Not just a travel cover

High-end travel insurance policies offer benefits such as burglary cover, emergency cash and even lavish dinners.

Rahul Agarwal of Optima Insurance Brokers recommends travel insurance policies for an overseas trip, not just for health problems or accidental benefits, but also for other advantages. The 27-year-old Rahul Mazumdar is planning a trip to Europe in a month’s time and wants to avail these so-called advantages. “I was thrilled to know I would be covered against home burglary when I am away,” says Mazumdar.

Typically, a travel cover covers medical expenses, financial and other losses incurred, while travelling within the country or internationally. For instance, the cover against burglary of Rs 1.35 crore ($300,000) is offered by Reliance General Insurance’s Travel Care Insurance (platinum, individual) for a 30-day trip home. For Mazumdar, the premium comes out to Rs 2,192 with taxes.

Another offer is a home insurance offer (building and content) by ICICI Lombard’s Travel Insurance (platinum, single-round trip). For a sum insured of Rs 45 lakh ($100,00) and premium Rs 2,455, the insurer covers your building for Rs 20 lakh and the content of the house for Rs 5 lakh.(Click here for table)

THE CATCH
Both these home-related covers offered are unlike a standalone home insurance, the insured has to be away from home or the house has to be locked when the damage or burglary took place.

An interesting one is Bajaj Allianz General Insurance’s Travel Companion (value, individual) that gives a special feature called ‘golfer hole-in-one’. If a golfer is able to put the ball in the hole in one shot, it is called ‘hole-in-one’. “Traditionally, this player is supposed to treat his competitors for his win. And, we cover the cost of the lavish dinner, which is pretty expensive,” says Tapan Singhel, chief marketing officer, Bajaj Allianz General Insurance. The insurer pays Rs 22,500 ($500) for a 30-day policy premium of Rs 2,017(including the US and Canada).

Reliance General Insurance’s Travel Care Insurance (platinum, individual) pays for compassionate visits. If you fall sick or are hospitalised, the insurer pays for the return fare of any one accompanying person. Others are personal liability, emergency cash and hijack benefits. The personal liability cover is active when the insured is indemnified for the sum insured chosen. Karan Chopra, head-retail business group, HDFC Ergo, explains, “You are abroad and you end up hurting someone unintentionally. The damages that you pay to the third-party is covered by the personal liability insurance.” Usually, companies cover personal liability for Rs 45-90 lakh ($1-2 lakh) for a premium of Rs 2,000-2,500.

Hijack benefit is applicable for a maximum of seven days where the insured gets paid anywhere between Rs 2,250-4,500 ($50-100) a day, up to Rs 22,500 ($500). The insured gets the benefit of daily allowance if the aircraft is hijacked and the journey is interrupted for more than 12 hours.

“The benefit is applicable if the hijack is considered as an act of war or terrorism,” says Antony Jacob, CEO, Apollo Munich Health Insurance. It possibly has the least hassles while making claims as such events are public and one doesn’t need documents to support it, adds Chopra.