Travel Insurance

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




                                                         2
             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.
                                                    3
            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

                                                4
       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.

                                              5
    Need for travel insurance?

• Travel usually for two reasons- pleasure or business.
   – One would not want anything to ruin one’s 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.


                                                                 6
              Eligibility
                 Holiday


Employment                      Business

                    1.
             Indian Residents

  Study                         Official
               Accompanying
                  Spouse
                    &
                 Children


                                           7
                  Bonafide trips


Official visits
Overseas on                             Working
  behalf of                             in India
 employers
                           2.
                   Foreign Nationals
  Drawing
                                       For Indian
  Salary in
                                       Employers
   Indian
   Rupees                               of MNC’s




                                                    8
                 Age limit




                              Children
Up to 70 years




  > 70 yrs –         > 6 months     Diseases specific
  premium              5 years       to children –
    loaded                              excluded


                                                        9
                   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
                                                                    10