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Top 5 Travel Insurance Companies in India

So after waiting for a long time to get en route a trip, you are finally all set to fly! You have your itinerary planned, baggage packed, and are about to go off. So let us remind you of something. Amidst all this excitement, have you forgotten about the most important thing- Travel Insurance?

Regardless of the purpose of the tour, whether it is for higher studies or just for a recreational purpose, you should definitely have a travel insurance plan in place and stay prepared for life’s contingencies. Visa issuing authorities of some countries have made it mandatory to have a travel insurance policy in certain cases like visiting abroad for higher studies or on work Visa.

Having a travel insurance policy will protect you against common risks such as passport delays, flight delays, baggage misplacement, hospitalization, mugging, hijacking, theft, etc., in an unknown land. Other benefits that you can leverage include:

  • Cover against trip interruptions and cancellation due to unforeseen circumstances
  • Cover against legal suit for damage to a third party
  • Full amount payable in case you have to reapply for important documents

Medical insurance is regarded as the pivotal element in a travel insurance policy as the cost of availing healthcare facilities in a visiting country goes into deciding the premium amount. Many hospitals in foreign countries will not admit you until you have a valid insurance cover.

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Source – ICICILombard

So you don’t have a travel insurance policy and there’s little time left for you to select the best out of the many travel insurance companies in the market! Fret not! We have listed the top 5 travel insurance companies whom you can rely on and purchase a policy even when on-the-move.

1. ICICI Lombard General Insurance Company –

A joint venture between Fairfax Financial Holding Ltd and ICICI Bank Ltd., ICICI Lombard General Insurance Company is the leading private insurance company with GWP of INR 69.14 Bn for the financial year 2014-15. The company issued over 13.87 Mn policies and settled the claims of over 3.41 Mn policies as of last year.  ICICI Lombard GIC has been awarded with several coveted recognitions like the ‘E-Business Leader’ award at the 5th yearly edition of the Indian Insurance Awards 2015 for its growth, performance, product innovation, and customer support, and the ‘Best Travel Insurance Company’ at the CNBC Awaaz Travel Awards 2015. The company has different insurance plans for different purpose with multiple benefits.

A few of them include Single round trip, Senior Citizen Travel Insurance, and Gold Multi Trip. Based on your needs, you can select a policy and get going. 24*7 customer support via online medium is available.

2. Chola MS General Insurance –

With an average rating of 4 stars out of 5, Chola MS General Insurance is the second most trusted travel insurance company in India. With facilities like immediate premium calculation and incessant customer support, Chola MS General Insurance provides comprehensive cover against all possible risks which you may face on your journey. The company offers different insurance policies for different purposes. Some of which are listed below:

  • Domestic Travel Insurance Policy: Cover against travel delays, medical emergencies, lost belongings, permanent disability, etc.
  • Chola Overseas Travel Protection Policy: Comprehensive coverage for medical expenses incurred overseas, travel delays, hijacks, evacuation to India, repatriations, etc. Senior citizens who are in the age group of 61-70 can also be covered under a specific plan in this policy.
  • Chola Student Travel Protection Plan: A comprehensive policy which provides cover against expenses incurred on study interruptions, loss of passport, medical treatment, etc.

3. Bajaj Allianz Travel Insurance –

With one of the most elaborate policy offerings in the market, Baja Allianz sits tight at the third spot. This joint venture between Bajaj Finserv Ltd. and Allianz SE enjoys the fruits of stability, strength, and deep market expertise. The travel insurance company has made a whopping profit before tax of INR 777 crores which makes it the only private insurer to cross the INR 100 crore mark in profit before tax for two consecutive years.

The company has highest claims paying ability which is testified by the iAAA rating from ICRA. After receiving the first accreditation in the year 2005-06, Baja Allianz has maintained it ever since. It caters to different needs of the people through its three different plans which are Travel Companion, Travel Elite, and Student Travel. Other segments of the plans are: Individual Travel Insurance, Family Travel Insurance, Senior Citizen Travel Insurance, Student Travel Insurance, and Corporate Travel Insurance.

4. Tata AIG Travel Insurance –

One of the oldest insurance companies in India, Tata AIG is a joint venture between Tata Sons with 74% stake and American International Group with the remaining 26%. Offering the convenience of online purchase and continued customer support, Tata AIG’s Travel insurance policy offerings include:

  • Travel Guard: Global protection policy which covers medical expenses, los of passport, travel delay, etc.
  • Student Guard: Overseas Health insurance plan: Designed for students travelling abroad to pursue higher studies, the policy provides cover against study interruption, compassionate visit, sponsor protection, etc.
  • Asia Travel Guard Policy: 24-hour personal accident cover up to the amount of USD 15,000 and compensation for expenses incurred in acquiring duplicate or new passport.
  • Domestic Travel Guard Policy: Travel anywhere within India without being worried about travel contingencies as the domestic travel guard policy provides protection against missed departures, accommodation charges incurred due to trip delays, etc.

5. Reliance General Insurance –

Maintaining quality standards across all their products, processes, and functions have put Reliance General Insurance among the list of most trusted companies. The ISO 9001:2000 certified company has several travel insurance plans like Overseas Travel Insurance, Annual Multi Trip Insurance, Senior Citizen Travel Insurance Plans, Schengen Plans, Asia Plan, and several others which are tailored to meet your different needs. You can be rest assured about the customer support, coverage provided and the affordability of the plans.

You are advised to draw out a comparison between different policies before finalizing a particular one. There are several sites that assist you in picking out the best from the best. Happy Insuring and Happy Travelling to you!

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