Travel Insurance: TIC’s New Product
TIC, the only specialist travel insurance underwriting company in South Africa, is pleased to introduce our new product into the market. After extensive research and analysis, we have added some exciting new benefits that are specifically designed to enhance our products.
As the leading travel insurance company in the country, we are constantly monitoring the industry, keeping our finger on the pulse of what our clients need, and we have noticed the following trends in the travel insurance market: There has been an overall increase in the sales of travel insurance even though the average length of trips has been reduced. Destinations are changing as well, and people are taking more value for money holidays. There has been an increase in volumes of business travel, but an overall decline in the number of people leaving the country on trips abroad. Interestingly enough, there has been a corresponding increase in the sales of travel insurance, due, we believe, to the economic turbulence in the markets, which has caused people to focus far more on stability due to general economic pressure. People want to buy travel insurance from a reputable company as they become aware of the importance of travel insurance in these times of medical inflation, volatile exchange rates and insecurity.
With all this in mind, our underwriting experts have implemented the following changes:
- We have increased our Medical and Related Expenses Illness or Injury cover to R50 million on our Leisure Gold and Business policies and R25 million on our Leisure Silver and Group policies.
- Our Pre-Existing Medical and Related Expenses cover has increased to R500 000 for journeys under 32 days on our Leisure Gold and Business policies, which are the highest limits available in the market.
- We have introduced new age banding premium rate structures to ensure that there will be no cross-subsidisation of premium and risk and that the majority of South African travellers (up to age 59, and up to age 69) will benefit from excellent cover at the most competitive rates.
- Research has shown that South African travellers have high limits of death cover, whether via their pension funds, employment benefits, or private insurance arrangements and consequently don’t require much more cover while travelling. However the concern remains that a traveller might survive an accident but be permanently disabled. TIC has therefore introduced a living benefit with very high limits in the event of accidental disability.
- TIC has improved cover for travellers coming into South Africa, as well as for people who are emigrating.
- We have introduced a generic top-up policy of unbeatable value which can be used as a top up plan for any automatic cover provided by any credit card on the market.
- As a unique benefit our Group Policy now includes Pre-Existing Cover up to R250 000.
- We have extensively researched the youth travel market, and found that when youth travellers return to South Africa after their journey or for a short trip home during their overseas stay, they have no cover or medical aid in South Africa. To alleviate this exposure to risk, we have included cover for maximum 30 days in our policies. So in the event of hospitalisation we will pay R10 000 per day to the policy holder, which can be used to cover their medical and hospital expenses. This unique benefit applies to journeys that exceed six months.
- Our Youth Cover (up to 28 years) also has the following new benefit – youth travellers can now buy a policy for one or two month periods as well as the longer periods of up to two years.
