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.
