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CHAPTER 4 AIR TRAVEL INSURANCE -A CASE STUDY

Established in 2001, ICICI Lombard General Insurance Company is a joint venture between ICICI Bank- Indias largest private bank and Fairfax financial Holdings Limited- financial Services Company based in Toronto. ICICI bank has 74% stake in the venture while Fairfax has the rest in the venture. ICICI Lombard General Insurance is the largest private sector general insurance company in India and has been accredited with Iaaa rating by ICRA for four years (2006, 2007, 2008, and 2010). This rating represents the ability of company to meet policyholders obligations is the best.

ICICI Lombard Product Portfolio: Motor Insurance: ICICI Lombard has both car and two wheeler insurance. The coverage includes damage or loss to the vehicle. Both products can be purchased online. Health Insurance: This includes medical expenses during hospitalization and covers individual as well as family as per your choice. ICICI Lombard health insurance products are Family Floater, Health Advantage Plus, Rishtey, Personal Accident and Critical Care.

Travel Insurance: This is a comprehensive cover whenever you are travelling outside India and includes medical expenses, loss or delay of baggage, passport loss, personal accident, personal liability and much more. ICICI Lombard travel insurance plan are Single Round Trip, Frequent Flier and Salt & Pepper. Home Insurance: This provides cover for damage to home or loss of contents due to any calamities- natural or manmade.

Single Group Trip: Planning to make a short visit (trip) abroad for business or leisure, a comprehensive travel insurance plan can cover you against medical and financial emergencies that may await you in a foreign land. Get health insurance cover until 85 years of age. No medical check-up required Cashless medical services worldwide Avail quality health care with United Health International. Get cover, even on pre-existing diseases

Extension on cover possible up to 360 days. (Original policy for 180 days and extension for additional 180 days) Get coverage on checked in baggage including handbags Give our loved ones medical and nursing assistance Dependents in India can avail Automotive Assistance Services. For complete list of insurance services Sum insured option up to $ 250,000 as per plan opted.

Gold Multi Trip: If you are a frequent traveler, then choosing a suitable travel policy may be a tedious task. Gold Multi-Trip plan is especially designed for frequent international travelers. Through this policy (travel insurance) you can secure as many as 30, 45 or 60 days per trip throughout the year. For 70 years and above no medical check-up required Cashless health services available worldwide Get quality health care with UHI During 1 year, can secure as many as 30, 45 or 60 days

Get treatment on life-threatening situations Our loved ones can avail of Home Nursing Care and Monitoring Assistance Lifestyle & Automotive Assistance Services for dependents in India.

Senior Citizens Trip: Unexpected medical and no-medical expenses can drain you of your finances if you do not have a comprehensive travel insurance plan. The Senior Citizen Travel insurance not just secures you during your International travel but also protects you abroad in times of need. Coverage for 85 years and above without medical check Cashless medical services across the world Quality health care facility for insured through UHI Get cover on Pre-existing diseases under life-threatening situations

Original policy cover for 180 days can be extended to another 180 days. In all, coverage available up to 360 days Car repair assistance for our loved ones, even in our absence.

International Travel Insurance Plan: Single Round Trip Plan (3 months-70 years)

Travel Insurance is a comprehensive policy that covers medical and financial emergencies that might arise when traveling abroad. Along with benefits like Checked-In Baggage

loss/delay, get unique facilities such as worldwide Cashless hospitalization. Gold Multi Trip Plan (3 months-70 years)

The Gold Multi Trip Plan is specially designed for a frequent international traveler. The policy is valid for 1 year and an insured can choose between 3 options of 30, 45 and 60 days as the maximum duration per trip. Senior Citizen Plan (71-85 years)

Travel Insurance Senior Citizen plan is a comprehensive policy for senior citizens that cover unexpected medical and nonmedical expenses when traveling abroad including hijack

distress allowance. Avail of benefits like checked-in baggage loss/delay and unique facilities such as cashless

hospitalization, worldwide.

Overseas Travel Insurance:

All overseas travel insurance policy charges premium on a slab basis. Which means if you are on a 16-day trip, you end up paying for 21 days, as the slab is 14 to 21 days. Only ICICI Lombard Overseas Travel Insurance charges you on a 'pay per day' basis. Thus if you travel for 16 days, you pay only for 16 days.

The advantages of the ICICI Lombard Overseas Travel Insurance are: Cashless Medical Service, at any hospital in the world Special Family Plans and Annual Multi-Trip Plans to save you money. Immediate policy issuance, no medical checks. Coverage up to 85 years*

Claims settlement in 7 days, with minimum documentation.

A Plan to Suit Every Need ICICI Lombard Overseas Travel Policy is broadly classified in two covers: Gold Plan Silver Plan

GOLD PLAN:

ICICI Lombard Gold Plan is a comprehensive, value-for-money plan that covers person and persons family from

Medical Cover : The person can choose between US $ 50,000 or US $ 100,000 cover. A cashless service that covers the expenses for medical treatment incurred by the insured during the trip abroad and covers the following expenses: Outpatient & inpatient treatment Medical aid & therapies Diagnostic test

Cost

of

transportation,

including

medically

prescribed

transportation back to India, and the cost of accompanying person(s), if medically necessary Medical expenses for pre-existing for life threatening situations Medical treatment expenses incurred in India for an additional 30 days, for the illness or injury contracted abroad.

Dental Treatment Cover US $ 250: It covers the medical expenses incurred by the by you for acute an aesthetic treatment of a natural tooth or teeth.

Repatriation of Remains US $ 7,000: This covers the expenses incurred in transportation of the remains, in case of death, back to India.

Personal Accident Compensation US $ 15,000: A compensation given in case of death or permanent total disability.

Passport Loss Expenses Reimbursement US $ 200: Covers the actual expenses incurred to obtain a duplicate or fresh passport by you.

Checked-in Baggage Loss Compensation US $ 500:

Covers the market value of checked-in baggage, in case of total loss of the same.

Checked-in Baggage Delay Compensation US $ 100: A compensation that you receive for purchase of emergency items like toiletries, medication and clothing in case your checked-in baggage is delayed more than 12 hours.

Personal Liability Coverage US $ 100,000: Covers financial liability caused due to unintentional damage to the health or property of someone else by you while on your trip abroad. This covers the legal fees and compensation if any that needs to be paid.

Financial Emergency Assistance US $ 300: A fixed sum of money that is given as assistance to you, in case of robbery of your travel funds.

Hijack Distress Allowance US $: 125 per day, for maximum of 7 days. A compensation that is offered in case the carrier you are travelling in is hijacked. Our customers are serviced through Corris International, a renowned third party administrator. Customers can contact their toll free numbers in Europe and USA for any assistance.

SILVER PLAN:

Our Silver Plan is a no- frills; cost effective pure health policy that covers.

Medical Cover: Can choose between US $ 50,000 or US $ 100,000 cover. A cashless service that covers the expenses for medical treatment incurred by the insured during the trip abroad and covers the following expenses: Outpatient & inpatient treatment Medical aid & therapies Diagnostic test Cost

of

transportation,

including

medically

prescribed

transportation back to India, and the cost of accompanying person(s), if medically necessary Medical expenses for pre-existing diseases for life threatening situations Medical treatment expenses incurred in India for an additional 30 days, for the illness or injury contracted abroad.

Dental Treatment Cover US $ 250: It covers the medical expenses incurred by the by you for acute an aesthetic treatment of a natural tooth or teeth.

Repatriation of Remains US $ 7,000: This covers the expenses incurred in of the remains, in case of death, back to India. Our customers are serviced through Corris

International, a renowned third party administrator. Customers can contact their toll free numbers in Europe and USA for any assistance.

Premium: Premium depends on the following factors: The plan chosen The sum insured chosen Persons age The number of days travelled for The geographical scope

Cancellation Insurance: When planning a vacation, it always seems like there is too much to do and too much to think about. All the last-minute details, whether it's remembering to pack enough socks or to put in the temporary order to hold your mail, feel so important. However, one thing that is forgotten far too often is something extremely important: trip

cancellation insurance. This valuable, inexpensive coverage can make a world of difference when the unexpected happens.

Comprehensive Trip Insurance: Comprehensive coverage can be either international or domestic, depending on the destination, and will normally give protection from cancellation, loss of luggage, medical expenses, and repatriation costs, if it is international. Coverage begins when you leave your home and head to the point of embarkation (usually the airport), and it ends when you have returned to your home. Should anything happen in the time between, apart from gross negligence on our part, it will likely be covered.

Reimbursement for Expenses: The biggest benefit of trip cancellation insurance is the financial part. The insurance will reimburse for any lost deposits and/or cancellation fees for any kinds of pre-paid travel plans which were changed by unforeseen, unintended circumstances which were out of your control, such as sickness, accidents, worker or transportation strikes, retrenchment, and any natural disasters, such as floods or earthquakes. Should a family member die, or an aircraft controller strike happen, your expenses will be reimbursed, including hotel stays and rental cars.

Medical and Emergency Coverage:

If traveling abroad, many domestic health insurance policies won't cover medical emergencies. Should you have an accident or injury or become ill, trip cancellation insurance will cover medical expenses, such as ambulance transportation, hospitalization, and care, as well as evacuation not just for you, but for your other party members, too, as long as they are listed in the itinerary and plan. Travelers will often receive a cash allowance while a hospitalized party member receives care, as well as hotel and transportation expenses.

Financial Loss Reimbursement: More comprehensive insurance policies also cover issues such as accidental death, paying out similarly to a life insurance policy, as well as for permanent disability caused by an event while on a trip. Additionally, should there be any loss of income, they will reimburse for that, within limitations. One extremely important benefit is replacement of documents and financial instruments; should you get robbed, lose your luggage, wallet or purse, they will replace any ID documents, cash, traveler's checks, credit cards, and luggage contents, up to a certain amount. In all, travel and trip cancellation insurance is a very worthwhile kind of coverage to invest in, offering peace of mind in the unfortunate event that you might need it. Having this kind of assurance that there is a safety net is worth every penny and more. Compare prices online and check into your credit card and other insurance policies to find out whether you qualify for discounts, or if they actually offer this kind of insurance as a benefit.

Airline Refund Regulations:

Airlines do refund ticket prices, or at least a portion of the price, as long as the cancellation meets their qualifications which are quite strict. Prior to flying, check the airline's website for their cancellation policies. Normally, they want a cancellation notice at least 10 days in advance, and often penalties will apply, anywhere from $50 and up. If the cancellation doesn't meet their guidelines, you lose the entire cost of the ticket. The reason for this is that airlines make money by selling seats on flights, and if someone backs out at the last minute, they likely won't be able to fill that seat.

Flight Cancellation Insurance: Trip and flight cancellation insurance is essential for travelers, although many aren't familiar with it, or dismiss it out of hand, which is unfortunate, considering how frequently it is needed. Murphy's Law says that if anything can go wrong, it will, and when you're dealing with the airline industry, there's a lot to go wrong and it does. Airlines are famous for their strict cancellation and refund policies, and for dodging refunds on cancellations made for their own reasons, among other things. The benefits of flight cancellation insurance are manifest, for this fact alone.

There are four main components related to trip cancellation travel insurance available through Travel Guard

Trip Cancellation: Provides coverage starting the day purchase our policy up to the day leave on our trip. Should have to cancel our trip due to unexpected or

unforeseen covered risks such as a Canadian government issued travel advisory towards your destination(s), the death of an immediate family member, or unexpected job loss, the trip cancellation portion of this insurance can help cover non-refundable pre-paid travel expenses.

Trip Interruption: Provides coverage while person are on our trip if person experience unexpected travel interruptions due to a covered risk such as the delay of your private automobile due to mechanical failure while on our way to an airport, or our scheduled carrier is delayed by weather conditions, or our travelling companion develops an emergency medical condition.

Trip Delay: Refers to a situation that prevents persons from returning home on our scheduled return date.

Lost, Damaged & Stolen Luggage: This provides coverage for our luggage if it is lost, damaged, or stolen while on our trip. This also provides coverage for important travel documents if person happen to lose them, such as a passport, birth certificate, travel visa, or drivers license. Travel Guard will also help to coordinate the process of getting these documents back in our hands.

Air travel insurance is insurance coverage geared specifically to the operation of aircraft and the risks involved in air travel. Air travel insurance policies are distinctly different from those for other areas of transportation and tend to incorporate aviation terminology, as well as terminology, limits and clauses specific to air travel insurance.

TYPES OF INSURANCE

Aviation insurance is divided into several types of insurance coverage available.

Public liability insurance: This coverage, often referred to as third party liability covers aircraft owners for damage that their aircraft does to third party property, such as houses, cars, crops, airport facilities and other aircraft struck in a collision. It does not provide coverage for damage to the insured aircraft itself or coverage for passengers injured on the insured aircraft. After an accident an insurance company will compensate victims for their losses, but if a settlement can not be reached then the case is usually taken to court to decide liability and the amount of damages. Public liability insurance is mandatory in most countries and is usually purchased in specified total amounts per incident, such as $1,000,000 or $5,000,000.

Passenger liability insurance: Passenger liability protects passengers riding in the accident aircraft who are injured or killed. In many countries this coverage is

mandatory only for commercial or large aircraft. Coverage is often sold on a "per-seat" basis, with a specified limit for each passenger seat.

Combined Single Limit (CSL): CSL coverage combines public liability and passenger liability coverageinto a single coverage with a single overall limit per accident. This type of coverage provides more flexibility in paying claims for liability, especially if passengers are injured, but little damage is done to third party property on the ground.

Ground risk hull insurance not in motion: This provides coverage for the insured aircraft against damage when it is on the ground and not in motion. This would provide protection for the aircraft for such events as fire, theft, vandalism, flood, mudslides, animal damage, wind or hailstorms, hangar collapse or for uninsured vehicles or aircraft striking the aircraft. The amount of coverage may be a blue book value or an agreed value that was set when the policy was purchased. The use of the insurance term "hull" to refer to the insured aircraft betrays the origins of aviation insurance in marine insurance. Most hull insurance includes a deductible to discourage small or nuisance claims.

Ground risk hull insurance in motion (taxiing): This coverage is similar to ground risk hull insurance not in motion, but provides coverage while the aircraft is taxiing, but not while taking off or landing. Normally coverage ceases at the start of the take-off

roll and is in force only once the aircraft has completed its subsequent landing. Due to disputes between aircraft owners and insurance companies about whether the accident aircraft was in fact taxiing or attempting to take-off this coverage has been discontinued by many insurance companies.

In-flight insurance: In-flight coverage protects an insured aircraft against damage during all phases of flight and ground operation, including while parked or stored. Naturally it is more expensive than not-in motion coverage since most aircraft are damaged while in motion.

Domestic and overseas travel insurance cover will be provided by ICICI Lombard to passengers travelling by Air India. In an exclusive tie-up, ICICI Lombard will issue Group Travel Insurance Policy to Air India Express customers travelling within India and overseas. Travel insurance cover ensures safety and well-being of customers. Group Travel Insurance cover is an instant online travel policy and it can simultaneously be bought while booking flight tickets on the airlines website. The travel cover will be issued without any paperwork and travelers will receive immediate confirmation via sms or email. The travel plan will cover: Medical Expenses or Hospitalization Expenses Personal Accident Trip Delay

Trip Cancellation and interruption Loss of Baggage Delay of Baggage Missed Connecting Flight Loss of Passport

Our

partnership

with

Air

India

Express

brings

together

comprehensive, cost effective travel insurance cover at the time of ticket purchase along with the ease of instant online policy issuance. The product coverage has been carefully designed to meet the needs of Air India Express guests and has a convenient claims settlement process. ICICI Lombard already has a travel insurance tie-up with Kingfisher Airlines, Jet Airways, Akbar Travels and Ezeego.

Travel

insurance

plan

is

extremely

important

as

it

covers

unpredictable and expenses in case of an emergency. Medical, hospitalization and other such expenses whether travelling

domestically or internationally can put travelers under a huge financial strain. It is always better to insure oneself against any unforeseen circumstances. This is where the need for buying the best travel insurance cover emerges. Travel insurance plans are reasonably priced with high benefits. According to reports, ICICI Lombard enjoys a 15% share in the overseas travel insurance market which is estimated to be at Rs 400 crore.

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