Companies offer insurance policy for overseas travellers

CHANDIGARH: Adil Sheikh, a topper from the Indian Institute of Technology, Delhi, had bagged a three months scholarship from the Massachusetts Institute of Technology, USA was a dream come true and he was all set to go but for a small problem.
The corrosive Delhi air had resulted in his becoming prone to bronchitis. And the prohibitive costs of health delivery systems in USA meant a heavy burden on his family.
But help was at hand.Adil brought an overseas travel insurance policy offered by a private insurance firm. For a premium of Rs 6,000, he was covered under hospitalisation and personal liability to the extent of $ 200,000 in case he falls ill seriously.
Overseas travel insurance is the latest among a host of new services offered by the private insurance companies that has attracted the eye of the customer due to its protection cover for matters as diverse as getting hijacked or repatriation of the body in case of death.
These policies have been popular in insurance markets in the developed world. However, the Indian customers are getting exposed to such niche products for the first time. Some of the contingencies against which a traveller receives cover are simply amazing.
For example, the policy provides benefits including emergency evacuation in case the person falls sick and needs to be transported for better medical attention. And what is more the insurance company will pay $ 30 per day in case one gets hijacked while travelling abroad.
The policy also provides coverage for loss of baggage, delay in receiving baggage and loss of passport. Added to this is the house burglary coverage. The customer is insured against theft in case his house gets burgled while he is travelling abroad.
If you are a bad driver and have got involved in a legal case by smashing the rented car against somebody, the insurance company will raise a bail bond to the maximum limit of $ 5,000.
With services like these the customers are in for service standards that are at par with some of the most developed countries of the world.
In India so far the service is being provided by a private insurance company in tie-up with a leading travel agency which also provides money transfer services. Says a city based executive of the company, ‘‘The policy has been launched recently and is targeted at the upmarket clientele who travel abroad frequently.’’
‘‘Individuals go for it for different reasons. One of the customers purchased it because he was a habitual loser of his baggage on international flights,’’ the executive says.