Page 23 - Insurance Times May 2022

A Comparison of Overseas Travel Insurance premium
The following is a tabular representation comparing the premium charged by some major insurance companies providing
Overseas Travel Insurance to various international destinations. For the purpose of the comparison, the age of the travellers
is between 33 to 35 years, sum insured is US Dollar 1,00,000 and the duration of the trip is 15 days.

TABLE 3
Country Insurers Corresponding Plan Names Premium
(Rs.)
Dubai Apollo Munich Health Insurance Easy Travel Family Rs.3051
Religare Health Insurance Explore Asia Rs.1320
HDFC Ergo Health Insurance Single Trip Family Worldwide Excluding USA & Canada Rs.1469
Tata AIG Insurance Company Travel Guard Rs.2025
USA Digit On-the-Move Rs.2381
Religare Health Insurance Explore Gold World Wide Rs.2649
Reliance General Insurance Travel Care Family Rs.1719
Royal Sundaram General Insurance Travel Shield Single Trip Rs.1754
Canada Apollo Munich Health Insurance Easy Travel Family Rs.3967
Tata AIG Insurance Company Travel Guard Rs.2775
Religare Health Insurance Explore Gold World Wide Rs.2649
Bharti AXA General Insurance SmartTraveller Regular Rs.2099
Indonesia Digit Insurance Digit Rs.1070
Tata AIG Insurance Company Travel Guard Rs.2025
HDFC Ergo Health Insurance Single Trip Family Worldwide Rs.1469
Reliance General Insurance Travel Care Family Rs.1171

It may be observed that the comparison between different fact that such patients would likely be treated or quarantined
products should not be made only on the basis of the premium in government facilities, the likelihood of claims under these
rates as reflected in the table, but after factoring in the policies is low.
sectional covers and deductibles or time excess to arrive at
an accurate conclusion, as to which product is value-for- Apart from the more evident lacunae in the travel insurance
money. It is also to be noted that Apollo Munich Health sector, there are many more problematic questions that
Insurance is now part of HDFC Ergo Health Insurance. require consideration. Will overseas travel policies at all be
issued freely during this period? What will be the status of
Travel Insurance and Coverage for Covid- existing policy holders? As reported , insurers have adopted
different strategies in this regard. For existing policy holders,
19 Virus it has been mentioned that "IFFCO Tokio General Insurance
The obvious concern that arises in the mind of a traveller in Co. Ltd will most likely pay medical expenses even if there is a
these uncertain times, wherein the novel Covid -19 virus travel advisory in place." However for new proposers
infection (CoV) assumed the proportions of a pandemic, is travelling to China, they will issue policies after ascertaining
whether or not the overseas travel policies in India cover this the specific destination in China and the purpose of travel
virus. There is no divergence in the opinion that there are no before issuing policies. "On the other hand, Bajaj Allianz
specific exclusions in either any domestic or overseas travel General Insurance Co. Ltd may not pay the expenses if
policies for epidemics or pandemics like CoV. The Out- policyholders travel to a country against which a travel
Patients-Department (OPD) and/or hospitalization expenses advisory has been issued." They have temporarily
occasioned by this virus would be duly covered, as per the discontinued policies to China, Hong Kong and Macau in wake
travel plan opted for. However, it is of note that due to the of the travel advisories.

The Insurance Times, May 2022 23