Overseas Travel Insurance Plans – Costs Less and Offers More

Posted on March 6, 2022 by dayat

Everyone craves for vacations to enjoy some quality time with their loved ones and Indians are no exception. The outbound travel sector of India saw a robust growth this year because international travel destinations are highly sought-after among Indians in 2015. Obstacles like inflation, skyrocketing ticket price and depreciation of rupee couldn’t deter the wandering spirit of Indian travelers to travel around the world. Over 60% of Indians remain unmoved by the depreciating rupee and are raring to go to travel. However, the rate of availing travel insurance to safeguard the trip is still dismal among Indian travelers.

Young generations prefer to travel to international destinations once a year at least. According to a survey, 90% of these travelers make use of their own savings for overseas trips and don’t consider travel cover. Quite surprisingly, this is the mindset of young internet savvy generation as ICICI Lombard conducted the survey in the age group of 25-35 among 1049 people across six metro cities in India who had international trips in the previous year.

The survey further reveals that Singapore is the most preferred travel destination among young Indian travelers; the second and third places are held by US and UK.

Let’s take a look at the travel plans available and their prices for those who favor these destinations. Let’s start with Singapore.

Travel insurance plans available for Singapore trips

The following list of top 5 policy quotes in terms of lowest premium are for one 30 years old person looking for a single trip to Singapore. The trip duration is 10 days and the chosen sum insured is US$ 500000.

Universal Sompo – Premium of Rs. 942
HDFC Ergo – Premium of Rs. 1015
Reliance – Premium of Rs. 1129
TATA AIG – Premium of Rs. 1234
Religare – Premium of Rs.1666
The lowest premium is Rs. 942 for a travel insurance plan for a 10 days trip to any Asian country such as Singapore, Thailand. This means one has to pay less than Rs. 100 per day to make his trip safe and secured. Indian travelers must know that travel plans are not only inexpensive but they also provide coverage for loss of baggage, passport, hijack and even emergency treatment.

Travel Insurance plans available for UK trips

The following list of top 5 policy quotes in terms of lowest premium are for 1 person looking for a single trip to UK. The trip duration is 10 days and the chosen sum insured is US$ 500000.

Universal Sompo – Premium of Rs. 942
Bajaj Allianz – Premium of Rs.991
HDFC Ergo – Premium of Rs. 1015
Reliance – Premium of Rs. 1129
Bajaj Allianz ( Travel Elite Platinum) – Premium of Rs. 1139
Universal Sompo provides the lowest premium. The premium of travel insurance plan is also Rs. 942 for a 10 days trip To UK.

Travel insurance policies for US trips

The following list of top 7 policy quotes in terms of lowest premium are for 1 person looking for a single trip to US. The trip duration is 10 days and the chosen sum insured is US$ 500000.

Universal Sompo – Premium of Rs. 1344
HDFC Ergo – Premium of Rs. 1438
Bajaj Allianz – Premium of Rs.1441
IFFCO-TOKIO – Premium of Rs.1456
Bajaj Allianz ( Travel Elite Platinum) – Premium of Rs. 1658
TATA AIG – Premium of Rs. 1694
Reliance – Premium of Rs. 1783
The lowest premium is Rs. 1344 for a travel insurance plan for a 10 days trip to US. Just imagine, you are getting all types of risks covered just by paying less than Rs. 140 for each day of your trip.

Best travel insurance plans in India in terms of baggage and medical coverage

The survey also made clear that 79% people buy travel plan to cover medical emergencies. Safety of baggage is the second most vital reason as 60% people behind purchasing travel insurance policy. So let’s find out best travel insurance plans in terms of medical emergency and luggage safety.

From the above list of travel policies for US, two plans by Reliance and Bajaj Allianz look best in terms of baggage cover.

Reliance Travel care platinum provides US$1500 for the loss of checked baggage for a premium of Rs.1783.

The Travel Elite Premium plan by Bajaj Allianz provides US$ 1000 for a premium of Rs. 1658 for the loss of checked baggage.

To get the best coverage for medical emergencies, the Titanium plan by HDFC ERGO is the best. It primarily covers:

Emergency Medical Expenses
Permanent Disablement/accidental death
Hospital Cash
Loss of Personal Documents
Accidental Death
Loss of Baggage
Financial Emergency Assistance
Personal Liability
What is the cost of international travel policy for a couple?

According to the survey, 52% of travelers prefer to have trips with spouses. So, if these people can avail a travel plan for visiting US or UK or Singapore, how much do they have to pay?

Let’s start with US trip for 10 days for a sum insured of US$ 100000 covering 2 people who are 30 and 28 years old.

Religare offers the best plan which comes at a premium of Rs. 2407.

If you compare travel plans available for couples who wish to visit UK, keeping the same criteria for trip duration, sum insured and age of the traveler, Religare provides the best plan. The premium of the plan is Rs. 1537.

For a trip in countries like Singapore, Thailand within Asia which has been the top travel destination of 2015, a couple has to spend even less for a travel insurance policy. If you compare travel insurance plans that cover Asia, you will get the lowest premium of Rs. 1218 from Explore Asia plan provided by Religare.

The positive part of the survey is the increased awareness among Indian travelers. More than 90% of young generation is aware of the travel insurance which is a significant rise from last year’s 80%. One of the major provider of travel insurance plans in India; ICICI Lombard underwritten a total travel insurance premium of Rs 100 previous year, one can expect the premium to increase by 5-10% in this year. The problem is not with the awareness; it is the lack of understanding about the benefits associated with these travel covers.

27% of the total respondents in the survey choose not to avail a travel insurance plan simply because they were under the wrong conception that such plans cover only accidents, loss of baggage and theft but don’t provide medical coverage. This is far from being the truth as the complete break-up of Titanium plan by HDFC ERGO shows extensive coverage for medical emergencies.

25% surveyed people didn’t buy any travel plan because they thought such plans are costly but it is not so. The price of all plans for person mentioned here are about less than Rs. 100 to less than Rs. 140 for each day of a 10 days trip. Travel insurance policies for couples are even cheaper as they cost in the range of less than Rs. 65 per day per person to less than Rs. 125 per day per person for destinations like US, UK and all countries in Asia including popular destinations like Singapore, Thailand.

Indians love to spend their holidays in international destinations. An international travel insurance plan doesn’t cost much and offers a lot in return. If you are also a travel freak, you should insure the total duration of the trip so that you can enjoy your holiday with complete peace of mind.

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Medicare Supplemental Insurance – How To Choose The Right Plan

Posted on March 6, 2022 by dayat

Whenever Medicare was initially established, it had not been made to be permanently cover all expenses. Therefore, Medicare Supplemental Insurance was created to make up the difference. You can find currently 12 plans of coverage. These plans are managed by the government, which allows them to remain the same price no matter which insurance agency you acquire them from. The only real difference between one plan of one company to another, is the price.

Figuring out that you need this coverage is the first step in the right direction. Once you determine that your Medicare insurance doesn’t address all your medical related expenses, you will be much better able to determine things you do need since you will know things is missing out on. It really is helpful to confer with your active insurance to see precisely what you DO have the instant it comes to finding the right Medicare Supplemental Insurance coverage. Luckily for us, this is much less complicated than shopping for traditional insurance because you will find only a dozen traditional plans to choose from. No matter which private insurance organization you work with, simply because each will offer the same plans. Really the only distinction will be the service that you get and the premium that you will be charged for.

You can find variations that are going to occur in the Medicare Supplemental Insurance Plan industry. Most of these variations are planned for June of 2010, and everyone with Medicare or Medicare Supplemental Insurance should understand exactly what is about to happen. These kinds of plans were created in the 1990s, and currently have become stale in their offerings of many benefits and insurance policy. Once the world changes around them, Medicare Supplemental Insurance plans usually stay the same. Not any longer, though. As of ’10, the plans will have additional insurance plan offered and replicate insurance policy will be wiped out so that people aren’t losing their precious money paying for things they have already got.

The plans are just about all lettered A through L correctly. Whenever the variations arise, the objective will be to eliminate four of the Medicare Supplemental Insurance plans: E, H, I, and J, for the reason that they are too identical to other plans and just induce bafflement. Also, Plan G is going to be revised so that excess charges are 100% covered. The Home Care benefit is also staying taken out from this plan. Even more variations include a hospice benefit appearing built in to almost all the latest plans, Plan M and N staying released with co-pays and lower premiums, and any supplier that offers Plan A will be important to offer Plans C and F. Currently, insurance companies that own Medicare Supplemental Insurance only currently have to offer Plan A, but this will alter soon.

These changes affect most people with Medicare or Medicare Supplemental Insurance, this includes those that will become qualified prior to, in the course of, or following the adjustments take place. When you are already covered or hunting forward to strategize for long run insurance policy, be prepared for these types of alterations that are coming your way. The world of healthcare has changed noticeably, and its only natural that the Medicare Supplement Insurance and Medicare policies shift with it. Take your time to review your choices today and keep these kind of alterations in mind when selecting a policy. You need to make sure that in case you are on an old plan, that you change now before rates go up and you’re tangled. If you are just stepping into Medicare or becoming a original customer of Medicare Supplement Insurance, you’ll currently have many much more ways at your disposal.

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