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News18
a day ago
- 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
Mint
4 days ago
- Business
- Mint
Should you buy OPD insurance? Get the complete lowdown to help you decide.
Imagine this: you have some health issues and visit a doctor. She prescribes you medicines and a couple of diagnostic tests. You pay a good amount of money for the doctor's consultation, medicines and tests, and wonder whether your health insurance policy will cover it. Well, here's the bad news: most health insurance policies do not cover outpatient department (OPD) expenses. According to a report by India Insurtech Association, India's OPD spending amounted to a massive $37.7 billion in FY24, of which retail OPD insurance accounted for less than 0.1%. Noting this gap, insurers have of late started to offer OPD coverage and healthcare startups have also entered the space, providing OPD subscription plans directly to customers or via employers. Here's a lowdown of what all is available. OPD plans from insurers India's OPD market is highly fragmented, so providing coverage is difficult. The high chances of billing fraud can't be ignored, so insurers prefer to offer OPD coverage on a cashless basis, allowing you to only visit their network partners for doctor consultations and diagnostics. Some insurers may agree to reimburse the cost incurred at non-network facilities as well. Among popular plans, as shared by ICICI Lombard's Elevate comes with an OPD+ rider. The premium varies by age. A 35-year-old male must pay ₹4,980 annually for ₹10,000 OPD coverage in a year. The plan only works on a cashless model and has no sub-limits on procedures such as dental and vision. Bajaj Allianz's Health Prime and Niva Bupa's Acute-Best Care offer both cashless facilities and reimbursements. The former has a premium of 2,062 for ₹15,000 coverage while latter costs ₹4,801 for ₹10,000 coverage for a 35-year old individual. Niva Bupa's Well Consult-OPD puts a co-payment of 20% if a policyholder files for reimbursement. Star Health Insurance has a standalone OPD insurance policy that allows cashless and reimbursement only for accident-related emergencies. A 35-year old individual will pay ₹4,802 for ₹25,000 coverage. This plan has a waiting period of 1-3 years for OPD expenses of pre-existing diseases. "Traditionally the OPD plans had sub-limits on doctor consultation, diagnostic tests or pharmacy bills. For example, the OPD sum insured could very well be ₹20,000 but pharmacy bills having a sub-limit of ₹5,000. But insurers are increasingly launching plans with no sub-limits for customers to utilise the OPD benefit in the way they want," said Siddharth Singhal, business head - health insurance, Direct-to-consumer plans Lucknow-based Geeta Srivastava (66) heard about healthcare startup LivLong's OPD plan Eldercare. "The plan costs me ₹12,000 a year. OPD benefits such as medicines and lab tests are restricted to ₹3,000 a year, but there are other useful benefits such as full-body check-up (83 parameters), unlimited consultation with doctors and nutritionists, six consultations a year with specialists and two free ambulance services. Another benefit is having a healthcare manager at my disposal who checks up on me every now and then and helps me with what I require," Srivastava said. Data from LivLong showed they have three plans, priced at ₹5500, ₹6,000 and ₹11,599. "These plans have a perceived value of ₹15,000, ₹16,000 and ₹28,800, respectively," said Gaurav Dubey, founder & CEO, LivLong 365. To be sure, there is no underlying sum insured in LivLong OPD plans. They offer up to 50% discounts on OPD benefits such as consultations, lab tests, diagnostics and medicines, which translate into perceived savings. Healthcare provider Even Health offers OPD insurance in partnership with Magma General Insurance. However, you can't buy standalone OPD cover from them. You need to buy IPD cover (sum insured ranges from ₹3 lakh to ₹1 crore) in which OPD cover of ₹10 lakh will be inlcuded if you pay extra over the premium. People aged 0-35 years can buy it for around 4,500 a year, 36-49 years for ₹10,000 a year, and over 50 for ₹19,000 a year, excluding the premium for IPD coverage. "Our OPD plan works everywhere in the country on a cashless basis. We have partners in every pin code from Lakshadweep to Leh. We not only cover doctor's consultations but also diagnostic (radiology, pathology) and medicines. We offer reimbursement, too, but with 50% co-pay," said Mayank Banerjee, Co founder, Coverage from your employer Companies such as Onsurity and Plum, or for that matter even Even Health and LivLong, curate OPD coverage in partnership with employers to offer it to employees. Noida-based Anmol Bhushan (28) works with a financial services firm as an actuarial consultant. His employer offers OPD benefits as part of its wellness services. He pays ₹11,000 per year to insure himself and his parents for a maximum benefit of ₹21,000. "The plan has a co-payment of 10% for me and 20% for my parents. Each year I manage to avail of at least ₹18,000 benefit," said Bhushan. Data from Onsurity shows their wellness OPD plans cost a minimum of ₹145 more per member per month and can go up to ₹4,500 or more based on the features. "Pricing retail OPD plans at a low cost is difficult because the utilisation will be high in those plans. We offer it to them via employers so that the utilisation is comparatively lower and we can keep the pricing viable," said Suman Pal, chief claims officer at Onsurity. Can't argue with free Some employers offer the benefit to employees for free. Mumbai-based Dipen Chheda (50) for example, used it while he was working with his previous employer. "The challenge in that plan was the limited number of associated partners. If I have to take doctor consultation and no network doctor is available nearby, it does not make sense for me to go far. Similarly, nearby chemists also offer discounts on medicines. Sometimes those are better than what OPD cover offers," he said. For Bengaluru-based Shobhit Katikia (27), the experience has been great. "We get a flat coverage of ₹20,000 per year from our employer. I don't have to pay for it. It covers me and my parents. I availed the claim twice in the past two years – for dental treatment that included the procedure and medicines in the first year, and for new glasses in the second year. The cost of the eye check-up, frame and lens was all covered," he said. In his case, he could choose any doctor or pharmacy and file for reimbursement. "The claims were approved in 24 hours," he said. Should you buy an OPD plan? Well, it depends on the cashless network the platform provides, and the sub-limits. "We have noticed that doctors empaneled with different such platforms may just have an MBBS degree and not really be specialists. The way the OPD market works is people may want to visit specialists and diagnostic centres of their choice. We are in the process of launching retail OPD cover, which will address these issues," said Saurabh Vijayvergia. founder & CEO, CoverSure. Mint's take India's OPD insurance market is at a nascent stage. While employer-linked OPD cover offers decent benefits, there are very few direct-to-customer options from healthcare startups. There is greater variety in policies offered by insurers. Whichever option you choose, sub-limits on various benefits make such plans restrictive. You could considering buying it to giving it a try if you can afford it.
Hans India
08-06-2025
- Health
- Hans India
Policybazaar rolls out elder care program
As India's elderly population grows, so does the need for thoughtful, accessible and reliable healthcare support systems. Recognising this, Policybazaar, through its insurer partners, has launched Saarthi, a first-of-its-kind elder care concierge service designed specifically for senior citizens. From choosing the right insurance plan to getting hands-on claims assistance and personalised follow-ups, Saarthi offers a seamless experience tailored to the unique needs of older adults. Similar to how NRIs can insure their parents in India, customers here too can now buy health insurance for parents living in another city and ensure on-ground support for them during an emergency. The data indicates that the elderly population in India is projected to reach approximately 319 million, constituting about 20 per cent of the total population by 2050. This demographic shift calls for enhanced healthcare and support services to cater to this segment. Amit Chhabra, CBO- General Insurance, said, 'Saarthi is our way of letting India's senior citizens know that we are here when they need us the most. We understand that with the growing number of nuclear families and empty nests, India needs a mechanism to address the needs of the elderly. Saarthi fills this gap and brings convenience, dignity and hands-on help to the doorstep of our seniors. We want to make sure that in their time of need, our elders are never alone.' The Saarthi programme is designed as a high-touch, human-led solution to help senior citizens navigate the often complex insurance journey, with features including: Specialised sales & service advisors: A specialised team trained to understand the unique needs of seniors, offering clear, jargon-free advice tailored to their health and life coverage.
Time of India
23-05-2025
- Time of India
Millennials Travel: Travel Insurance Soars as Millennials Lead Summer Travel Surge, ET TravelWorld
Advt By , ETTravelWorld Join the community of 2M+ industry professionals Subscribe to our newsletter to get latest insights & analysis. Download ETTravelWorld App Get Realtime updates Save your favourite articles Scan to download App Millennials are leading the 2025 summer travel season, comprising 51.12 per cent of total travellers, followed by Gen X at 19.31 per cent and Gen Z at 18.39 per cent, according to exclusive data from Baby Boomers maintain a modest share of 11.15 per cent, possibly due to health and mobility destinations continue to show a global spread, with the United States topping the international chart at 5.23 per cent of bookings. France (4.63 per cent), Singapore (4.61 per cent), Switzerland (4.53 per cent), and Thailand (3.69 per cent) round out the most popular destinations. However, when comparing broader regions, Asia leads with 36.57 per cent of summer travel bookings, outpacing Europe at 31.77 per cent.A significant shift has been observed in the approach to travel insurance. In 2024, just 24 per cent of travellers booked insurance early. In 2025, that figure has risen sharply to 76 per cent, marking a 100.3 per cent growth in early bookings. The surge is attributed to increased risk awareness and visa requirements for several insurance coverage preferences are also evolving. Around 62 per cent of travellers now opt for policies offering USD 250,000 or more, compared to the previously typical USD 100,000 sports add-ons have become increasingly popular, with 84 per cent of add-on purchasers choosing this rider, reflecting the growing appeal of activity-focused travel. Other notable choices include visa fee refund riders (9 per cent) and pre-existing disease cover (6 per cent).Family travel saw a 6 per cent increase, coinciding with school holidays, yet awareness around paediatric insurance coverage remains limited. Many policies offer minimal coverage for children, particularly for congenital or pre-existing conditions, underlining the importance of detailed plan and group travel bookings rose by 9.6 per cent and 9.3 per cent, respectively, in April 2025. The average trip duration across all traveller categories ranges from 17 to 18 Kapadia, Head of Travel Insurance at Policybazaar, commented, 'Travel insurance is no longer seen as optional. It's now becoming a must-have part of planning any trip. 62 per cent of travellers are now opting for coverage of USD 250,000 or more, showing a clear preference for stronger protection and peace of mind over just saving on cost.'
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Business Standard
23-05-2025
- Business Standard
Need a Schengen visa? A guide to the travel insurance you must have
More Indians are heading to Europe this year—and if a Schengen trip is on your calendar too, you'll need travel insurance before applying for a visa. 'Travellers should remember that travel insurance is more than just a formality—it's a smart, practical safeguard that provides financial protection and peace of mind when unexpected disruptions occur,' said Meet Kapadia, head of travel insurance at Insurance is mandatory for Schengen visa applicants Travel insurance is a requirement for anyone applying for a Schengen visa. It must cover at least €30,000 in medical expenses, evacuation, and repatriation, according to Schengen rules. 'The regulation requires coverage of at least 30,000 euros for medical emergencies, evacuation, and repatriation. But the real value of travel insurance goes far beyond a visa formality,' said Alok Kumar Agarwal, managing director and CEO at Zurich Kotak General Insurance. 'Many travellers visit Schengen countries for adventure sports, medical treatments, or cultural exploration—each of which carries unique risks,' he said. India was the third-highest source of Schengen visa applications India submitted 1.1 million Schengen visa applications in 2024, according to data from the European Commission released on May 16. Of these, 936,748 were approved and 165,266 were refused, putting India's rejection rate at 15%. Insurance providers say travel insurance can reduce the financial burden in case of trip disruptions. 'From sudden illnesses and injuries to last-minute cancellations or missed connecting flights, a travel insurance policy can help travellers steer through financial setbacks. It also protects against natural events like floods or earthquakes at the traveller's home or destination,' said Kapadia. What travel insurance usually covers According to insurers, here's what a standard Schengen travel insurance policy often includes: Emergency medical treatment and hospitalisation Personal accident coverage Loss or delay of baggage Trip delays or cancellations Passport loss or theft 24/7 emergency assistance 'For example, if a traveller misses a connecting flight due to a delay or their luggage is lost in transit, travel insurance can help cover the costs and inconveniences,' said Agarwal. 'Even events back home—like a burglary while the insured is abroad—can be covered under certain plans,' he added. Read the fine print There are exclusions to be aware of. 'Normal wear and tear, negligence, and certain high-value items like fine jewellery or collectibles may not be covered unless specified,' said Agarwal. Kapadia said travellers heading to politically unstable regions should check whether their policy includes coverage for those risks. 'Many standard policies exclude war-like situations or political unrest. It's best to opt for extended coverage if you're travelling to higher-risk areas.' Travel insurance demand rising with outbound travel According to Policybazaar, Schengen-bound travel from India rose by 18.95% in the first quarter of 2025 compared to the same period last year. Germany, France and Switzerland continue to be among the top five destinations. More Indians are now choosing insurance plans with higher cover and add-on features. In 2023, with a rejection rate of 15.7%, Indian travellers lost nearly €12.1 million (₹109 crore) in non-refundable visa fees. About 20% now opt for insurance riders that refund this fee if a visa is denied. Other trends include: < 62% of Indian travellers now opt for insurance coverage of $250,000 or more < Senior citizens prefer policies with cover of over $500,000 for hospitalisation < Comprehensive plans covering pre-existing conditions and evacuation are more popular 'With 62% of travellers now choosing $250,000+ coverage, it's evident that customers are prioritising peace of mind over cost,' Kapadia said. A look at some available plans ICICI Lombard offers a plan called Trip Secure Plus – Gold, which costs ₹1,299 (including GST) and provides coverage of USD 250,000. Tata AIG has the Schengen Silver Plus plan, priced at ₹1,074. The exact sum insured was not listed. Care Health provides the Explore Gold plan for ₹1,119, and Reliance offers the Value Care policy for ₹1,656. Feature comparisons across plans Some of these plans cover medical expenses up to $250,000 or even $300,000, with a typical deductible of $100. Baggage loss cover ranges from $300 to $750 depending on the plan, with some offering no deductible and others applying a $50 one. For loss of passport, most plans offer $250 to $300 in coverage, with deductibles between $25 and $50. Trip cancellation benefits vary from $500 to $1,000, and are sometimes provided without a deductible. In terms of personal accident coverage, ICICI Lombard offers $15,000, while Tata AIG quotes ₹15 lakh. Some other plans may not include this benefit at all.
