“AWARENESS OF TRAVEL INSURANCE AMONG PEOPLE”

A Project Submitted to

University of Mumbai for partial completion of the degree of

Bachelor in Commerce (Banking and Insurance)

Under the Faculty of Commerce
By
YASH MARUTI NAIK

SEAT NO. _________________

Under the Guidance of

PROF RENU VERMA

THE SIA COLLEGE OF HIGHER EDUCATION.

P-88, MIDC RESIDENTIAL AREA,
GYMKHANA ROAD,
NEAR BALAJI MANDIR,
DOMBIVLI (EAST) 421201

2018-2019

1
 THE SIA COLLEGE OF HIGHER EDUCATION

P-88, MIDC Residential area, gymkhana road

Near balaji mandir,

Dombivli (East) 421201

CERTIFICATE

This is to certify that Mr Yash Maruti Naik Has worked and duly completed
her/his Project Work for the degree of Bachelor in Commerce (Banking and
Insurance) under the Faculty of Commerce in the subject of “Awareness of
Travel Insurance among People” And Her Project Is Entitled “Prof Renu
Verma” under my supervision.

I further certify that the entire work has been done by the learner under my
guidance and that no part of it has been submitted previously for any Degree or
Diploma of any university.

It is her/ his own work and facts reported by her/his personal findings and
investigations.

Date of submission
Project guide co-ordinator

External examiner principal

Seal of the
College

2
 Declaration by learner

I the undersigned Mr Yash Maruti Naik here by, declare that the work
embodied in this project work titled “Awareness of Travel Insurance among
People”, forms my own contribution to the research work carried out under the
guidance of Prof. Renu varma is a result of my own research work and has not
been previously submitted to any other University for any other Degree/
Diploma to this or any other University.

Wherever reference has been made to previous works of others, it has been
clearly indicated as such and included in the bibliography.
I, here by further declare that all information of this document has been obtained
and presented in accordance with academic rules and ethical conduct.

Name and Signature of the learner

(Yash Maruti Naik)

Certified by

Name and signature of the Guiding Teacher

(Prof. Renu varma)

3
 Acknowledgment

To list who all have helped me is difficult because they are so numerous and the
depth is so enormous.

I would like to acknowledge the following as being idealistic channels and fresh
dimensions in the completion of this project.

I take this opportunity to thank the University of Mumbai for giving me chance
to do this project.

I would like to thank my Principal, Dr. Padmaja Arvind for providing the
necessary facilities required for completion of this project.

I take this opportunity to thank our Coordinator Prof. Ranjana Mhalgi, for her
moral support and guidance.

I would also like to express my sincere gratitude towards my project guide Prof.
Renu varma whose guidance and care made the project successful.

I would like to thank my College Library, for having provided various reference
books and magazines related to my project.

Lastly, I would like to thank each and every person who directly or indirectly
helped me in the completion of the project especially my Parents and Peers who
supported me throughout my project.

4
 INDEX

Chapter Name of the chapter Page no.

No.

1. Introduction 6

-2. Research Methodology 27

3. Literature Review 32

4. Data Analysis, Interpretation And 35

Presentation

5. Conclusion And Suggestion 50

6. Bibliography 54

5
 Title of the project:

“Awareness of Travel Insurance among People”

6
 SBI General’s Travel Insurance

SBI General Insurance offers a comprehensive plan for all your travel insurance
needs. SBI General’s travel insurance policy covers medical expenses incurred
treatment of diseases, illness or injury inflicted whilst abroad which of a critical
nature, as well as provides other associated coverages.
Features and Benefits of SBI General’s Travel Insurance:
 Enjoy a coverage of up to USD 0.5 million for medical purposes
 Medical examination is not conducted before providing the insurance.
 Provides all-round coverage
 Offers the facility of worldwide coverage and immediate assistance 24/7
 Fair, transparent & quick cashless claim settlement

SBI General’s Travel Insurance Policy Cover:

SBI General’s Travel Insurance Policy covers the following:
 Provides cover for medical expenses including Repatriation and Evacuation
with a benefit ranging from USD 50,000 to USD 5,00,000
 Covers the insured in the event of a Personal Accident, and provides a benefit
of up to 10% of limit of the cover, subject to a maximum USD 25,000.
 Personal Liability - benefit offered is 50% of the Limit of cover under Section
(A) or 2, 00, 000, whichever is lower.
 Travel assistance and support in the event of loss of passport, Golfer’s Hole-
In-One, Loss of Checked Baggage, Home Burglary Insurance, coverage for
Trip Cancellation and/or Trip Curtailment, Trip Delay, Delay of Checked
Baggage, Missed Connection, Cover for being Hijacked ,Hospitalization
Daily Allowance, Bail Bond and Emergency Cash Advance). The benefit
offered on this cover is up to USD 2000, provided on a Floater basis.
Eligibility age for SBI Travel Insurance:
 The minimum age is 6 months and the maximum age limit is 70 years.
 Residents of India who are travelling overseas for: official or business
requirements, holiday, etc. are eligible to take this insurance policy.
 Foreign Nationals who are employed in India are also eligible to avail this
policy.

7
 Introduction:

Insurance is a means of protection from financial loss. It is a form

of risk management, primarily used to hedge against the risk of a contingent or
uncertain loss.

An entity which provides insurance is known as an insurer, insurance company,

insurance carrier or underwriter. A person or entity who buys insurance is
known as an insured or as a policyholder. The insurance transaction involves
the insured assuming a guaranteed and known relatively small loss in the form
of payment to the insurer in exchange for the insurer's promise to compensate
the insured in the event of a covered loss. The loss may or may not be financial,
but it must be reducible to financial terms, and usually involves something in
which the insured has an insurable interest established by ownership,
possession, or pre-existing relationship.

The insured receives a contract, called the insurance policy, which details the
conditions and circumstances under which the insurer will compensate the
insured. The amount of money charged by the insurer to the insured for the
coverage set forth in the insurance policy is called the premium. If the insured
experiences a loss which is potentially covered by the insurance policy, the
insured submits a claim to the insurer for processing by a claims adjuster. The
insurer may hedge its own risk by taking out reinsurance, whereby another
insurance company agrees to carry some of the risk, especially if the primary
insurer deems the risk too large for it to carry.

8
Types of Insurance Risk:

When you drive your car to work, when you visit a new country, when you ride
your bike to

A nearby shop, when there’s a new bug going around in town.

Bottom-line: You need the security of insurance.

There are two broad types of insurance:

*Life Insurance

*General Insurance

9
What is Life Insurance?

Life insurance is a contract that offers financial compensation in case of death

or disability. Some life insurance policies even offer financial compensation
after retirement or a certain period of time. Life insurance, thus, helps you
secure your family’s financial security even in your absence. You either make a
lump-sum payment while purchasing a life insurance policy or make periodic
payments to the insurer. These are known as premiums. In exchange, your
insurer promises to pay an assured sum to your
family in the event of death, disability or at a set
time

LIFE INSURANCE CORPORATION

 LIC did its best advertising in spreading the
concept of insurance among all sections of
the society. LIC created awareness across the
country and made gave special efforts to reach out to the rural masses of the
country through innovative means of marketing. It provided services found
satisfactory by the urban and rural customers alike. It created a brand image
which was very important for an insurer to sustain its growth. LIC is a
trusted name today among all Indians. But LIC was after all a public sector
monopolist. It was felt that a public sector monopolist could not offer too
many choices to the customers and could not be expected to take further
initiative in developing untapped market.

10
Different types of life insurance policies

1. Term Plan – pure risk cover

2. Unit linked insurance plan (ULIP) – Insurance + Investment opportunity

3. Endowment Plan – Insurance + Savings

4. Money Back – Periodic returns with insurance cover

5. Whole Life Insurance – Life coverage to the life assured for whole life

6. Child’s Plan – For fulfilling your child’s life goals like education, marriage,
etc.

7. Retirement Plan - Plan your retirement and retire gracefully

11
Term Life Insurance

Term insurance is the simplest form of life insurance plan. Easy to understand
and affordable to buy.

A term plan provides death risk cover for a specified period. In case the life
assured passes away during the policy period, the life insurance company pays
the death benefit to the nominee. It is a pure risk cover plan that offers high
coverage at low premiums.

There’s an option to add riders to widen up the coverage.

The death benefit is payable as lump sum, monthly pay-outs, or a combination

of both.

There’s no pay-out if the life assured outlives the policy term. However, these
days there are companies offering Term Plans with Return of Premiums
(TROPS), where insurance companies payback all the paid premium amount in
case the life assured outlives the term period. But such plans are costlier than
the vanilla term insurance plan.

Benefit of Term Plan: In case of an untimely death of the breadwinner, family is

supported with an enormous amount of money – sum assured, which helps them
to replace the loss of the income caused due to the breadwinner’s death.
Moreover, the money could be utilized to pay off loan, monthly household
expenses, child’s education, child’s marriage, etc.

12
 1. Unit Linked Plans (ULIPs)

A unit linked plan is a comprehensive combination of insurance and investment.

The premium paid towards ULIP is partly used as a risk cover (insurance) and
partly is invested in funds. One can invest in different funds offered by the
insurance company depending on his risk appetite. The insurance company then
invests the accumulated amount in the capital market i.e. in bonds, equities,
debts, market funds, or a hybrid funds...

Benefit of ULIP: Invest money as per your risk appetite. You have the option to
invest either in equity, debt or in hybrid funds through the life insurance
company with complete transparency.

2. Endowment Plans

Endowment plan is another type of life insurance plan, which is a combination

of insurance and saving.

A certain amount is kept for life cover – insurance, while the rest is invested by
the life insurance company. In an endowment plan, if the life assured outlives
the policy term, the insurance company offers him the maturity benefit.
Moreover, Endowment Plans may offer bonuses periodically, which are paid
either on maturity or to the nominee under death claim. On death, the death
benefit is payable to the nominee.

13
Endowment plans are also commonly known as traditional life insurance,
although, there is an investment component but the risk is lower than the other
investment products and so are the returns.

3. Money Back Life Insurance

Money back plan is a unique type of life insurance policy, wherein a percentage
of the sum assured is paid back to the insured on periodic intervals as survival
benefit.

Money back plans are also eligible to receive the bonuses declared by the
company from time to time. This way, policyholder can meet short-term
financial goals.

4. Whole Life Insurance

A whole life insurance policy covers the life assured for whole life, or in some
cases, up to the age of 100 years. Unlike, term plans, which are for a specified
term.

The sum assured or the coverage is decided at the time of policy purchase and is
paid to the nominee at the time of death claim of the life assured along with
bonuses if any.

However, if the life assured outlives the age of 100 years, the insurance
company pays the matured endowment coverage to the life insured.

The premiums are higher as compared to term plans. Whole life insurance plans
also offer partial withdrawals after completion of premium payment term.

14
 5. Child Plan

Child plan helps to build corpus for child’s future growth. Child plans help to
build funds for child’s education and marriage. Most of the Child Plan provides
annual instalments or one-time pay-out after the age of 18 years.

In case of an unfortunate event, the insured parent passes away during the
policy term - immediate payment is payable by the insurance company. Some
child plans waive off the future premiums on death of the life insured and the
policy continues till maturity

6. Retirement Plan

Retirement plan helps to build corpus for your retirement. Helping you to live
independently financially and without worries. Most of the child plans provide
annual instalments or one-time pay-out after the age of 60 years.

In case of an unfortunate event, life assured passes away during the policy term
- immediate payment is payable to the nominee by the insurance company.
Death benefit will be higher of coverage or fund value or 105% of premiums
paid. Vesting Benefit will be payable if the life assured survives the maturity
age. In which case, pay-out will be fund value which has to be utilized for
buying an annuity

15
What is General Insurance?

A general insurance is a contract that offers financial compensation on any loss

other than death. It insures everything apart from life. A general insurance
compensates you for financial loss due to liabilities related to your house, car,
bike, health, travel, etc. The insurance company promises to pay you a sum
assured to cover damages to your vehicle, medical treatments to cure health
problems, losses due to theft or fire, or even financial problems during travel.

Simply put, a general insurance offers financial protection for all your assets
against loss, damage, theft, and other liabilities. It is different from life
insurance.

What are the types of General Insurance?

You can get almost anything and everything insured. But there are five key
types available:

*Health Insurance

*Motor Insurance

*Travel Insurance

16
TRAVEL INSURANCE

Introduction

Travel insurance is insurance that is intended to cover medical expenses, trip

cancellation, lost luggage, flight accident and other losses incurred
while traveling, either internationally or domestically.

Travel insurance can usually be arranged at the time of the booking of a trip to
cover exactly the duration of that trip, or a "multi-trip" policy can cover an
unlimited number of trips within a set time frame. Some policies offer lower
and higher medical-expense options; the higher ones are chiefly for countries
that have high medical costs, such as the United States.
17
Some credit card issuers offer automatic travel insurance if travel arrangements
are paid for using their credit cards, but these policies are generic and particular
care must be taken to take into account personal requirements. There are many
travel insurance policies available in the market place, but care must be taken of
what events are covered by each policy, and what exclusions, exceptions and
limits apply, besides other issues.

Coverage types

 The most common risks that are covered by travel insurance plans are:

 Medical treatment, including transportation to the medical facility.

 Cancellation, curtailment and trip interruption
 death, bodily injury, illness, disease, or pregnancy complications
 compulsory quarantine
 jury service
 being called as a witness
 prohibition of travel by the government to the intended destination
 officially recommended evacuation from the intended destination
 official advisory against going to or remaining at the intended destination
 Death or serious illness of a family member (subject to age restrictions).
 Return of a minor
 Trip cancellation
 Trip interruption
 Visitor health insurance
 Accidental death, injury or disablement benefit
 Overseas funeral expenses
 Lost, stolen or damaged baggage, personal effects or travel documents
 Delayed baggage (and emergency replacement of essential items)
 Flight connection Repatriation of remains

18
  Was missed due to airline rescheduling or delay.
 Travel delays due to weather

Advantages of Purchasing Travel Insurance

When you’re planning a trip, the last thing you want to think about is what
could go wrong. One of the best ways to prepare for the unexpected is
to purchase travel insurance, and there are numerous advantages to doing so.

1. Trip Cancellation or Interruption

An unexpected emergency that arises before or during a vacation can result in

the need to cancel or cut short your trip. If your plans suddenly change, travel
insurance guarantees that you will be compensated for losses resulting from trip
cancellation or interruption, including the cost of flights, hotels, and travel
packages.
You can choose between single trip and annual multi-trip travel insurance
policies for domestic and international travel, and many policies can be
customized to fit your needs

19
2. Medical Emergencies

Travel insurance will pay for medical care and transport, including evacuations
if adequate care is not available at a local hospital. This type of travel insurance
is especially necessary if you’re traveling to a country where medical costs are
high, such as the United States. Keep in mind that some policies will not cover
pre-existing conditions.

20
3.Related Article

Loss, Damage or Theft

If your personal belongings are lost, damaged or stolen during your trip, a travel
insurance policy will provide you with compensation so that you can replace
them in a timely manner. This includes items such as cameras, laptops, and even
your passport.

4. Personal Accident or Liability

You are injured or accidentally die during your vacation, you or your loved ones
will be entitled to compensation. In addition, you will be covered if you cause
damage to someone’s property or harm them in some way.

21
5. Legal Expenses and Advice

Travel insurance can also help to cover legal expenses relating to personal
accidents and liability that may occur while on vacation. Most travel insurance
companies also offer 24-hour travel assistance to help their customers deal with
unexpected emergencies that arise while on vacation, and they can often assist
you in the event that you are traveling in a country where you don’t speak the
local language. Just remember, every travel insurance policy is different, so
you’ll want to read the fine print to make sure that you understand exactly what
is covered. Despite meticulous planning, travel plans can sometimes go awry
and can cause heavy

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Reasons to Buy Travel Insurance

We know travel insurance can seem like just one more expense, and many
travellers ask the question why buy travel insurance and why get travel
insurance?

1. You need to cancel your trip

What happens if someone gets sick and can’t travel, a parent dies,
you’re required to work, or your house floods?

With trip cancellation coverage, you’ll be able to recover your out-of-pocket

expenses for these covered reasons and more.

2. You miss your connection

You’ve planned a cruise but you discover the connecting flight to get to the ship
is delayed. With the missed connection it looks like you will miss your cruise
departure. How will you catch up to the ship?

With coverage, you can take another flight to catch the ship at the next port-of-
call. You’ll also have assistance services to help you arrange and pay for those
travel changes.

3. Your flight is cancelled

After attending the family reunion, you arrive at the airport to return home and
are told tornadoes have cancelled all flights through Dallas. Who will help you
find a new flight to return home?

With trip interruption coverage, you’ll have the money to refund the expenses
of a new return ticket or to stay in a comfortable hotel.

23
4. A hurricane damages your destination

You saved all year for a summer vacation to Aruba, but a hurricane destroys the
hotel a week before you depart. Will you lose all the money you worked so hard
to save?

With travel insurance protection for weather damage, you’ll be able to recover
your pre-paid costs. Travel assistance services will also help you arrange a
vacation at a new location – one the hurricane missed.

5. A terrorist event occurs

You’ve planned an excursion to Egypt for years, but weeks before leaving
a terroristattackoccurs. The airports are closed and Egypt is in chaos. It would
be unwise to travel now, but will you lose all your non-refundable fees?

With terrorism coverage, you can cancel your trip without losing all the money
you’ve spent.

6. You get sick or injured on your trip

You and your friends have planned a hiking trip to climb Machu Picchu since
college. After your first night in Lima, you wake with severe stomach pains and
a high fever. You cannot start your hike. Instead, you need emergency medical
care – and quick.

With travel medical coverage, you won’t be paying a huge medical bill. You’ll
also have assistance services – in your own language – to locate a suitable
medical facility and arrange transportation.

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7. Your baggage is delayed or lost

Your special day has finally arrived – a wedding at a beach side resort.
Unfortunately, the airline made a mistake and your baggage will be delayed.
Luckily you’ve got the dress and the rings, but what about your other clothes,
shoes, toothpaste, and personal items?

With coverage for delayed bags, you can relax. The service hot-line will help
you recover your bags. You’ll also be reimbursed for the essential items you
need to start enjoying your trip.

Or, you are required to speak at a business conference in Las Vegas, but
somewhere in transit, your baggage is lost. Your presentation is tomorrow, how
will you get ready in time?

With coverage for luggage that is lost, stolen, or damaged, you’ll be reimbursed
for new clothes and personal items. You’ll can even get reimbursed for a
suitcase so you can take your new stuff home.

8. Your passport is lost

You are at a conference in London, and you realize you left your passport at a
local restaurant.

With coverage for lost passports, you’ll have help expediting the process of
replacing and paying for a new passport.

25
 TRAVEL INSURANCE COMPANIES

 Bajaj Allianz Travel Insurance

 SBI Travel Insurance
 Bharti AXA Travel Insurance
 Universal Sompo Travel Insurance
 Future Generali Travel Insurance
 Apollo Munich Travel Insurance
 HDFC Ergo Travel Insurance
 Cholamandalam Travel Insurance
 United India Travel Insurance
 Tata AIG Travel Insurance

26
 Chapter 2:

Research methodology

27
Objectives:

 To identify personal travel insurance needs.

 To describe travel organization techniques.
 To know about awareness on Travel Insurance among Indian Travellers.
 To study the perception of travellers on different risks involved in travel

Hypothesis:

H1. There is awareness of travel insurance among the people.

H0. There is no awareness of travel insurance among the people.

Scope of the study:

 Market landscape of global; travel insurance market

 Market size and forecast of global travel; insurance market
 Key market highlights of global travel insurance market
 Understanding the challenges faced by the market
 Enabling technologies and the roadmap
 Key focus areas for the vendors

28
DATA COLLECTION:-

Sampling:

 Sample size : 50 respondents

 Sampling Method : Random sampling
 Sample Plan : Personal Interview, Questionaries’
 Sample Unit : Respondents in Dombivli City
 Survey conducted on Geographic bases.
Every decision poses unique needs for information, and relevant
strategies can be developed based on the information gathered through research.
Research is the systematic objective and exhaustive search for and study of facts
relevant to the problem.

Research design means the framework of study that leads to the collection and
analysis of data. It is a conceptual structure with in which research is conducted.
It facilitates smooth sailing of various research operations to make the research
as effective as possible.

The study was conducted as an exploratory sampling survey method to collect

primary and secondary data.

29
DATA SOURCE:

PRIMARY SOURCE OF DATA:

Primary data are those collected by the investigator himself for the first
time and thus they are original in character, they are collected for a particular
purpose.

A well-structured questionnaire was personally administrated to the selected

sample to collect the primary data.

(a) Direct Interview Method: Respondents were interviewed directly. A

questionnaire was prepared for this purpose.

(b) Method of Schedule: Since few respondents were not very conversant with
reading and understanding the questionnaire, which was prepared in English,
the researcher adopted the meth

SECONDARY SOURCE OF DATA:

Secondary data are those, which have already been collected by some
other persons for their purpose and published. Secondary data are usually in the
shape of finished products.

(a) Website of Government of India

(b) Research Journals and magazines.

30
SAMPLE SIZE

Sample size denotes the number of elements selected for the study. For the
present study, 50 respondents were selected at random.

Since it is not possible to study whole universe, it becomes necessary to take

sample from the universe to know about its characteristics.

 Sample Technique: Random Sampling

• Research Instruments: Structured Questionnaire
• Contact Method: Personal Interview

31
 CHAPTER 3:

LITERATURE REVIEW

32
 1. Travel insurance claims made by travellers from Australia for
dental conditions

Authors:

Assoc. Prof. Peter A. Leggat F. W. Leggat U. Kedjarune

First published: 06 September 2011

Purpose:

Little is known about dental problems suffered by travellers abroad. This study
was designed to investigate travel insurance claims made by travellers from
Australia for dental conditions, particularly examining demographic factors,
type of travel insurance coverage, nature and duration of travel, when dental
treatment was sought during travel, use of emergency assistance, type of
treatment, and claim outcome, including cost.

Conclusions:

Claims for dental conditions represent a noteworthy proportion of travel

insurance claims made by Australian travellers abroad. More than three‐quarters
of claims for dental conditions were for conservative, endodontic or
prosthodontics treatment. Travellers should be advised to have a dental check‐
up before departure overseas and to take care with pre‐existing dental
conditions, which may not be able to be claimed on travel insurance.

33
 2. Linkages between holiday travel risk and insurance claims:
evidence from New Zealand

Author:

Chris Ryan

Purpose:

In recent years there has been a growing literature on linkages between tourism
and health. Data from insurance companies has, however, not been readily
available for commercial reasons. This paper reports conversations with the
managers of New Zealand insurance companies responsible for paying claims
on travel policies which indicate the attitudes and the concerns of some
managers in the industry, and reveal a pattern which supports the academic
literature, namely that most tourists travel safely, and the overwhelming
majority of claims are of small value. However, the question can be asked
whether the data held by companies might not be used for other than actuarial
reasons in helping to provide strategies that would further reduce claims.

34
 CHAPTER-4

DATA ANALYSIS,

INTERPRETATION

AND

PRESENTATION

35
 1. Do you know about travel insurance policy?

Content Respondent Respondent (%)

Yes 37 74%

No 13 26%

Total 50 100%

yes no

no
26%

yes
74%

Interpretation:-
From above diagram: 74% respondent said yes and 26% respondent said
no

36
 2. From where you go the information of travel insurance?

Content Respondent Respondent (%)

Television 9 18%
Newspaper 19 38%
Magazines 2 4%
Word of mouth 20 40%
Total 50 100%

television
18%
word of mouth
40%

newspaper
38%

magazines
4%

television newspaper magazines word of mouth

Interpretation:-
40% of the respondent came to know about the travel in insurance
through word of mouth, while 38% of the respondent said newspaper and 18%
&4% respondent said television and magazines through information is provided.

37
 3. Have you taken a travel insurance ?
Content Respondent Respondent (%)
Yes 37 74%
No 13 26%
Total 50 100%

no
26%

yes
no

yes
74%

Interpretation:-
74% said yes because they taken a travel insurance policy and oth
er 26% respondent said no because they do not purchase travel insurance
policy

38
 4. Why you purchase travel insurance?
Content Respondent Respondent (%)
Peace of mind 5 16%
Safety 15 48%
Coverage 20 4%
Specified risk 9 29%
Other 1 3%
Total 50 100(%)

other
peace of mind
3%
16%
peace of mind
specified risk
29% safety
coverage
specified risk
coverage other
4% safety
48%

Interpreatation :-
48% respondent puchase thae pocliy bcoz safety is more important than other
while risk,coverage,peace of mind also important in travel insurance

39
5. From where do you purchase travel insurance?

Content Respondent Respondent (%)

Insurance company 10 20%
Insurance agent 25 50%
Travel agent 15 30%
Total 50 100%

insurance company insurance agent travel agent

insurance
company
travel agent 20%
30%

insurance agent
50%

Interpretation :-
50% respondent purchase the policy through insurance agent, and 30
% respondent said that through travel agent they can purchase while 2
0% respondent said that they purchse through the insurance company.

40
 6. What do you look for when purchasing travel insurances?

content respondent
That you are cover for the bare 20
minimum
That you want to be covered for 10
every possible risk
That you more then have cover 10

other 10
total 50

25

20

15

10

0
That you are cover for that you want to be that you more then other
the bare minimum covered for every cover
possible risk

Interpretation:-
From the above diagram we can see that 20% people cover for the bare
minimum and the rest of them are 10% for purchasing travel insurances.

41
 7. From which company have to take a policy?
Content Respondent Respondent (%)
SBI 12 24%
HDFC 20 40%
Allianz global assistance 8 16%
Swen carners 8 16%
Other 2 4%
Total 50 100(%)

4%

16% 24%

16%

40%

SBI HDFC allianz global assistannce swen carners other

Interpretation:-
40% respondent can take insurance policy in HDFC and 24% respondent
can taken a policy in SBI while, 16% &24% respondent can take the policy
swen carners and other insurance companies.

42
 8. Which type of travel insurance have you taken?

Content Respondent Respondent (%)

Single travel 25 50%
insurance
Multi travel 5 10%
insurance
Family travel 10 20%
insurance
International travel 10 20%
insurance
Total 50 100%

20%

50%

20%

10%

single travel insurance multi travel insurance

family travel insurance international travel insurance

Interpretation:-
50% respondent take single travel insurance and 20% and 10% respondent can
taken other travel insurance policy.

43
 9. Do you pay premium online?
10.
Content Respondent Respondent (%)
Yes 32 64%
No 18 36%
Total 50 100%

no
36%

yes
64%

yes no

Interpretation:-
64% respondent can paid the premium online while 36% respondent can’t
paid the premium online.

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 10. How much premium you pay?

Content Respondent Respondent (%)

20000-50000 37 74%
50000-100000 13 26%
Total 50 100%

50000-100000
26%

20000-50000
74%

20000-50000 50000-100000

Interpretation:-
74% respondent can paid premium amount 20000-50000 while 26%
respondent can paid the premium amount 50000-100000.

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 11.Have you ever had a loss related travel?
Content Respondent Respondent (%)
Yes 24 48%
No 26 52%
Total 50 100%

48%

52%

yes no

Interpretation:-
52% respondent said no because they never had a loss related travel while
48% respondent said yes.

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 12.If you have every had a travel related loss how easy was it to file a
claim?

Content Respondent Respondent (%)

Extremely easy 27 54%
Somewhat easy 10 20%
Natural 8 16%
Somewhat difficult 3 6%
Extremely difficult 2 4%
Total 50 100%

54%

20%
16%
6% 4%

extremly easy somewhat easy natural somewhat extremly

difficult difficult

Interpretation:-
According to the survey, we come to know that 54% filing a claim was
extremely easy.20% people see over that somewhat easy they find out. 16% find
out natural, 6% people find out difficult &4% extremely difficult.

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 13.How is the claim settlement procedure of company?

Content Respondent Respondent (%)

Good 37 74%
Average 3 6%
Poor 10 20%
Total 50 100%

poor
20%

average
6%

good
74%

good average poor

Interpretation:-
74% respondent said claim settlement producer is good in the company while
20% and 6% respondent can said claim settlement procedure is average and
poor.

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 14. Are you satisfied with those interest rate is provided by travel
insurance policy?

Content Respondent Respondent (%)

Yes 37 92%
No 13 8%
Total 50 100%

no
8%

yes
no

yes
92%

Interpretation:-
92% respondent satisfied with those interest rate while 8% respondent can’t
satisfied with those interest rate.

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 Suggestion

 Insurance sector must boost up to spread awareness about career

opportunities among people, especially among youths.

 Proper training should be given to people who are new to insurance field
so that they can explore themselves in this sector.

 Private insurance companies may recruit the students from campus for the
sake of providing jobs to students so that companies may get fresher
talent while eligible candidates can make their career in insurance sector.

 The companies should also consider the time value of money and the
insurance policies may be reframed by which the insurer may get higher
yield and return

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Chapter-5
Conclusion

51
Insurance is a large investment and you will most likely purchase multiple
policies throughout your lifetime. It is essential that you know what each type of
insurance covers and how it works so you can make the best decision about
what to buy. Do not base your decision on just what is cheapest, but look at
what it provides.

Take the time to shop around and find the right insurance for your situation.
People often say they cannot afford insurance, but the reality is that they cannot
afford not to have it. It can save them from thousands or more dollars in
unplanned expenses when unexpected situations arise. You do not want to waste
your money on policies that do not meet your needs, but the right insurance
policy can protect you and your family from unforeseen disasters.

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 Findings

 You find comprehensive travel insurance for your trip, but too really
benefit from the cover and to make sure you're not caught in a sticky
situation that can leave you out of pocket, it's important to know in what
circumstances travel insurance doesn't have your back.

53
 Bibliography

 https://www.academia.edu
 http://www.seminarprojects.com
 http://www.indiatimes.com
 Times of India
 www.wikipedia.com

54
 Annexure

Q.1 Do you know about travel insurance policy?

1. Yes
2. 2. No

Q.2 from where you got the information of travel insurances?

1. Television
2. Newspaper
3. Magazines
4. Word of mouth

Q.3 Have you taken travel insurances?

1. Yes
2. No

Q.4 why you purchase travel insurances?

1. Peace of mind
2. Safety
3. Coverage
4. Specific risks
5. Other

Q.5 from where do you purchase travel insurances?

1. Insurance company
2. Insurance agent
3. Travel agent
4. Insurance broker

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Q.6 what do you look for when purchasing travel insurances?
1. That you are covered for the bare minimum
2. That you want to be covered for every possible risk
3. That you have more than they have cover
4. Other

Q.7 From which company have you taken policy?

1. SBI
2. HDFC
3. Allianz Global Assistance
4. Seven corners

Q.8 which type of travel insurance have you taken?

1. Single travel insurance
2. Multi travel insurance
3. Family travel insurance
4. International travel insurance

Q.9 Do you pay premium online?

1. Yes
2. 2. No

Q.10 How much premium you pay?

1. 20,000 - 50,000
2. 50,000 - 100,000

Q.11 Have you ever had a loss related travel?

1. yes
2. No

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Q.12 If you have every had a travel related loss how easy was it to file a claim?
1. Extremely easy
2. Somewhat easy
3. Natural
4. Somewhat difficult
5. Extremely difficult

Q.13 how is the claim settlement procedure of company?

1. Good
2. Average
3. Poor

Q.14 Are you satisfied with those interest rate is provided by travel insurance
policy?
1. Yes
2. No

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