It’s always fun to plan a trip—buying tickets, packing, and making plans. But there’s one thing that most people forget or don’t do: get travel insurance. However, Indian insurance companies are rapidly changing the landscape of travel insurance.
Insurtech companies in India have changed the way people buy travel insurance in the last few years, making it cheaper, easier, and more personalised than ever. Here’s how to proceed. This content has been published and presented by Untoldnow.
Contents
1- What Is Travel Insurance, and Why Do You Need It?
Having travel insurance saves you from unexpected costs while you’re away. These things could cost you a lot if you don’t have travel insurance. In order to avoid this, it is recommended that you purchase trip insurance. In addition, it’s now cheaper than ever.
2- Enter Indian Insurtech Startups: The Game Changers
Traditional insurance companies often sell standard policies with high rates and little room for customisation. But companies called “insurtech,” which is a mix of “insurance” and “technology,” have changed the business. They’re helping cut costs in these ways:
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Digital-Only Platforms
Online is where startups like Digit Insurance, Policybazaar, and Acko do all of their business. There are no agents or paperwork involved. This lowers the cost of running the business, which means that users pay less for their premiums.
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Instant Policy Issuance
Insurtech platforms can give you coverage in minutes, often when you book your flight or trip. This convenience encourages more people to purchase insurance, allowing companies to provide savings due to increased sales volume.
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Microinsurance Options
There are even companies that offer “microinsurance,” which only covers things like flight delays or lost luggage. These microinsurance options are very affordable, with prices for coverage starting as low as ₹49.
3- How This Benefits You
• Lower Premiums: Travel insurance that used to cost over ₹1,000 is now available for between ₹200 and ₹500.
• Easy Claims Process: You can buy, control, and file a claim for your policy from anywhere, at any time, on your phone.
• Honesty: The prices are clear, and there are no extra fees. You know what you’re paying for.
4- Real-Life Example: Acko Travel Insurance
Let’s say you want to take a 7-day trip abroad. It could cost about ₹1,200 with a regular insurance company. You could get the same coverage from a company like Acko for just ₹500 to ₹700, though, and you wouldn’t have to give up any perks.
5- The Future of Travel Insurance in India
The travel insurance market is growing quickly as more people learn about it and start using technology. Reports say that India’s market for trip insurance will grow by 15% every year. This rise is due to young travellers, tech-savvy customers, and, of course, new and innovative insurance tech companies.
Conclusion
Purchasing travel insurance is now a wise decision. And now everyone can afford it thanks to Indian insurance tech startups. After you decide where you want to go and how much you want to spend, don’t forget to compare and pick a travel insurance plan that fits your needs.
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