Travel Insurance Premium Likely To Rise In India?
Travel insurance is the form of insurance that is least sought out by the people in India
. There is not much awareness about needs of insurance for travel. Travel insurance should be part of everyones bouquet as it helps an individual to meet medical contingencies while travelling or at any foreign destination. Travel insurance provides large coverage to an individual. Typically, foreign travel insurance provides cover to meet medical emergencies, it compensates an individual in the event of cancellation or any delay in trip. Losses of baggage and travel documents are also covered under travel insurance policy.Travel insurance segment which is growing at very slow pace currently is likely to witness fast growth in the coming years as awareness about it is increasing but apart from it, the rising traffic flows will also contribute to the growth if this industry. Most travelers in India currently dont opt for travel insurance. This is same in case of domestic travel insurance as well as foreign travel insurance. New products for travel insurance to India are floated every day in India as well as abroad which will lead the growth of this sector.
There are several ways to buy insurance for travel. Online insurance is the emerging trend in whole of the insurance sector and same can be said for online travel insurance as well. It has gained popularity since its launch due to ease of buying. Moreover, travel insurance policy bought online is cheap and economical compared to offline methods of buying insurance. An Offline method of buying insurance includes direct agents or direct from the insurance company. Travel insurance to India can be bought for single trips as well as multiple trips.
But travel insurance is likely to become costlier in India in the near future. The main reason leading to rise of premiums is the rupee depreciation. This is due to the fact that the claims of outbound travel insurance are paid in foreign currencies while insurance companies collect premiums in Indian rupee which is impacting bottom line of these companies. Another factor leading to increase in travel insurance premiums is the increase in input costs.
A basic travel insurance policy provides medical cover and cover for trip cancellation etc. which are inputs for it is rising very rapidly. Health care costs are touching new highs every day while travel fare is also witnessing trend towards north. So, these factors will make travel insurance costlier. But online travel insurance will relatively remain economical as compared to other mediums due to non-presence of middlemen and save in other costs.
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