Travel covers evolve for new age risks

Mumbai: Given the evolution in the way Indians travel, insurance companies are customising policies to meet their requirements. Covers are being designed keeping in mind the traveller’s keenness to participate in adventure sports and go on cruises.

ICICI Lombard’s new Voyager Group Travel Insurance covers a new set of risks, including trip cancellations due to travel advisories, medical evacuation from cruise vessels, risks associated with self-drive cars and adventure sports such as snorkelling and marathons.

“We have taken travel insurance to the next level and an Everest expedition can also be covered through an extension to the policy,” said Amitabh Jain, head of underwriting and claims (health and motor) at ICICI Lombard General Insurance. The policy is currently sold through travel agents and corporates in the form of a group cover and will eventually be sold as an individual policy.

Besides increasing coverage, the policy is aimed at convenience. The delay cover, besides taking care of extra costs, also provides access to airport lounges, as an add-on cover. “We are also trying to ease the process through auto-intimation of claims. In case of trip delay, we can plug into the airline systems and make payment directly to the insured,” said Jain.

Automated claim-intimation and settlement is also being offered by new-age insurer Go Digit, which is bundling a flight delay cover with its travel policy. The delay cover informs the policyholder through an alert to claim a payment entitlement if there is a flight delay and the money is immediately credited and can be spent at the airport.

Bajaj Finserv is distributing a customised Pilgrimage cover, which provides financial assistance of Rs 50,000 to cover costs as an interest-free advance. It also includes a Rs 3-lakh personal accident cover. Tata AIG General Insurance — one of the biggest issuers of travel covers — extends its policy to cover personal liability up to the value mentioned in the policy if the traveller becomes liable to pay for any damage.

Source: The Times of India