Page 21 - Insurance Times May 2022

The Plan-wise and Section-wise Sum Insured under the aforesaid Policy has been essay). Bajaj Allianz has broadly
taken from the website of ( NICL) and is as follows: categorized their policies into a few
categories. Some of them are Individual
TABLE 2 Travel, Family Travel and Senior Citizen
Travel. Other products include
PLAN C & D- Employment & Studies (all figures in US $)
Corporate Travel Insurance and Travel
Visit Worldwide Worldwide Worldwide Asia Policy. They also have a domestic
Excl. Incl. Incl. travel insurance policy called Bharat
USA/Canada USA/Canada USA/Canada Bhraman Policy and student specific
Plan C D D1 covers.
Section - 1 A, illness 1,50,000 1,50,000 5,00,000
Their covers broadly speaking include
Section - 1B
Medical evacuation 10,000 10,000 10,000 Flight Delays and Cancellations, Medical
Treatment and Hospitalization
Section - 1 C Expenses, Trip Cancellation and
Repatriation 10,000 10,000 10,000
Curtailment, Loss of Baggage and
Section - 1 D Passport and Home Burglary Insurance.
Medical Emergency reunion 5000 5000 5,000 They also provide Emergency Cash
Section - II USD 750 for USD 750 for USD 750 for Advance. This is a comprehensive
Contingency Insurance each month of each month each month package of covers encompassing the
(applicable for sponsored study of study of study traditional as well as some new covers.
students only) completed completed completed They have also mentioned, that they
provide tailor-made plans, if required.
In addition- Plan D1 covers (i) Loss of checked in baggage- US $ 1000
They also have world-wide on-call
(ii) Delay of Checked in Baggage- US $ 100 support services.

There is also a Corporate Frequent Traveller Policy for Corporate directors and Several riders can also be added to the
employees who frequently travel abroad on work. This is a multi-trip annual policy. base policy, with additional premium,
It has been specified on the cited website that all policies can be purchased online to widen the coverage. The base policies
or by using credit or debit cards. applicable for riders along with the
wordings of the riders and the premium
The products marketed by National Insurance, though fairly comprehensive, have required are listed in a convenient and
remained static and unchanged for several years and require updating. It would customer-friendly manner. It would be
be innovative to look beyond the existing spectrum of eligible persons and expand pertinent to note that these riders are
into uncovered and untapped segments. The existing genre of products exclude a mixture of some unbundled covers in
many overseas travellers from insurance coverage. Persons above a certain age- traditional policies with some new and
profile generally suffer from pre-existing diseases and are especially financially innovative covers thrown in along with
vulnerable if they need hospitalization abroad, as they are excluded from coverage. them. The riders include Trip Delay
Also excluded are those persons who are travelling abroad for treatment. These Delight, Schengen Cover,
to my mind, are the major drawbacks of such conservative covers and which Compassionate Visit by a Family
require modification and change. Member, Emergency Hotel
Accommodation for Family Member,
Travel Insurance products of Private Insurers Emergency Hotel Extension for Insured
Policybazaar, a web-aggregator registered by the Insurance Regulatory Authority and Family Member, Escort for Minor
of India (IRDAI) has rated the travel policies of Reliance, Religare, Bharti AXA, child or children, Loss of Personal
HDFC ERGO, Bajaj Allianz and Digit Travel Insurance as amongst the best. Belongings Cover and Replacement and
Rearrangement of Staff. Deductibles
I have analysed three of the Travel Insurance Policies marketed by Bajaj Allianz, as are applicable to these riders.
reflected on their website, as a typical example of travel policies issued by a
private insurer. (Disclaimer: I have no connection with Bajaj Allianz or any other The Travel Companion Plan
private insurer and this compilation is purely for the academic purpose of this encompasses a group of covers which

The Insurance Times, May 2022 21