Robinhood Insurance Broker Private Limited

What are the factors that determine the Premium Calculation for Travel Insurance Policy?

Travel insurance should be the most important itinerary while planning the budget for your holiday. A travel insurance will cost anywhere bet 4% to 8% of the total vacation trip cost.

Here's an example: if the total cost for a vacation in thailand is rs. 2.5 lakhs, then the cost of travel insurance will be anywhere between rs. 2000 to rs. 5000.

Here are the factors that determine the premium a customer needs to pay:-

Sum insured:

The higher the sum insured, the higher will be the premium

Type of plan:

Customer needs to choose what kind of plan he is looking for - whether it is a single trip, multi-trip, student travel plan or senior citizen plan.

Basic optional coverage:

If the customer would like to add some special coverage to the plan they may have to end paying a little more. For eg: home insurance, separate insurance for important documents / expensive items, sports coverage, etc.

Duration of travel:

The longer the duration, the higher will be the premium.

Travel destination:

There are countries like, united states, united kingdom, canada, australia, etc. Where the medical expenses are costlier due to which the customer will end up paying a higher premium.

Age health:

Customer's current age and health play the most important factor while calculating the premium. Senior citizens and customers who already have pre-existing diseases need to specify on the proposal form. Depending on the underwriting guidelines company terms & conditions the policy will be issued.

While choosing the right product, it is important to make adjustments to the plan as per your comfort, benefits offered and considering the cost.

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Tab 2

2 burgers per month

burger₹ 700
Your yearly cost on fast food = roughly ₹ 8,400
price
Cost of Health Insurance for whole family with ₹ 5 lakhs cover!

Tab 3

That’s a good decision!

By clicking on the “SUBMIT” button, I accept the Terms & Conditions and authorise OneInsure representatives to contact me via Call / SMS / Email

THANK YOU!

A OneInsure representative will call you shortly.

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