Page 19 - Insurance Times May 2022

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DOMESTIC AND

OVERSEAS

TRAVEL

INSURANCE IN

INDIA - AN

ANALYSIS

Introduction China, Lufthansa and Etihad have put their staff on unpaid
leave due to plummeting demand and ticket cancellations.
Travel is an exciting proposition and beckons the young and
old alike. As the renowned writer Hans Christian Anderson Even as this essay is being written, the situation is rapidly
has put it, "to travel is to live". Whether it is sun kissed evolving. However, it is expected that things will improve in
the future and travel will once again begin in a big way.
beaches, verdant hills, historical places, famous cities or
exotic foreign locations, travel has a charm of its own. Indians
are now travelling extensively. However, it would be prudent There are many different types of domestic and overseas
to give a thought to the risks and losses which one is likely to travel covers available in India. There are covers for solo
encounter while travelling and the available insurance travellers, students, families, senior citizens and annual
protection; hence the utility of Travel Insurance. policies for those who travel frequently. There are also some
new and innovative covers and low cost covers. Some of the
different types of covers, policy exclusions, modifications
There is however a new problem looming on the travel
required for betterment and the need for regulatory
horizon. The novel Covid-19 virus infection has caused
attention to some areas will be examined in this essay. The
widespread disruptions of life and travel globally. It has been
declared a pandemic by the World Health Organization. responses of insurers to the novel Covid-19 will also be
examined. The components of a suitable policy for an
Globally travel has totally been disrupted. In fact,
internationally, airlines such as Emirates, Cathay Pacific, Air- overseas traveller will also be analysed.
Traditional Overseas Travel Insurance by
About the author
Public Sector Insurers
Nandita Banerjee
Traditionally, Overseas Travel Insurance has been a sold as a
Retired Manager package policy. I would like to provide a typical example of
National Insurance Co. Ltd. Overseas Mediclaim policies marketed by Public Sector

The Insurance Times, May 2022 19