MakeMyTrip’s fintech arm, TripMoney sees over 270% increase in sale of non-COVID, byte-size insurance cover in 10 months since January 2022

Indians are now actively opting for insurance covers against unexpected emergencies like travel cancellation for any reason, loss of baggage or mobile device, identity documents theft, home burglary, medical exigency and more when travelling within India or abroad 

by Shrutee K

National, November 15, 2022— MakeMyTrip’s fintech arm, TripMoney has recorded more than 270% increase in sale of non-COVID, byte-size insurance benefit covers against unexpected emergencies such as travel cancellation for any reason, loss of baggage or mobile device, identity documents theft, home burglary, medical exigency etc. when travelling, this year. While insurance covers for international travel have always been considered a must-have, today, there is a noticeable increase in the selection of cover for domestic travel as well.

To cater to the growing demand for byte-sized travel insurance benefit plans, against unexpected travel hitches, TripMoney, together with its insurance partners has customized 10 distinguished insurance covers for hotel stay, domestic and international flight travellers on MakeMyTrip and Goibibo. These plans have been designed to enable quick and hassle-free claim settlement, in partnership with some of the trusted Insurance and InsurTech companies including Aditya Birla Health Insurance, Care Health Insurance, Reliance General Insurance, Tata AIG, and Cover Genius

Sharing his thoughts on the growing demand for non-COVID insurance plans, Sumit Agarwal, Senior Vice President, TripMoney, shared “The global health crisis has brought along a paradigm shift in the way people book travel, today. Travellers now actively seek covers that promise to secure their trip, their lives and of their loved ones, and other tangible assets, right at the time of making the booking. So, a travel insurance cover that often came as an after-thought to many a few years back –has now become an integral part of booking for both, domestic and international travellers. At TripMoney, our aim is to secure travellers against any sort of travel-related uncertainties while ensuring that these covers offer comprehensive yet affordable benefits for every type of traveller.”

Highlights of some of the insurance covers:

• Cancel For Any Reason Cover: Available to outbound flyers from India and UAE, the insurance cover allows bookers to cancel plans up to 24 hours before scheduled departure. The plan benefits aims at easing out one of the major woes of travellers i.e., high penalty for cancellations. As per the policy structure, travellers can buy the cover benefits at the time of making international flight booking - for a fee as low as 6% of the booking amount.

• Hotel Stay Insurance Cover: This cover secures travellers against any difficulties or mishaps during a stay at the hotel. Benefits include protection against home burglary, identity document theft, medical emergency, loss or damage to personal devices, and unfortunate incidents too. The cover fee ranges from INR 19 to INR 79 per traveller for one room night.

• Digit On the Move Group Cover: This comprehensive trip protection plan provides coverage against six travel disruptions including common carrier delays (flight delays), missed flight, cancellation of common carrier by operator, flight diversion, baggage delay and damage, and personal accident. To make the plan affordable for all flyers, coverage against these six interruptions have been priced at a fee as low as INR 79 for a one-way air fare up to INR 3,000 and can go up to INR 249 for a one-way airfare of INR 7,000.