Page 47 - Insurance Times August 2019

payable by the policyholder on the single premium policy and return the amount of premium deposited after
including extra premium, if any. The amount of tax paid deducting proportionate risk premium for the period on
shall not be considered for the calculation of benefits cover and charges for medical examination, special reports,
payable under the plan including surrender value. if any and stamp duty.

6. Free Look Period: 7. Exclusion:
If Master Policyholder/ any member is not satisfied with In case of death of a member due to suicide, within 12
the “Terms and Conditions” of the policy then the Master
months from date of entry of the member into the scheme
Policyholder may return the policy /the member may claim payable shall be 80% of the Single Premium paid
return the Certificate of Insurance through the Master (excluding taxes and extra premium, if any) in respect of
Policyholder within the 15 days from the date of receipt that member.
of the Policy Document /Certificate of Insurance stating
the reasons of objection.
For groups where the insurance cover is compulsory for
On receipt of the same the Corporation shall cancel the all new entrants, above clause shall not be applicable

Silicon Valley Travel Insurance company reports 172 %

increase in Indian customers searching for US-based travel

insurance

Indians are travelling abroad in record numbers - over 1.4 "Not only do more US-based providers recognize and
million Indians travelled from India to the United States in accept US-based insurance," Shrivastava continues, "but
2018, up over 7 percent from 2017 [Source: US Travel.org]. non-US policies are generally reimbursement-based,
Silicon Valley-based travel insurance company, travellers with India-based insurance may be required to
VisitorsCoverage, reported a 172 percent increase in Indians pay out-of-pocket medical costs at the time of treatment.
searching for and comparing travel insurance policies on Filing a claim for reimbursement in India following the
their site from Q1 2018 to Q1 2019. These comparison return home could be complicated, frustrating and lengthy
shoppers overwhelmingly purchased short-term visitors as a result of different time zones and countries."
insurance, while also purchasing long-term visa, student,
visiting parents insurance and immigrant travel medical The United States does not provide universal medical
insurance. India is VisitorsCoverage's largest global market coverage. Unprepared travellers who do not purchase travel
- half of these searches were generated by returning medical insurance and become ill, sustain serious injury
customers. or a catastrophic medical incident in the US risk incurring
financial liability that can easily run over 6.9 million INR,
"Visitors to the US are realizing the cost savings, coverage as the US also has one of the most expensive healthcare
advantages and convenience of purchasing US-based travel systems in the world. Should a traveller require medical
insurance," says Rajeev Shrivastava, CEO and founder of air transport back to India costs could easily double or
VisitorsCoverage, an insurtech company that provides triple for medical repatriation.
online comparisons of hundreds of travel insurance
policies. VisitorsCoverage partners with top-rated travel insurance
administrators and underwriters, giving peace of mind to
There is a growing trend of non-US travellers purchasing unlucky travellers who actually have to file a claim for
US-based travel insurance of plans with low or zero co- medical treatment or loss. Many of their policies offer
pays or deductibles, more policy choices and ease of filing coverage beyond medical and trip insurance including
medical treatment claims and claims for lost luggage, flight insurance for visiting parents and relatives and border entry
delays and other travel mishaps. denial.

The Insurance Times, August 2019 47