Travel Covers to Be Designed In Consideration of the New Age Risks
Published On 12 Nov 2019 By Sakshi Aggarwal
Witnessing the change in the way Indians have started travelling, the insurance companies are now introducing tailor-made insurance products to meet the customers’ changing requirements. Covers are introduced keeping in mind their interest in being a part of various adventurous sports activities and enjoy going on a cruise.
ICICI Lombard has introduced a new Voyager Group Travel Insurance product that covers the new age risks such as trip cancellations because of medical evacuation from the cruise, travel advisories, risks involved in self-drive cars, or even adventure sports like snorkelling and marathons for that matter.
The Head of Underwriting and Claims of Health and Motor in ICICI Lombard General Insurance, Amitabh Jain says, “We have taken travel insurance to the next level and an Everest expedition can also be covered through an extension to the policy.” They are currently selling the product with the help of travel agents and corporates as a group cover which will later be sold on an individual basis.
Apart from enhancing coverage, the plan will have its main focus on providing convenience. The delay cover will not only take care of extra costs but will also include access to airport lounges if purchased on an add-on basis. Jain shares, “We are also trying to ease the process through auto-intimation of claims. In case of trip delay, we can plug into the airline systems and make payment directly to the insured.”
The new age insurer Go Digit is also offering automated claim intimation and settlement which combines flight delay cover with its travel policy. Under the delay cover, an alert is sent to the policyholder to claim payment for the delay and the money is immediately credited to spend at the airport.
Bajaj Finserv is offering tailor-made Pilgrimage cover, that gives financial assistance of Rs. 50,000 that covers cost as an interest-free advance. It also includes personal accident cover worth Rs. 3 Lakh. Even Tata AIG General Insurance, a popular insurer offering travel covers, enhances its policy to offer personal liability cover up to the specified sum in case the traveller becomes liable to compensate for the damage.