The travel industry has seen a steep rise in travel volume since the last few years . This is t hanks to improved transportation options and regulatory adjustments made by the Indian government to promote tourism. With recent technological advancements influencing the new market dynamics in India, 2023 will only accelerate this emergence.
India’s tourism and travel insurance sectors are expanding rapidly, thanks to the country’s growing domestic, international, and inbound travel. More than 75% of Indians who visited Dubai, Thailand, and the Maldives last year purchased travel insurance.[1] In addition, customers have become increasingly product sensitive after analysing their most recent purchasing trends. They no longer settle for cost-effective and undervalued items; they now seek more value. They are willing to pay more for their products as long as the cost is reasonable, given the importance they provide. As a result, many travellers are now considering travel insurance a significant factor and opting to choose it for their overall safety and security.
A travel insurance premium calculator is a convenient tool you may utilise online to check the amount of coverage needed based on your requirements.
It is now much simpler for insurers to reach out to customers, understand their needs, and create benefits that are specifically tailored to them thanks to this shift in mindset that has allowed insurers to penetrate the market . Many insurance companies are now providing new travel policies that meet the needs of different types of travellers, be it students, solo travellers, senior citizens, business travellers, and so on. This can allow more people to enjoy the benefits of travel insurance.*
Several travel assistance and insurance solutions protect travellers from non-medical occurrences like missed/delayed flights and hotel/flight cancellations while on a trip and medical contingencies like COVID-19, emergency hospitalisation, dental treatments, outpatient care, etc. There are also specialised protection plans for senior travellers, cruises, extreme adventure sports, and other niche travel experiences, as well as unique travel insurance covers for travel risks like loss and damage of gadgets, cyber security issues, identity theft, credit/debit fraud, etc., as millennials are fueling the global travel boom. All travellers benefit from and breathe a sigh of relief from the assortment of travel insurance services.
Recently, an air ambulance transported a trekker suffering from acute mountain sickness from the Everest base camp to a nearby hospital, where she could get better and prepare to return home. Choosing the right insurance hastened to deliver information about the incident to all parties involved, allowing the emergency evacuation team to get to work immediately. Even carefully planned trips may encounter unforeseen difficulties and incur significant financial, physical, and emotional strain. Every traveller must first understand and list their travel needs before choosing a travel protection plan that meets all their criteria. This will allow them to feel secure and carry out the tasks associated with their trip.
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