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Time of India
11-07-2025
- Time of India
Travelling abroad? Why you must get travel insurance even when it is not mandatory
Foreign travel: Travel insurance not mandatory but essential Academy Empower your mind, elevate your skills What is covered under travel insurance? The number of Indians travelling abroad has been steadily increasing, reflecting a rise in disposable incomes, better global connectivity, and a desire to explore new to data from the Ministry of Tourism, Government of India, in the last calendar year, 2024, around three crore Indians travelled overseas for different reasons. This includes leisure, education, business, seeking better job opportunities and medical treatment. This year, the figure is expected to climb even higher, underscoring the growing trend of outbound travel among Indian you're among those planning to travel abroad in 2025, keep in mind that, depending on where you're headed, you might need to sort out travel insurance along with your passport and a valid are a handful of countries that do not require travel insurance, but, many nations do require valid travel insurance as a must-have before they grant you an entry visa. These regulations are in place not only to safeguard tourists during emergencies but also to make sure that any surprise expenses, such as hospital stay or medical evacuations, do not put a strain on the healthcare system of the host experts stress that even where it is not compulsory, it is prudent to take travel insurance. Subrata Mondal, Managing Director & CEO, IFFCO TOKIO General Insurance Company Limited, says, "Travel insurance may not be mandatory, but it is highly recommended for financial protection during international travel."Meet Kapadia, Head of Travel Insurance at says, "Even when travel insurance is not mandatory for a visa, it is highly recommended that travellers must have it. Travel insurance safeguards travellers from medical emergencies arising out of unforeseen events such as accident, sudden rise epidemic situation or any such related medical condition or unfortunate events like trip cancellation, baggage and document loss, trip delay, accidental death or disability. It offers peace of mind and financial protection during unforeseen events in foreign land, where medical or logistical costs are often very high." Travel insurance policies , as the name suggests, are typically offered by insurers to cover a range of uncertainties that may come up while traveling, including health emergencies, luggage loss, flight cancellations and on the travel insurance coverage , Mondal explained, "In travel insurance, medical expenses and personal accident are the main coverages. The policy also covers loss/delay of checked-in baggage, loss of passport, hijack distress, financial emergency, and personal liability. Premium is calculated based on the selected sum insured and age band of the traveller."It's worth mentioning that the minimum sum assured you need can change based on where you're traveling. For instance, a lot of European countries that are part of the Schengen agreement ask for proof of insurance for a specific amount before they give you a visa. In other cases, the amount of insurance is up to the traveller but it's strongly recommended to have enough to prevent any financial issues during advises travellers to be mindful of personal and destination-specific considerations when purchasing a policy. "One should consider age, health condition, destination-specific requirements, and the adequacy of coverage offered," he said."The Insured can opt up to SI of $500,000, if travelling to USA and Canada," he matter if you're heading to Europe, Southeast Asia, the United States, or any other part of the world, with travel insurance in hand, you can rest easy as it gives that extra layer of comfort and security against unforeseen emergencies. It may seem to be an additional expense, but the protection it offers can be priceless when you face medical issues, theft, or trip disruptions far from home, especially when you might not have enough financial support if something goes says, "In cases if, some medical issue (say fracture in leg) began during the travel dates, there are some travel insurance plans that cover treatment for those after returning to India. Also, a few travel insurance plans allow inbuilt extension for 7-10 days after the travel dates. For baggage and trip home-to-home covers helps with delay/loss of baggage in both to and fro of the trip. Thus, baggage loss and baggage delay can also be claimed. This safety buffer by insurers ensure protection for travellers in case of any unforeseen circumstance."As more Indian travel internationally, having the right insurance coverage can turn a stressful situation into a more manageable one.
News18
29-06-2025
- News18
Why You Need Comprehensive Travel Insurance For Your European Trip
Last Updated: Kapadia from Policybazaar stresses the need for comprehensive travel insurance for Indian travelers to Europe, covering medical emergencies, strikes, etc. Authored by Meet Kapadia, Head, Travel Insurance, Policybazaar: For most Indians, a trip to Europe is a lifelong dream. Months of planning, budgeting, saving, navigating visa hurdles, and even picking the right wardrobe go into it. Often, these dreams are shaped by the movies we've grown up with—from the snow-covered Swiss Alps of DDLJ, to the romantic streets of Paris, or the scenic trails of Slovenia recently made famous by Thalapathy Vijay. With so much emotional and financial investment, it makes sense to take one more crucial step: securing comprehensive travel insurance. The Schengen visa requires a minimum of €30,000 in coverage, but that is just the baseline. A basic policy may get you the visa, but it often falls short when real-world complications hit. Opting for higher coverage offers more meaningful protection without adding a significant financial burden. Take the example of Ankit and Priya, a newlywed couple who had saved diligently for over a year to make their dream honeymoon in Italy come true. Thanks to their decision to purchase comprehensive travel insurance, they were fully reimbursed when a sudden climate event cancelled their return flight, covering new tickets and accommodation without denting their savings. They were among the growing number of Indian travelers planning ahead. In fact, 62% of travelers now opt for travel insurance with $250,000 or more in coverage, showing a clear shift toward prioritising protection over minimum compliance. If you're still wondering why higher coverage matters, here's what it protects you from: A European holiday is often the experience of a lifetime, and investing in higher coverage travel insurance helps protect that dream. For just a slightly higher premium, you gain financial security, peace of mind, and the freedom to enjoy your trip without worrying about the unexpected. With so many plans available today, it's worth spending a few minutes online to compare features and pick one that truly fits your needs, especially when the difference in cost is often marginal, but the benefits can be significant. It is authored by Meet Kapadia, Head, Travel Insurance, The views expressed in this article are those of the author and do not represent the stand of this publication. Location : New Delhi, India, India First Published: June 29, 2025, 13:32 IST News business » banking-finance Why You Need Comprehensive Travel Insurance For Your European Trip
Time of India
18-05-2025
- Business
- Time of India
Now, students can get insurance coverage for visa revocation and job loss abroad
Pune: Rising healthcare costs, visa revocation, and travel disruptions have posed problems for students studying abroad or those planning to pursue overseas education. Insurance companies are offering tailor-made student travel policies to meet evolving needs. Tired of too many ads? go ad free now While some insurers allow students to choose a range of benefits and additional covers based on their needs, others provide accommodation expenses and return travel costs if the insured is advised to leave suddenly by the authorities where they are studying. Radhika Saran (22), who is studying in Ireland, opted for an Indian policy last year, and it was of great help to her. "My medical expenses were all covered, and the settlement was seamless. My policy is much cheaper than the global insurances available here. I purchased a flexible policy and selected add-ons like emergency fund access as well," she said. The demand for student insurance policies has seen a substantial increase over the past year, in sync with the rising number of Indian students heading overseas. The US and Canada continue to dominate as top destinations, but we've also seen exponential growth in demand for countries like the UK and parts of Europe, particularly Germany, said Meet Kapadia, head of travel insurance at Policybazaar. On average, Indian policies cost about one-third of what university-sponsored plans abroad might charge. For example, a $100,000 sum insured policy for two years might cost around Rs 33,000 in India, whereas similar plans provided overseas can easily exceed Rs 3 lakh annually, said insurers. "At Policybazaar, we've seen more and more students and their parents choosing plans with coverage between $100,000 and $500,000, and in some cases, even up to $1 million. Tired of too many ads? go ad free now This is a clear shift from earlier years when students settled for minimal mandatory coverage," said Kapadia. Aashish Sethi, head-agency, health distribution & travel channel, Bajaj Allianz General Insurance, said, "Many students are seeking more comprehensive plans that provide extensive medical coverage, protection against trip cancellations, and emergency evacuation services. Typically, students select coverage plans with a sum insured between 1 and 2 lakh. However, when students take loans for their education, many loan providers recommend opting for plans with a higher sum insured," he said. ICICI Lombard's Globetrotter Overseas Individual Student Travel Insurance policy offers flexible plans tailored to student needs. Multiple plan variants are available with different coverages, said Priya Deshmukh, head health products, operations & services, ICICI Lombard. "Students can get add-on covers such as maternity, cancer screening, treatment of alcoholism and drug dependency, and medical cover for inter-collegiate injuries in 'Plus' plans," she said. Despite the economic benefits, students hesitate to take Indian policies and opt for foreign policies as suggested or mandated by universities. Nikhil Jain, founder at Foreign Admits, an overseas education consultant, said that choosing insurance and covers is country-dependent. "For study in the US, students are opting for insurance policies that provide visa revocation support and job loss support. Students are also actively looking for assist covers which come in handy in case there is a visa cancellation etc. Indian insurers are finding it very difficult to benchmark against global rivals in terms of their offerings and support," said Jain. Dilip Oak, founder of Dilip Oak's Academy, said that he recommends students take a 3-4 week overseas travel policy and then take one associated with their university of choice. "We work with a lot of students who go to the US, and if they take a policy that their university recommends, then settlement is easy, too. Indian insurers are offering all kinds of discounts to lure students," he said. Pune: Rising healthcare costs, visa revocation, and travel disruptions have posed problems for students studying abroad or those planning to pursue overseas education. Insurance companies are offering tailor-made student travel policies to meet evolving needs. While some insurers allow students to choose a range of benefits and additional covers based on their needs, others provide accommodation expenses and return travel costs if the insured is advised to leave suddenly by the authorities where they are studying. Radhika Saran (22), who is studying in Ireland, opted for an Indian student travel insurance policy last year, and it was of great help to her. "My medical expenses were all covered, and the settlement was seamless. My policy is much cheaper than the global insurances available here. I purchased a flexible policy and selected add-ons like emergency fund access as well," she said. The demand for student insurance policies has seen a substantial increase over the past year, in sync with the rising number of Indian students heading overseas. The US and Canada continue to dominate as top destinations, but we've also seen exponential growth in demand for countries like the UK and parts of Europe, particularly Germany, said Meet Kapadia, head of travel insurance at Policybazaar. On average, Indian policies cost about one-third of what university-sponsored plans abroad might charge. For example, a $100,000 sum insured policy for two years might cost around Rs 33,000 in India, whereas similar plans provided overseas can easily exceed Rs 3 lakh annually, said insurers. "At Policybazaar, we've seen more and more students and their parents choosing plans with coverage between $100,000 and $500,000, and in some cases, even up to $1 million. This is a clear shift from earlier years when students settled for minimal mandatory coverage," said Kapadia. Aashish Sethi, head-agency, health distribution & travel channel, Bajaj Allianz General Insurance, said, "Many students are seeking more comprehensive plans that provide extensive medical coverage, protection against trip cancellations, and emergency evacuation services. Typically, students select coverage plans with a sum insured between 1 and 2 lakh. However, when students take loans for their education, many loan providers recommend opting for plans with a higher sum insured," he said. ICICI Lombard's Globetrotter Overseas Individual Student Travel Insurance policy offers flexible plans tailored to student needs. Multiple plan variants are available with different coverages, said Priya Deshmukh, head health products, operations & services, ICICI Lombard. "Students can get add-on covers such as maternity, cancer screening, treatment of alcoholism and drug dependency, and medical cover for inter-collegiate injuries in 'Plus' plans," she said. Despite the economic benefits, students hesitate to take Indian policies and opt for foreign policies as suggested or mandated by universities. Nikhil Jain, founder at Foreign Admits, an overseas education consultant, said that choosing insurance and covers is country-dependent. "For study in the US, students are opting for insurance policies that provide visa revocation support and job loss support. Students are also actively looking for assist covers which come in handy in case there is a visa cancellation etc. Indian insurers are finding it very difficult to benchmark against global rivals in terms of their offerings and support," said Jain. Dilip Oak, founder of Dilip Oak's Academy, said that he recommends students take a 3-4 week overseas travel policy and then take one associated with their university of choice. "We work with a lot of students who go to the US, and if they take a policy that their university recommends, then settlement is easy, too. Indian insurers are offering all kinds of discounts to lure students," he said.
