INSUBCONTINENT EXCLUSIVE:
The new guidelines aim to make the product popular among travellers.Insurance regulator, the Insurance Regulatory and Development Authority
of India (Irdai), on Monday pitched standard guidelines for travel insurance with the objective of ensuring uniformity and definition about
coverage, exclusions and terms of coverage for domestic as well as international travel
The new guidelines hope to make travel insurance popular with travellers.The guidance will make available a standard travel insurance
standard terms and conditions, customer information sheet and use and file format.The draft spells out the coverage and exclusions under
domestic and overseas travel insurance.The insurance company will pay as compensation to the legal heirs/nominee the amount stated as sum
insured if the insured suffers accidental bodily injury while overseas and this is the sole and direct cause of his death within the period
of 365 days, Irdai said.In the event of accidental death of a minor below 18 years of age, the maximum liability of the insurer would be
limited to 50 per cent of the sum insured.In case of domestic travel insurance, if the common carrier in which the insured person is
travelling meets with an accident resulting in death of insured person within 365 days from the date of the accident, then the insurer will
pay as compensation the amount stated as sum insured.The travel insurance policy will also cover events like missed flight, loss of
treatment will not be covered under the policy, according to Irda.
