· Built around the tenets of convenience, comprehensive coverage and customization
· Unique 5-in-1 product catering to senior citizens, international leisure travellers, students, business and Asia plan
· Sum insured ranges from USD 25,000 to USD 1 million
· No restriction on age for senior citizens
· Coverage includes emergency cash, trip cancellation & interruption, missed flight connection, bounced hotel booking, baggage loss etc.
Chennai 10 May, 2018: Royal Sundaram General Insurance Co. Limited, India’s first private sector general insurance company, today launched its most comprehensive overseas travel insurance policy–Travel Secure. Travel Secure is designed to make travel insurance highly customisable, convenient and comprehensive for diverse customer segments – leisure travellers, business travellers, senior citizens and students. Travel Secure has several options of sum insured, levels of coverage to suit different age groups for travel days starting from 1 to 180 days.
Commenting on the launch, M.S. Sreedhar, Managing Director, Royal Sundaram General Insurance Co. Limited said, “Travel is the buzzword and the number of Indians travelling abroad is growing at 20% annually and on an average two crore Indians are going abroad each year for leisure or business. Based on market research and valuable feedback from our customers and business partners we have tailor-made a product for different segments of travellers. Travel Secure therefore aims to deliver a hassle-free, crisp experience for our customers during their travel.”
Nikhil Apte, Chief Product Officer, Product Factory said, “Any overseas travel always comes with a feeling of excitement to explore new destinations, cultures, food, people etc. However, it also comes with a slew of worries like unexpected medical expenses or hospitalisation, instances of loss or damage of baggage, hijacking, delay or curtailment of trip due to medical exigencies etc. With Travel Secure we have made the entire customer experience of buying travel insurance seamless and user-friendly through digital engagement. The policy can be bought online in five minutes and can be carried on your smart phone.”
Travel Secure offers best in class benefits like medical expenses due to hospitalisation anywhere in the world, worldwide accidental death and disablement coverage, loss or damage of baggage, trip delay, etc., across plans. The product provides global assistance services such as medical evacuation in case of medical emergency, repatriation of mortal remains, political or catastrophe triggered emergency services, emergency cash advance etc.
In addition to this there are also plan specific offerings under each plan. For e.g. student travel plan covers study interruption, bail bond, termination of pregnancy, cancer screening, mental and nervous disorders etc. In case of leisure travel, political risk and catastrophe evacuation, emergency hotel extension and home content insurance are part of the covered policy.
Travel insurance is not to be bought for planned medical treatment overseas for pre-existing conditions, as pre-existing diseases are not covered under travel insurance across the industry. However, in Travel Secure there is a sub-limit of $2000 in case of life threatening emergency due to pre-existing conditions.
Royal Sundaram General Insurance Co. Limited (formerly known as Royal Sundaram Alliance Insurance Company Limited), a subsidiary of Sundaram Finance, is the first private sector general insurance company in India to be licensed in October 2000 by the Insurance Regulatory and Development Authority of India. The company was initially promoted as a joint venture between Sundaram Finance, one of the most respected non-banking financial institutions (NBFCs) in India and Royal & SunAlliance Insurance plc, UK, one of the oldest general insurers in the UK. In July 2015, Sundaram Finance acquired the 26% equity holding from Royal & SunAlliance Insurance plc. Consequently, the entire 100% equity holding in Royal Sundaram is now held by Sundaram Finance (75.90%) and other Indian Shareholders (24.10%).
Royal Sundaram has been providing innovative general insurance solutions to individuals, families and businesses directly as well as through its intermediaries and affinity partners. The company offers Motor, Health, Personal Accident, Home and Travel Insurance to individual customers and offers specialised insurance products in Fire, Marine, Engineering, Liability and Business Interruption risks to commercial customers. Royal Sundaram also offers specially designed products to the small and medium enterprises and rural customers as well. The company is a pioneer in bancassurace in India, having long-standing tie-ups with reputed banks and NBFCs. Currently, Royal Sundaram has 2000 plus employees and its products are distributed across 130 cities in India, through agents, affinity partners, OEM dealers, brokers and through direct channel (both offline and online), selling over two million policies every year.