Globetrotter - Overseas Travel Insurance
ICICI Lombard’s travel insurance product has two sections: Overseas Corporate (Group) Travel Insurance and Overseas Leisure (Individual) Travel Insurance.

Every business traveller is a globe trotter and so the tagline 'Fly across the world with ease' aptly fits the bill. Having got the approval from IRDA on its corporate travel product in January, this year, ICICI Lombard has scrutinised the market well enough to offer its customers, convenience without a thought of worry. Whether it is corporate or individual travel, Globetrotter is a product comprehensive enough to meet the needs of the traveller. The product also covers pre-existent diseases, if they are life threatening. Let's now briefly glance through the features of the product on offer.

Globetrotter - Overseas Corporate (Group) Travel Insurance:
This is a group product for corporate houses and a master policy for all employees by virtue of a single umbrella cover. Two kinds of covers are available: Standard Cover (value for money, comprehensive proposition) and Basic Cover (cost-effective no-frills offer). Bearing in mind that technology is the future, the product stands out with its web-based module. Through this online module, the corporate is able to issue 'Confirmation of Availability of Insurance' for each trip at its own end and convenience. This helps surpass the trifling worries of an insurance agent not being at your beck and call and even sudden emergencies. The premium is calculated day wise and charged for the actual number of days you travel and not on a slab-basis resulting in immense savings for the corporate. The cover is hassle-free with no medical checks required up to 70 years of age and with maximum trip duration of as high as 180 days. The product also offers a vast option of 12 plans, to suit needs of all kinds. Another highlight of the product is that the dependents of the employee are also covered in the same master policy.

Globetrotter - Overseas Leisure (Individual) Travel Insurance:
This product also has two kinds of covers, Raffles and Royal, within which there are individual plans, family plans and annual multi trip plans (only in Royal coverage). This will be available through the travel agent network. The agent will be able to issue the policy online through the web-module.

The Raffles Cover: This product-version is targeted at the cost-conscious budget traveller. This comprises of a no-frills pure-health plan including medical, repatriation and dental cover benefits. The latter two are offered over and above the medical sum insured. The Raffles Family Plan is an option with attractive family pricing. It has the price advantage, providing economic cover.

The Royal Cover: This product-version is 'value-for-money' providing comprehensive coverage spanning across as many as 10 benefits which include, apart from the three benefits mentioned in Raffles Cover above, loss of checked-in baggage, expenses for emergency purchase of essential items in case of an over 12-hour delay in checked-in baggage, loss of passport, accidental injury, personal liability and hijack distress allowance. And last of all, financial emergency assistance, in case you get robbed of your travel funds abroad. Besides this, one also has the Royal Family Plan. In this Plan, parents below the age of 60 years and maximum four children below 17 years are covered at a special family price. A unique feature of this Plan is that the price is independent of age so long as it is within the maximum defined limit. The maximum duration of cover per trip is 180 days for single trip plans and 30-45 days for annual multi-trip plans. Royal Multi-Trip Plan, is an interesting proposition for the frequent small-time business traveller who makes short but multiple trips in a year. He does not have the critical mass in the form of minimum insured number of days to purchase a corporate cover. At the same time, he needs coverage throughout the year and not just for 180 days. The Royal Multi Trip Plans (annual cover), with a defined maximum trip duration, covers such frequent travellers for a full 365 days a year. So, he no longer has to run around prior to each trip, trying to get the single trip cover.

The claims processing of Globetrotter is handled by the Germany-based leading international assistance company, Mercur Assistance (of Munich Re Group - leading Reinsurers of worldwide repute with AA+ Standard and Poor rating ) supported by Mumbai-based Paramount. Globetrotter offers cashless claims settlement.

TravelGuard SM
TravelGuard SM is a ‘Global Travel Protection’ policy that can be purchased by any resident Indian between the ages of 6 months and 70 years, travelling abroad on business or leisure. This policy requires no medical certification for any individual irrespective of age. However, a declaration of recent medical history is needed. Any pre-existing ailments or medical conditions are not covered under this policy.

Global assistance services for travellers is provided by International SOS, a leading global assistance provider in the world. Currently, TravelGuard SM is offered under three different plans: Plan A, Plan B, and Annual Multi-Trip Plan.

Plans A ad B are single trip plans, where the overseas stay is not to exceed 90 days. On the other hand, the Multi-Trip Plan has been designed specially for the global traveller. Under this plan, one can travel abroad as often as you like and you will be covered, provided each trip does not exceed 45 days.

TravelGuard protection covers reimbursement of accident and sickness related expenses, loss of checked baggage, delay of checked baggage (beyond 12 hours), accidental death and dismemberment (common carrier only), emergency evacuation, repatriation of remains, personal liability, loss of passport.

The other general insurance products of Tata AIG which travellers can avail of are Group Personal Accident Plan which covers groups of individuals against accidental death, dismemberment, permanent total disability, permanent partial disability and permanent total loss of use. Other benefits include accident medical benefits that cover expenses incurred on medicines and doctor consultations even if the member is not hospitalised, weekly indemnity covers the member for loss of wages during the period of temporary disability, accident hospital cash is a per day allowance to cover out of pocket expenses incurred by the member at the hospital where hospitalisation is only due to an accident. In fact, this plan can be customised by choosing the mix of covers and benefits, and comes with the Tata AIG assurance of a claim settlement within seven days of submission of all required documents.

Executive Guard: This policy covers you against accidental death or injury 24 hours a day while at work or at home or while travelling. Under this plan you receive a lump sum compensation, in addition to any other benefits you may receive from other sources. The policy has a unique provision for weekly cash compensation while you are confined to hospital for accident injuries outlined in the policy.

Family Guard: This is an affordable plan that is specially designed for the family in case of accidental death or injury while at home, at work or while travelling. Under this plan one receives a lump sum compensation, in addition to any other benefits from other sources. The policy has the provision for weekly cash compensation of as much as Rs 500 per day while you are confined to hospital for accidental injuries outlined in the policy. This plan offers up to 50 per cent coverage for spouse at lower premiums and 10 per cent coverage for children at greatly reduced premiums.

New India Assurance has five plans available for frequent corporate travellers. Plans A-1, A-2, B-1 and B-2 are for corporates who travel on leisure or even individual travellers. While Plans E-1 and E-2 are for corporate executives or partners of registered firms.

The details of the plans are as follows:
Plan A-1: For travel to countries excluding USA and Canada for business and holiday with insurance limited to USD 50,000.
Plan-A-2: Same as A-1 except that benefits stand increased to USD 2,50,000.
Plan B-1: For travel worldwide including USA and Canada for business and holiday with insurance limited to USD 1,00,000.
Plan B-2: Same as B-1 except that benefits stand increased to USD 2,50,000.
Plan E-1: For travel worldwide including USA and Canada for corporate frequent travellers (CFT) with insurance limited to USD 1,00,000.
Plan E-2: Same as E-1, except that benefits stand increased to USD 5,00,000.

CFT cover is available for executives of corporate clients and partners of registered firms annually, subject to the duration of any one trip not exceeding 60 days.

An additional add-on benefit for the business, holiday and CFT cover is that in case of a personal accident, compensation is paid to the nominee. Then there is loss of checked-in baggage, delay of checked-in baggage, loss of passport, personal liability.

The premium depends on age-band, trip-band and country of visits. Initially, a cover up to 180 days is provided under the business and holiday plan. Extension is allowed on original policy for a further period of 180 days subject to declaration of good health. The eligibility age limit is from 6 months and above up to 70 years. However, the policy has to be procured bearing in mind that disease/illnesses are not covered (known and unknown). And last of all, the first USD 100 of all claims are to be borne by the traveller.

Overseas Travel Insurance Policy
There are three policies on offer by HDFC Chubb - domestic travel policy, international business travel policy and the annual multi-trip business travel policy, that has been specifically designed for frequent travellers for whom the maximum trip duration is 30 days but can be extended to 180 days. All three policies have the typical benefits like accidental death and permanent disablement cover.

The premium is based on the number of days one travels as compared to a standard slab rate. The optional benefits are emergency medical expenses, travel benefits, baggage delay and loss, flight delay, hijacking, frequent flyer interruption and a lot more. However, the additional benefits are trip cancellation, hotel accommodation, hotel extension and a whole lot more. Says Bhagat, "Through our policies, we educate our customers on insurance. Corporates also have the option of tailor-made insurances. We have introduced a travel card which reduces the hassles of paperwork and provides convenient usage."

Travel Companion - Corporate Lite/Corporate Plus:
This policy covers personal accidents, medical expenses and repatriation that includes hospitalisation expenses for accidents and illnesses plus medical evacuation whenever necessary. The other benefits are accident and sickness medical expenses (in patient), accident medical expenses (out patient), sickness medical expenses (out patient) limited to a maximum period of first 90 days of travel, emergency evacuation, repatriation of remains and assistance services. Other benefits includes cover for loss of checked baggage, delay of checked baggage, loss of passport, hospitalisation allowance and a lot more. The additional benefits are hospital daily cash allowance, hijack cover and trip delay.

• Even though minimum time frame to purchase a travel policy is five hours, it is advisable to purchase it a couple of days in advance.
• It is preferable, to procure a policy from an insurance agent rather than rely on a travel agent or a tour operator because they could offer policies with self-serving restrictions.
• Buy a travel insurance policy for the desired requirement such as medical expenses, baggage loss etc because insurance agents could ensure you assure yourself for all possible vagaries.
• Always insure yourself for the amount that is necessary.
• It is also essential for a business traveller to look at the options available through the credit card before purchasing a travel insurance policy.
• Before taking a policy, ensure that the insurance company spells out every single detail of the policy. Ascertain whether there are any loop holes.
• Beware of buying a policy on the Internet, unless you are 100 per cent sure.

A mother-daughter duo went abroad. The mother had bought a policy from a public sector undertaking (PSU), and the daughter had it from a private sector player. The mother fell ill in Mexico and had to be hospitalised. She was admitted to a hospital affiliated with the PSU. She had to pay her own bills with the expectation that they would be reimbursed later on by the insurance company. She is still engaged in paperwork.

The daughter fell ill in Washington, DC. She had to be shifted to a hospital, which was not even affiliated with the private insurer. But she got her reimbursement within months. The delay, she explains, was partly because of the forex transfer.
This is a classic case illustrating the comparison between the travel insurance policies offered by public sector undertakings and the private players.

So, which product should one choose for quick issuance, less cumbersome documentation, the plans offered and claim settlement?

PSUs have more or less standard plans. While they cover only accident and sickness expenses, hospitalisation, emergency (medical) evacuation, repatriation of remains and baggage loss, the private players also cover the baggage delay, loss of passport, flight delays etc. If there is a delay in take-off by more than 12 hours, one is given US$ 10 for meals.

Issuance of policy in case of PSUs may take anywhere between three-four days. One has to fill out seven to eight pages and get a medical check-up done before one can get a travel policy. On the other hand, in the case of private sector, the procedure is simple and the form is not lengthy. Private insurance policies are designed in such a way that the whole process takes much lesser time.

Says a frequent flier, who is a senior executive, “The premium for a private insurance policy is slightly more than a PSU policy, but the add-ons and value for money is incomparable.”

In case of a PSU policy, you have to be admitted only to an affiliated hospital and settle your own bills, which are reimbursed once you are back in the country. The claim settlement in PSU companies thus takes longer but they say that the process of streamlining is on.

In case you are holding a private insurance policy and need help, all you have to do is to call up the insurer, give your policy number and contact details. They contact you immediately and refer you to the nearest affiliated hospital.