Whether it for business or for leisure, travelling today has become an important part of the urban lifestyle. That said, there are high chances of unforeseen events popping up when in a foreign land.
Be it in the near future, or a long term plan, travelling to exotic locations is almost everyone’s dream these days. However, there is a chance that you may face unforeseen situations that may dig deep into your savings. Such contingencies financially burden you due to sudden expenses for multiple reasons. The impact of these financial losses multiplies when you're travelling in a group. This is where a comprehensive group travel insurance policy can be of great help.
Understanding Group Travel Insurance Policy
As the name suggests, a group travel insurance is a comprehensive travel insurance policy that provides cover to a large group of people (not related to each other) travelling together at the same time. This policy not only helps you save a good amount of money, but it also enables you to avail a consolidated coverage for your overseas/domestic travel.
To put it simply, a group comprehensive travel insurance policy covers a group of individuals against various travel-related contingencies. The policy comes with a single sum insured and covers the entire group travelling together.
Features of a Group Travel Insurance Plan
Most of the group travel insurance policies (except the corporate ones) come with the following features:
- A group travel policy has a single premium that is charged for the plan. The amount can be paid either by the members, group leader, or partly by both.
- In case the group members are contributing to the premium payment, the entire premium amount is collected and paid to the insurer in one single instalment.
- The policy comes with a single sum insured, covering all members of the group travelling together on a floater basis.
- If need arises, any member can make a claim on the policy up to the sum insured of the plan.
- Group travel policies can be bought for both domestic as well as foreign trips.
- Group travel policies generally cover a single trip for a specified time duration only.
- The group travel plan remains in effect until the trip completion date, even if a claim has been made on the policy.
- Based on the plan, the entry and exit age of the insured members might be restricted.
- These plans are generally cheaper when compared to individual travel plans.
- For Schengen countries, it is mandatory to purchase a group travel insurance policy to avail a travel visa.
Different Coverages of a Group Travel Insurance Policy
Similar to any other travel insurance plan, group travel policies also have both, inbuilt and optional coverage features. Some of the common coverage benefits in these policies are:
- Medical Emergency Expense : The policy covers all your medical expenses spent due to a sudden illness or an accident while on the trip, such as ambulance costs, treatment expense, doctor's consultations, medicines, etc. This type of coverage is especially beneficial when you are travelling in a group which has children or senior citizens.
- Trip Cancellation/Postponement : There are high chances of trip cancellation or postponements when you're travelling with a large number of people. A group travel insurance policy provides cover against such situations. You can claim the money spent on an advanced flight booking or hotel bookings, pre-paid activities, etc. under specific conditions.
- Documents Loss : In case you lose important travel documents such as your passport, or any other document related to your identification, group travel insurance offers you the benefit of getting a duplicate of the required documents.
- Personal Accident Cover : Under this, accidental death or a kind of disablement of a group member is covered. In such cases, a lump sum compensation is paid to the insured.
- Hijack Of The Carrier : There are several group travel insurance policies which pay a hijack allowance in case the carrier, in which the group is travelling, is hijacked.
- Emergency Medical Deportation : The coverage is extremely useful when travelling with elderly people as they can have specific medical needs that must be dealt with urgently. Under emergency medical deportation coverage, you can claim repatriation expenses in case of sudden emergencies.
Benefits of a group travel insurance policy
Some of the key benefits of group travel policies are discussed below:
- Low Premium : Premiums are relatively lower in group travel insurance plans as compared to individual policies for individual members. This makes them more affordable and worth buying, so they deal with the financial burden brought about by travel contingencies.
- Peace of Mind : A group travel policy offers great peace of mind as most unforeseen emergencies during the trip, which might inconvenience the whole group, are taken care of.
- Convenience : Sudden emergencies can disrupt the trip for the entire group travelling together. In such cases, the financial burden is taken care of by a comprehensive group travel policy, sparing the group head and or the members the ensuing financial hassles.
Exclusions on Group Travel Insurance Plans
Although the group travel plans offer extensive coverage benefits, there are some exclusions (not covered) under such plans. These are:
- Any kind of medical complications due to pre-existing illnesses.
- Cancellation of the trip either by the travel agent or due to situations such as war, civil unrest, riots, etc.
- Expenses related to maternity and childbirth incurred on the trip.
- Congenital defects or mental disorders.
- Medical complications or injuries caused by indulging in any hazardous activities or adventure sports.
Best Group Travel Insurance Policies in India
Among the top group travel insurance providers in India, these are top choices of most individuals:
- TATA AIG group travel insurance plan
- Apollo Munich group travel plan
- Royal Sundaram group travel plan
- HDFC Ergo group travel insurance
- ICICI Lombard group travel insurance
- Chola MS group travel policy plan
Compare Group Travel Plans Before Picking the Best
- To enjoy your trip fully, without worrying about the financial contingencies, it is essential to pick the right group travel insurance policy with maximum benefits.
- There are several companies that offer group travel policies in India, making it important to thoroughly compare the features and benefits before purchasing a plan.
- You can easily compare the group travel plans offered by different insurance companies online based on the cover, premium, and other advantages to select the one that suits your needs the best.