News suggests that Indians will fly to foreign destinations in greater numbers this holiday season than last year. Before they do so, they must purchase comprehensive travel insurance with adequate insurance.
What is covered?
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Travel insurance provides coverage for medical and non-medical problems abroad. Amrish Dubey, vice-president, travel insurance, TATA AIG General Insurance, says, “On the medical side, these policies generally cover expenses arising from hospitalization, outpatient treatment (OPD), post-hospitalization expenses, etc.”
According to Parthanil Ghosh, director and chief business officer, HDFC ERGO General Insurance, “Some insurers offer hospital subsidies to cover non-medical expenses.”
Non-medical coverage includes trip cancellations, curtailments, flight delays, missed connections, and loss of checked baggage, passports, and other important documents.
Exclusions you should be aware of
Travel insurance policies come with several exclusions. “Pre-existing medical conditions are generally excluded unless expressly covered by the policy. Routine physical examinations or other medical assessments are not included except for obvious signs of compromised health,” says Ashish Shetty, Head of SBU Health and Travel. , Bajaj Allianz General Insurance.
He added that loss or theft not reported to police within 24 hours may not be eligible for claim and documents such as passports or licenses seized by authorities are not covered.
Mitt Kapadia, head of travel insurance, policybazar.com, said, “Health conditions arising from substance use and accidents caused by driving under the influence of alcohol are not covered.
Dubey says each insurer has its own set of exclusions for each product, so it is advisable to review the terms and conditions in detail before choosing a policy.
How much does the right insurance cost?
The insured value depends on factors such as destination, length of stay, traveler's age and planned activities. “Evaluate the medical expenses in the destination country and select the appropriate coverage,” says Ghosh. Travelers to high-cost medical destinations such as the US and Canada should opt for higher coverage.
Those with pre-existing conditions, the elderly, and those who travel to multiple locations should also consider greater coverage.
Will PEDs be covered?
Most insurers cover pre-existing conditions (PEDs) only in life-threatening situations. “It’s standard coverage on all travel policies capped at $3,000. It covers treatment until the insured is clinically stable”, says Sethi.
Today, supplemental coverage for PED-related medical emergencies is available that offers coverage up to certain policy limits.
Adventure sports covered?
According to Kapadia, some insurers cover adventure sports by default, while others offer them as an add-on with an additional premium.
“Opting for this additional coverage typically increases the premium by 10 to 30 percent, depending on the insurer and the specific activity covered,” says Sethi.
Key Points to Consider
Travel insurance, with medical and evacuation coverage of a minimum of 30,000 euros, is mandatory to obtain visas in Schengen countries.
Make sure your policy covers all intended destinations. “Not all travel insurance policies cover all destinations,” says Ghosh
Additionally, review the hospital network and the availability of cashless services at your travel destination. Compare coverage and premium policies and consider the insurer's claims payout rate.
Finally, make an accurate statement about any medical conditions, including surgeries or surgeries or diagnoses within the last 48 months, to avoid application rejection.
