Overseas Travel Insurance

An Overview
1. 2. 3. 4. Brief History Salient features What is travel Insurance Need for travel insurance Eligibility Age limit Some Definitions Period of Insurance 9. 10. 11. 12. 13. 14. 15. Premium Sum Insured Plans Scope of Cover General Exclusions General Conditions Corporate Frequent Travelers 16. Employment & Study

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Brief History
The travel insurance industry is more than 100 years old First introduced in the US to protect travelers against accidents and theft. April 01, 1864,the Travelers' Insurance Company introduced the travel insurance policy to those traveling overseas. Brain child of C. J. Batterson owner of the Travelers Insurance Co. Ltd.
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Salient features
Originally introduced in India in 1984 to provide
payment of medical expenses for illness / accident sustained by Indian residents during their overseas trips
whether official or on holiday

Undergone many changes and is today available as a package with a wide range of covers / plans Sold under different names by different insurers
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What is travel insurance?

Travel insurance is a cover for the risks one might face in your trip, overseas or domestic. Typically, it covers death, personal accident, medical expenses, repatriation, loss/ delay of checked baggage, passport loss and third party liability.
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Need for travel insurance?

Travel usually for two reasons- pleasure or business.
One would not want anything to ruin ones hard earned holiday or a crucial business meeting.

Possibility of some unexpected occurrence no matter how perfect the planning is.
Unfortunate events such as baggage loss, passport loss, a medical emergency or an accident can affect you.

Having Travel Insurance protects travellers from all such perils. It ensures that in the unknown foreign land one is not left stranded in any kind of an emergency.
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Eligibility
Holiday Employment 1. Indian Residents Business

Study
Accompanying Spouse & Children

Official

Bonafide trips

Official visits Overseas on behalf of employers

Working in India 2. Foreign Nationals For Indian Employers of MNCs

Drawing Salary in Indian Rupees

Age limit

Up to 70 years

Children

> 70 yrs premium loaded

> 6 months 5 years

Diseases specific to children excluded

Definitions
Insured Person The person named in the Schedule of the Policy for whom the appropriate premium has been paid

Overseas Agent
Agency with whom the insurers have a tie up to deal with all claims arising when the Insured Person is overseas.

Centralized Toll free Number

Some private insurers have this facility, to be contacted in case of a claim; insured persons / relatives will be advised of further procedure

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