Insurance Regulatory body Irdai issued guidelines for insurers for a standard domestic travel cover — Bharat Yatra Suraksha — which will be launched on July 1. Insurers have been allowed to determine the premium, which will be one-time payment made before the commencement of travel. Insurance companies will be allowed to launch five variants under this product, which can be offered on an individual as well as group basis. As per the guidelines, when offered as a family cover, the chosen sum insured will apply to each family member separately. There is no copayment or initial waiting period under this policy, which will be a base cover as well as optional cover.
The base cover will include hospitalisation expenses due to accident, death due to accident, permanent total disability, permanent partial disability and repatriation of mortal remains. The optional cover will include missed flight connections, loss of checked-in baggage and trip delays beyond three hours. The policy will not cover any claim for death or disablement, hospitalisation of the insured person directly or indirectly due to war, acts of foreign enemies or revolutions, among others. It also won’t cover any claim for death, disablement or hospitalisation in case of suicide or while engaging in aviation or ballooning, other than as a passenger in any scheduled airlines in the world. It also excludes claims arising from loss directly or indirectly caused by radiation or contamination by radioactivity from any nuclear fuel or nuclear waste.