IRDAI Introduces Standard Travel Insurance Policies To Help Consumers

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IRDAI has set standards for a typical travel insurance package to improve the financial safety net for travellers (local or international). The Insurance Regulatory and Development Authority of India (IRDAI) made the recommendations on May 5, 2021. It stated that there will be five different types of domestic travel insurance products, all of which will provide the same minimum necessary coverage. There won’t be any restrictions on admission age, either minimum or maximum. The proposer must, however, be at least 18 years old. #

Standard products may be sold through all distribution channels, such as Point of Sale agents and Common Public Service Centres, but all insurers must make them available online.

Here are some of the usual travel insurance features.

What Are The Different Variations?

The regular travel insurance package has five variations based on mode, frequency, distance, and tenure.

SDTIP, Plan A*

Standard Domestic Travel Insurance Product:

Travel mode covered: Using a taxi or bus, the maximum distance you can travel is 100 km from your starting point.

A single trip from the point of origin to the point of destination is a covered voyage.

Tenure: The length of the journey

SDTIP Option B*

Covered modes of transportation: taxi, bus

Distance restriction: greater than 100 km from the place of origin

Covered Journey: One trip from the point of origin to the point of destination

Tenure: The length of the journey

SDTIP Option C*

Train travel is included (only for reserved tickets), and no distance restrictions exist.

A single trip from the place of origin to the place of destination is covered.

Tenure: The length of the journey

SDTIP Plan-D*

Travel Modes Included: Air Travel

Distance limitations are not present.

A single trip from the place of origin to the place of destination is covered.

Tenure: The length of the journey

SDTIP Plan-E*

Domestic trips, including travel on one or more common carriers, such as taxi cabs, buses, trains, ships, or aeroplanes, are covered by the SDTIP Plan-E.

Distance limitations are not present.

Covered Journey: From the point of origin to the point of origin or the place of residence

Tenure: Domestic travel with a 30-day maximum term.

Standard Features Are Included In These Plans

These insurance policies will pay hospitalisation costs resulting from accidents on an indemnity basis. These would have per-person insurance amounts ranging from a minimum of Rs. 1 lakh to a maximum of Rs. 10 lakh. Deductibles for this feature will be Rs 500.

Perks That You Might Choose To Get

In addition to their normal features, these plans may include optional options, depending on your chosen plan type. Compassionate Allowance, Loss of Checked-in Baggage, Carrier Cancellation (applicable only for air travel), and Trip Cancellation & Interruption are some of these characteristics.*

A travel insurance premium calculator is a convenient tool you can utilise online to check the coverage needed based on your requirements.

 * Standard T&C Apply

# Visit the official website of IRDAI for further details.

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

 

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