Traveling is a complete experience for the mind, body, and the soul. The course of the journey and duration of stay at the destination stores numerous occurrences and multiple elements that comprise the net experience for a traveler. When these factors are summed up using the dynamic Indian variables, the consequent result oozes of excitement, culture, and knowledge. India, being home to the diverse cultures, belief groups, and ancestors, attracts a huge population of tourists from all over the world.
Traveling is a complete experience for the mind, body, and the soul. The course of the journey and duration of stay at the destination stores numerous occurrences and multiple elements that comprise the net experience for a traveler. When these factors are summed up using the dynamic Indian variables, the consequent result oozes of excitement, culture, and knowledge. India, being home to the diverse cultures, belief groups, and ancestors, attracts a huge population of tourists from all over the world. This contrast in belief sects at times even lead to conflicts and social unrest. In the present environment, the global connectivity and low intolerance has made it unpredictable to highlight or target the core cause of any social disturbance. This builds the scenario for the what concerns the global tourists and travelers who visit India. Their security concerns are understood given certain stereotypes associated with the country’s present atmosphere.
According to Allied Market Research's new survey, the visitors from around the world, who bring an active platform of interaction along with them, have the present generation of the country looking forward to their travel options abroad. The volume of populace heading towards foreign destinations is presently on an all-time rise. It is inclusive of the people who want move for educational, entertainment, cultural interaction, and business purposes. The inhibitions of an unpredictable and unfortunate event outside the home ground dwells in the mind of the domestic explorers as well. The international news is full of the mishaps that threatens the atmosphere. This has heightened the fear of each traveler of their experience being ruined by the occurrence of an unexpected or unpleasant event.
It is, but true, that the inevitable is bound to happen whether a person is insured or not. However, one can still make sure that the failure of their plans is covered in some form or the other. The physical and mental trauma that accompanies any loss per se, should not have the added burden of financial scarring. This is where the importance of travel insurance props up. The travel insurers offer financial cover to an array of losses that one might incur over the duration of their domestic or international travel. There are several private and public institutions that extend the benefits of economic policies in the travel insurance market.
In the present domestic scenario, there are 52 insurance companies of which 24 are in life insurance business and 28 are non-life insurers. Out of the 28, five private sector insurers are registered to underwrite policies exclusively in health, personal accident, and travel insurance segments. They are Star Health and Allied Insurance Company Ltd, Apollo Munich Health Insurance Company Ltd, Max Bupa Health Insurance Company Ltd, Religare Health Insurance Company Ltd, and Cigna TTK Health Insurance Company Ltd.
These institutions extend the promise of covering the most general expectancies such as medical or healthcare emergencies, and cancellations or interruption of the trip. Then they are mitigation protocols for another set of sundry events such as sudden death, sickness, or pregnancy complications; federal confinement or witness; loss of employment; recall on defense duty; government interference or recommendation about a destination; overstay due to baggage displacement, loss, or delay; delayed due to weather or erratic flight scheduling; and delay due to funerals, accidents, and plane hijacks. Their usual policies cover the pre-booked, yet unused, accommodation or transport costs, in addition to the pre-paid costs that can be proved a requisite during the stay or journey. The provisions for auxiliary coverage or rewards maybe offered by individual agencies or providers. However, these calls for extra deductibles at the consumer’s end and are dependent on the will and policy of the insurance group.
What also depends on the will and policy of the travel insurance providers is the grant of insurance to certain individuals. They have exclusive clauses to distinguish coverage for customers with pre-existing medical conditions or health risks. The providers identify the potential consumers that are at constant exposure to heavy risks whether based on their lifestyle or location. These may involve extra payments in the form of net deductibles to cover the diabetic and COPD patients, or adrenaline junkies.
At present, most of the traveling populace in India comprise of the Gen S and millennials. Travel insurance market for the young is lucrative for both the ends. Low risks of any pre-existing disease conditions and the benefit of starting early with the deductibles give them a chance to get easy coverage and long term benefits of the plans. This is one of the tips that the youth is least communicated and aware of.
Therefore, it is highly recommended that before one heads out to their favorite travel destinations they do get checked for eligibility for the availability of the any on-spot policy offered by the travel agents. Better still, subscribe to the best available policy care to derive the maximum benefits of the same.
Tatiana is the news coordinator for TravelDailyNews Media Network (traveldailynews.gr, traveldailynews.com and traveldailynews.asia). Her role includes monitoring the hundreds of news sources of TravelDailyNews Media Network and skimming the most important according to our strategy.
She holds a Bachelor's degree in Communication & Mass Media from Panteion University of Political & Social Studies of Athens and she has been editor and editor-in-chief in various economic magazines and newspapers.
