Have you ever landed in New York and discovered the loss of your baggage or passport? Or worse still, have you suddenly been taken ill on foreign shores?

You need never worry again; these days there are travel insurance companies, whose brief is constantly expanding to insure you against almost any untoward risk (ranging from sudden death to dental injury) that you might encounter on alien territory. Most insurance companies even cover the costs of bringing back an insured person's corpse in the event of his sudden demise abroad - referred to as the repatriation of remains.

A Phone Call Away

All that the insured customer has to do is to make a single phone call and the worldwide associate of the concerned insurance firm, with whom they have tie-ups, comes into the picture - be it with contacting the embassy or recommending a hospital.

"Most insurance companies have toll-free numbers, which are different for the Americas and for the rest of the world," informs Pankaj Shrivastava, area sales manager (travel), ICICI Lombard. "Even in the worst cases, when the toll-free numbers are not accessible, we ask the customer to dial the India numbers, and reimburse his phone expenses accordingly. Otherwise, the standard procedure is for us to call back at the customer's contact number." (See below).

While premiums differ between age groups, duration of stay and whether you are drawing your salary in rupees or some foreign currency, they are always paid in the Indian rupee, while your risks are insured against the US dollar.

Typically, the older you are, the higher premium you would have to pay. They also differ between countries, so that premiums are higher if you are travelling to the US and Canada. "That's because medical expenses are notably higher in these countries," explains Pankaj Arora, assistant manager, Bajaj Allianz General Insurance Company Ltd. "Even tests and check-ups cost at least five times more in the US than they do in India."

Types Of Options

Most overseas mediclaim products have two arms, that for travel (either for business or leisure) and for students. For instance, Bajaj Allianz has Travel Companion and Study Companion options, and TataAIG has TravelGuard and StudentGuard.

Bajaj's Travel Companion is available under three options with sums insured of US $50,000, US$ 2,00,000 and US $5,00,000 respectively. For the first option (in the age group of six months to 40 years), one would have to pay Rs 1,542 (applicable to all countries, including the Americas) for a single trip lasting upto a month.

For the same option, a traveller in the age group of 41 to 60 years would pay Rs 1,769, and a person aged above 60 years would end up paying Rs 3,350 for a single month-long trip.

While public sector insurance firms have a mandatory medical check-up (ECG, blood-tests and urine strip), most private firms don't have medical check-ups for travellers up to the age of 70 years.

Other benefits covered under all travel insurance policies are loss of passport, loss or delay of checked baggage, personal accident, public liability, etc.

Better Safe Than Sorry

So, the next time you pack your bags to cross the seven seas, get yourself travel insurance. It costs you just a couple of thousands of rupees, which is well worth the risks that you might encounter in thousands of dollars!

Some Helpline Numbers

Insurance Company

Tata AIG TravelGuard

For the Americas:

1866-8662619 (Toll-free)

Excluding the Americas:

0091-1123352707

(hooked to local network)

Toll-free; (India Only)

1-600-119966

Bajaj Allianz Travel Companion

91-1151898862

(Toll no for use overseas)

1-600-225858

(Toll-free; India

Mobile: 9823335858

The New India Assurance Co Ltd

Coris International

1-877-536-7264 (USA)

ICICI Lombard

+18662396095(Americas) 0080050606050 (Western Europe); +33141611916(Eastern Europe/Africa/Middle East)

912224944497 (Mumbai)

(phone expenses reimbursible to policy-holder)

What You Will Pay

An example of the typical premiums paid out on an overseas travel insurance policy of a public sector unit is as below:

OVERSEAS MEDICLAIM POLICY

The New India Assurance Company Ltd (Premium in Rupees)

Plan B-1 (includes USA/Canada) Sum insured: US$ 1,00,000

Period (days): Age: 6 months to 40 years Age: 41 to 60 years Age: 61 to 70 years

1-14 1,045 1479 1794

15-21 1111 1584 1920

22-28 1254 1837 2208

29-35 1508 2168 2652

36-47 1793 2640 3240

48-60 2893 4290 5227

61-75 4158 6204 7608

76-90 5006 7458 9168

91-120 7051 10560 12960

121-147 9362 14058 17304

148-180 12397 18667 22935

Sales tax extra