What is Corporate Travel Insurance?
A CT insurance policy can be purchased by corporate employers who aim to provide insurance coverage to their employees who travel overseas for business purposes. Corporate travel policies offer sufficient travel and health-related cover to the insured. These policies can be customized on the basis of the requirements of a company. Corporate travel plans are available in two variants- single round trip plans and multi-trip plans.
The corporate travel insurance sector is flooded with various travel insurance plans. The question is- how does one figure out which one is the best? Every employer wants to be at the top of his game. Business seminars and conferences offer perfect opportunities for marketing and networking. While business trips are an important aspect of professional life, procuring corporate travel insurance has its own perks.
Benefits and Features of Corporate Travel Insurance in India
Take a look at what makes CT insurance plan a must-have. Mentioned below are the benefits and features of corporate travel insurance in India.
- Baggage Loss/Delay - Any loss of baggage or delay of baggage is covered
- Healthcare Expenses - Any healthcare expenses while you are on a trip are covered.
- Dental Expenses -As a result of an accident, any expenses incurred in dental surgery are covered.
- Personal Accident Cover - In case you meet with an accident, personal accident benefit will be provided.
- Legal Liability - Coverage for legal liability is provided in case of any bodily injury or property damage caused to a third-party
Here are the eligibility criteria for corporate travel insurance.
- The insurance buyer must be a citizen of India and must be a legal adult.
- The insured must be a corporate employee.
Travel Insurance Providers
The top corporate insurance providers in India are mentioned below.
- Bajaj Allianz
- Religare Insurance
- Chola Insurance
- TATA AIG
Corporate Travel Insurance Inclusions
Here are the inclusions of overseas corporate travel insurance.
- A health emergency due to an illness or accident while on a business trip.
- If the insured person needs to be evacuated on medical grounds.
- In case of the insured’s death- repatriation of mortal remains.
- In case the trip is interrupted/ canceled due to negligence on the part of the airlines or reasons beyond control.
- Accidental death benefit or injury or temporary disability/permanent disability due to an accident.
- International funeral expenses (if required).
- Loss or damage of travel documents.
- Delay, damage or loss of personal belongings and luggage.
- If the checked-in luggage is delayed for 12 hours or more, then a replacement will be provided for basic necessities like clothes, toiletries, etc.
- Robbery and theft.
- Missing the connecting flight due to airline’s goof up.
- Trip delay due to bad weather.
- Hijack-distress benefit.
- Insurers offer coverage against maternity related expenses in case the trip is taken within the first 3 months of pregnancy. But, the same might not be covered in the second and the third trimesters.
Note- Maternity travel insurance coverage varies insurance provider to provider. Carefully read the policy details before buying.
Corporate Travel Insurance Exclusions
Here are the exclusions of overseas corporate travel insurance.
- Pre-existing illnesses.
- Routine physical check-up.
- Self-inflicted injury or sickness.
- Suicide or Attempt to suicide.
- Treatment for mental disorders arising from stress, anxiety, nervousness, depression etc.
- Voluntary exposure to needless peril.
- Involvement in any illegal or criminal activity.
- Loss/damage to the passport due to detention or confiscation by customs officials or police.
- Loss or damage which isn’t reported to police authority within 24 hours.
- Passport loss due to failure in taking safety measures to guard it.
Add-on Covers for Corporate Travel Insurance Policies
Here are the additional insurance covers that can be opted to fulfil various corporate travel insurance needs.
- Pre-existing Illness Cover- It covers pre-existing cardiac problems, asthma, hypertension, diabetes etc. that won’t otherwise be covered in a basic corporate travel insurance plan.
- 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.
- 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
- Whenever there is a travel-related emergency, the insured person must intimate his/her insurance provider as soon as possible. Corporate travel insurance providers offer 24*7 claim assistance. The insured can inform the insurance provider via their toll-free helpline, email or SMS.
- The insured must download the claim form from the official website of the insurance provider, duly fill it, attach necessary documents, and send it to the address mentioned in the form. For quick claim settlement, make sure that the documents you attach are relevant and valid.