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PRIVATE insurance companies plan to launch domestic travel insurance covering all modes of transport. Two leading insurers  Tata AIG General Insurance Company Ltd and ICICI Lombard General Insurance Company will be unveiling their domestic travel insurance products shortly.

Mr Khalid Sohail, Head, Travel insurance business, Tata AIG General, said the product would cover most needs of the domestic traveller. It is a round trip cover and can be availed for travel by air, train, bus or car.

Besides insurance against death and personal accident, it also covers trip cancellation, baggage loss, riots, natural calamities and contingencies related to a business trip. Interestingly, it also provides for the `compassionate visit' of the spouse or any other family member in case the insured individual falls seriously ill while travelling, said Mr Sohail.

Tata AIG General's product is available at a premium of Rs 150-200 and the duration of the trip can begin at four days. It provides for a maximum sum assured of Rs 2.5 lakh with sub limits for various categories such as personal accident, baggage loss and hospitalisation. There are also separate plans for individuals and families.

Mr Sudhir Menon, Head, Travel insurance business, ICICI Lombard, said the market for domestic travel insurance although nascent had tremendous potential.

"We have been testing the first version of our product and will be launching a fully upgraded insurance product very soon," said Mr Menon.

The premium in the case of ICICI Lombard's product is about Rs 200 for seven days and is also available on all modes of transport. The product also insures the traveller's house and its contents while he or she is away.

Until now, the only kind of insurance that a domestic traveller could purchase was for air travel and covered the individual against personal accident and death for the duration of the flight.

According to Mr Sohail, most people do not buy this cover because they are already covered for accidental death through their credit card, the airline or the employer in case it is a business trip.

According to analysts, domestic insurance is sold in developed markets like the US. However, the size of the market is not big because most people are adequately insured with respect to health and life insurance.

Both the Indian companies hope to have strategic tie-ups for the distribution of the new product.

"With penetration of insurance still low in India and the rate of accidents very high, this product should find takers," said Mr Sohail


INDIVIDUAL OVERSEAS TRAVEL

Neptune Travco is authoried by TATA AIG,ICICI Lombard and other major insurance companies for issuance of Overseas medical insurance.

You dont want anything to ruin your hard earned holiday or your crucial business trip. But still the unexpected can happen. And in a foreign land, you are more venerable. Costs are high and your finances are limited. Friends and family are not also close at hand. With the ICICI Lombard Overseas Travel Insurance, you can be prepared for almost any eventuality. The advantages that you have with the ICICI Lombard Overseas Travel Insurance are,

Lightning fast settlement of claims You can avail of cashless services abroad at any medical institution in the world or have your claims reimbursed within 7 days of receipt of all documents

You pay per day, no slab rates charged  So you dont end up paying for days you dont use(unique feature)

Immediate on-line policy issuance

No medical check-ups required, up to 85 years

Coverage up to 360 days

Covers life saving measures to treat pre-existing diseases in life-threatening situations(unique feature)

Having a tie up with “United Healthcareâ€Â group, U.S.A, to provide our travellers access to Healthcare's wide network of hospitals & physicians (86% of the total), making it very convenient for the insured to avail medical benefits at the door steps even when abroad.

The ICICI Lombard Overseas Travel Insurance offers you the following broad plans to choose from,


THE PLATINUM PLAN


Medical Cover* - US$ 50,000 to US$ 500,000

This covers medical cost due to illnesses or accidents, including outpatient & inpatient medical expenses, medical aid, therapies and diagnostic test. It also covers medically evacuation cost back to India.

Daily Allowance in case of Hospitalisation  US$ 25 per day for max. 5 days

Compensation for hospitalization for more than 2 days

Dental Treatment*  US$ 250

Covers the cost of treatment to natural teeth due to an injury.

Repatriation of Remains  US$ 7,000/-

For the expenses of repatriating the remains back to India.

Passport Loss“ US$ 200/-

For expenses incurred in obtaining a fresh or new passport.

Checked Baggage Loss US$ 1,000/-

Compensation for the permanent loss of checked-in baggage.

Checked Baggage Delay US$ 100/-

Compensation for reasonable expenses incurred for the purchase of toiletries, clothing and medication due to a delay of checked-in baggage for more than 12 hours.

Personal AccidentUS$ 15,000/-

Compensation paid in case of death or permanent total disability.

Personal Liability  US$ 100,000/-

Compensation for damages paid to a third party, resulting from death, injury or damage to health or property that is caused involuntarily by the insured.

Financial Emergency Assistance US$ 300/-

Emergency cash that is available to you in case your travel funds are robbed

Hijack Distress Allowance US$ 125/- per day for 7 days

A compensation payable in case of hijack of air or sea common carrier for more than 12 hours whilst on your trip abroad.

Trip Delay* US$ 500/-

Reimbursement of additional expenses incurred, up to US$ 100/- per day, if trip is delayed for more than 6 hours due to airline problems, medical problems, personal employment problems or natural disasters.

Trip Cancellation & Interruption*  US$ 500/-

Reimbursement of the non-refundable prepaid payments or the additional expenses, for the trip being canceled or interrupted due to medical problems, personal employment problems or natural disasters

Missed Connection*  US$ 500/-

Reimbursement of the extra expenses incurred due to a missing a connecting flight, due to delay in the arrival of the aircraft for more then 3 hours

Home insurance  Rs. 2,000,000 for Building and Rs. 500,000 for Contents

To the losses that you may incur due to damage to you home from natural and man made calamities or burglary, whilst on your trip abroad.


THE GOLD PLAN

Medical Cover* - US$ 50,000 to US$ 500,000

Dental Treatment*  US$ 250

Repatriation of Remains  US$ 7,000/-

Passport Loss#  US$ 200/-

Checked Baggage Loss – US$ 1,000/-

Checked Baggage Delay^ – US$ 100/-

Personal Accident – US$ 15,000/

Personal Liability – US$ 100,000/-

Financial Emergency Assistance – US$ 300/-

Hijack Distress Allowance^ – US$ 125/- per day for 7 days