test for availing the plans, cashless hospitalisation across the globe etc are some of the features that make the plan unique.
- Bharti AXA General Insurance Company Limited
Bharti AXA's travel insurance plans are suitable for individual and family. The insurer ensures easy settlement of claims with the company’s existence in more than 130 countries. Travel insurance offered by Bharti AXA covers you for medical emergencies, personal accident, legal expenses, loss of important document, baggage etc. One of the special features is no medical test is required up to age 70 years and you can choose between a single trip and multi-trip policy.
- SBI General Insurance Company Limited
A single policy will cover your business and leisure trips. SBI has come up with comprehensive coverage under its travel insurance which offers medical cover up to USD 0.5 million. The policy can be availed without a medical test and get worldwide coverage along with quick claim settlement.
- Future Generali General Insurance Company Limited
Last but not the least, Future Generali is one of the renowned insurance companies that offers Schengen plan, worldwide plan, overseas travel insurance plan and a student travel plan. The plans are affordable and can easily avail online. The insurer ensures fast and hassle-free claim settlement even if any claim arises abroad. Moreover, 24x7 customer support helps you get any assistance in no time.
Here you get the top 10 Indian travel insurers to consider while buying insurance. However, the list is not being prepared in chronological order, hence, recommend proper research and comparison before buying. However, in order to ensure the right insurance company, you’ll have to ponder certain aspects:
Go Online and Compare
Although your visa requirements don’t ask you to cover your trip with insurance, go online and purchase one. Even it will be the most economical deal. Online insurance allows you to compare different plans on the grounds of their offerings, premium, claim settlement ratio etc. This way you can ensure an informed insurance deal.
How much Medical Coverage is Offered
Under the travel insurance policy, the insurer fixes a certain coverage as medical cover. It is advised to opt for a policy that comes with maximum medical coverage, especially if you’re travelling to the UK, USA, Australia. The healthcare costs are exorbitant in these countries and it could rip off your travel budget.
Compare the Features
Mostly you’ll find travel insurance policies with similar features. Well, opt for the policy that comes with extensive coverage for flight cancellation, loss of passport, loss of baggage etc. some insurers also covers terrorist attack like a hijack. You get a daily allowance for the number of days the flight is hijacked. Comparing the plans is essential to know the additional features.
Claim- Rejection Ratio
It is the ratio of the number of claims rejected by the insurer out of the number of claims registered. Higher the rejection ratio, higher the chances of your travel claim getting rejected. Its better you go for the company with lower claim rejection record.
Financial Background of the Insurer
Don’t forget to check the financial background of the company. This will give you an idea about how is the company in paying off the claims. Always settle for an insurance service provider with a sound financial background that offers the assurance of claim reimbursement.
So, if you’re done with your travel preparation and yet not have decided on travel insurance, it is high time! Consider buying a plan based on a through online comparison. You can rely on insurance aggregator websites as well to suggest the right plan for you. The only point is Choose Wisely!