Travel Insurance Plans on PolicyBazaar#1
- Individuals
- Sr. Citizens
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What is Corporate Travel Insurance?
Corporate travel insurance is a long-term travel insurance plan specifically designed to meet the needs of the modern corporate traveller. Various travel insurance plans offer a range of benefits in India. It is crucial for people who frequently travel for business seminars and conferences for various opportunities, marketing and networking. Organisations strive for seamless operations, and ensuring employee safety during business trips is an important part of that.
Features of Travel Insurance for Business Travellers
These are the benefits and features of corporate travel insurance in India.
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Comprehensive Emergency Medical Cover
Cashless hospital and necessary medical attention if the employee falls sick or gets injured abroad.
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Corporate Asset & Gadget Protection
Coverage for company-owned property like laptops, tablets, smartphones and important business documents if they are stolen or damaged.
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Business Continuity & Employee Replacement
Covers the cost of sending a substitute employee in case the original employee falls sick and can’t attend crucial meetings.
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Transit Disruption
The policy covers issues like flight delays, missed connections, and cancelled flights.
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Legal Liability & Third-party Protection
The policy covers financial and legal repercussions (for both the organisation and the employee) if the employee causes bodily or property damage to a third party.
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Flexible Plans
HR departments can choose between single-trip plans or annual multi-trip plans covering employees for a full 12-month period.
What is Covered/ What is Not Covered?
Covered in policy
Knowing what your travel insurance plan will cover is essential for any insured traveller. These are listed as 'inclusions' in all insurance policy wordings.
Overseas Corporate Travel Insurance Inclusions
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A health emergency due to an illness or accident while on a business trip.
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If the insured person needs to be evacuated on medical grounds.
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In case of the insured's death, repatriation of mortal remains.
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In case the trip is interrupted or cancelled due to the airlines' negligence or reasons beyond their control.
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A lump-sum payout to the insured's nominee if they suffer a permanent disability or death due to an accident abroad.
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International funeral expenses in case of a fatality.
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Loss or damage of travel documents.
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Loss of laptop and corporate equipment.
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Replacement of staff in case of an emergency, which does not allow the original employee to attend a crucial business meeting.
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Delay, damage or loss of checked-in luggage.
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If checked luggage is delayed for a specific period, a reimbursement will be providedfor basic necessities such as clothing and toiletries.
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Robbery and theft.
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Missing the connecting flight due to the airline's fault.
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Trip delay due to bad weather.
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Loss of deposit due to the cancellation of business meetings due to unavoidable circumstances.
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AMT cover offers policy protection for trips taken in a 12-month period, saving time and money.
Not Covered in policy
Here are the exclusions of overseas corporate travel insurance.
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Pre-existing illnesses.
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Routine physical check-up.
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Self-inflicted injury or sickness.
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Suicide or Attempt to suicide.
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Treatment for mental disorders arising from stress, anxiety, nervousness, depression etc.
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Voluntary exposure to needless peril.
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Involvement in any illegal or criminal activity.
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Loss/damage to the passport due to detention or confiscation by customs officials or police.
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Loss or damage which isn't reported to the police authority within 24 hours.
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Passport loss due to failure to take safety measures to guard it.
Add-on Covers for Corporate Travel Insurance Policies
Here are the additional insurance covers that can be opted for to fulfil various corporate travel insurance needs.
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Pre-existing Illness Cover
It covers pre-existing health issues such as asthma, hypertension, diabetes etc. that won’t otherwise be covered in a basic corporate travel insurance plan.
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Participation in Adventurous Sports/Activities
Participation in any adventure sports or activity, such as sea sports, mountaineering, fast biking, etc. that exposes the insured to various risks can be covered.
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High-Risk Countries
Any trips taken to countries listed as high-risk due to war, natural disasters, terrorist activities etc. can be covered.
Claim Process for Corporate Travel Insurance
The process to raising a claim is similar to that for regular plans. These are some essential steps:
As soon as the employee faces a travel or medical emergency, they should notify the company’s HR department. They will notify the insurer’s ASP (Assistance Service Provider).
If a medical emergency, the ASP will coordinate directly with the overseas network hospital for cashless hospitalisation. For reimbursement claims, the employee must pay upfront.
Collect all bills, reports, certificates, and receipts related to your claim. Keeping documents ready helps avoid unnecessary delays.
Each company has dedicated portals to raise tickets. Fill out the designated corporate travel form and raise the claim.
The claims team will verify your submission and may contact you for clarification or additional documents, if required.
Once approved, the claim amount is directly credited to your salary/registered bank account.
Corporate Travel Insurance: FAQs
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Q1: Will travel insurer for business travellers cover personal trips or extended ‘bleisure’ vacations?
Ans: This depends on the company policy. Most organisations don’t cover the employee’s personal trips, but they can cover authorised business trips that have been extended. -
Q2: Will corporate travel insurance cover my new iPhone 17?
Ans: No, usually company-owned gadgets are covered by corporate travel insurance plans. -
Q3: How is AMT different from a single-trip corporate travel insurance plan?
Ans: AMT covers the employee for 12 months, usually. Single-trip insurance can’t exceed the stated timeline unless an emergency extension is required. -
Q4: Do employees need a medical check-up to get covered by travel insurance?
Ans: No, most corporate plans offer plans without medical screenings up to a specific age.
Travel Insurance Companies
Aditya Birla
Bajaj General
Care
Cholamandalam MS
Digit
Future Generali
HDFC ERGO
ICICI Lombard
IFFCO Tokio
IndusInd General
National Insurance
New India Assurance
Niva Bupa
Oriental
Royal Sundaram
SBI General
Shriram General
Star
Tata AIG
United India
Universal Sompo
Zurich Kotak
