Summary

Market Overview
India's Travel Insurance Market was valued at USD 1.73 Billion in 2025 and is projected to reach USD 4.17 Billion by 2031, growing at a CAGR of 15.87% during the forecast period. Though India currently accounts for less than 1% of the global travel insurance market, the sector is rapidly gaining momentum driven by growing awareness of travel-related risks and increased travel activity for business, leisure, education, and medical purposes. Indian travelers are increasingly recognizing the value of securing travel insurance for protection against uncertainties such as trip cancellations, medical emergencies, and baggage loss. Rising international visitor spending, which hit a record ₹3.1 trillion in 2024, and a historic high of 46.5 million jobs supported by the travel sector, underline the expanding tourism ecosystem. With mandatory insurance regulations in certain countries and the increasing availability of digital platforms that integrate insurance with ticket booking, the adoption of travel insurance is set to surge across diverse traveler categories.
Key Market Drivers
Surge in International and Domestic Travel
The strong growth in both international and domestic travel is a key driver for the travel insurance market in India. Improved income levels, better air connectivity, and lifestyle changes are encouraging more Indians to travel abroad and within the country. According to the World Travel & Tourism Council, India saw 20 million international tourist arrivals in 2024, a notable increase compared to 2019. Government-led initiatives like “Dekho Apna Desh” have further boosted domestic tourism. As travel becomes more frequent and widespread, so do associated risks—including flight disruptions, health emergencies, and geopolitical uncertainties—leading travelers to seek comprehensive coverage. Additionally, countries like those in the Schengen zone require travel insurance for visa processing, which is also fueling demand. The widespread use of digital travel platforms is facilitating bundled insurance purchases, enabling broader reach and quicker adoption of travel insurance among consumers.
Key Market Challenges
Low Awareness and Penetration Rates
Despite an upward trend in travel, the Indian travel insurance market continues to face low awareness and adoption rates. Many travelers, particularly those in tier-2 cities and rural areas, remain unaware of the benefits of travel insurance or perceive it as non-essential. Even within urban and well-educated populations, the value of protection against events such as trip delays, passport loss, or overseas medical costs is not always clearly understood. This mindset leads to reluctance in purchasing travel insurance, especially for domestic or short-duration international trips. Additionally, complicated policy structures, industry jargon, and a lack of consumer-friendly information make it difficult for potential buyers to evaluate coverage effectively. While digital platforms have improved access, a significant awareness gap persists, which continues to hinder deeper market penetration.
Key Market Trends
Integration of Travel Insurance with Digital Booking Platforms
A key trend driving market expansion is the integration of travel insurance within digital travel booking ecosystems. Airlines, OTAs, and fintech apps are now offering insurance products as part of the checkout process, often pre-selected or at discounted rates. This embedded insurance approach enhances convenience, streamlines purchasing, and encourages uptake among users who may not actively seek insurance. Platforms like MakeMyTrip and Yatra leverage data analytics to personalize insurance offerings based on user profiles, destination, travel dates, and risk levels. These technologies enable real-time issuance, digital claims processing, and faster customer support—all of which improve user experience. The growing preference for contactless, mobile-first interactions among tech-savvy consumers supports the continued rise of this distribution model. As mobile and internet penetration expand further into India's interior regions, embedded insurance is expected to significantly improve access and conversion across diverse traveler segments.
Key Market Players
• TATA AIG
• HDFC ERGO General Insurance
• ICICI Lombard
• Bajaj Allianz
• SBI General Insurance
• Royal Sundaram
• Chola MS
• Reliance
• Apollo Munich
• Religare
Report Scope:
In this report, the India Travel Insurance Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
• India Travel Insurance Market, By Type:
o Railway
o Bus
o Aviation
• India Travel Insurance Market, By Source:
o Bank
o Non-Banking Financial Company (NBFC)
• India Travel Insurance Market, By Insurance Cover:
o Single Trip
o Annual Multi-Trip
o Long Stay
• India Travel Insurance Market, By User:
o Senior Citizens
o Education Travelers
o Backpackers
o Business Travelers
o Family Travelers
o Fully Independent Travelers
• India Travel Insurance Market, By Location:
o Intracity
o Intercity
o International
• India Travel Insurance Market, By Region:
o North
o West
o South
o East
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the India travel insurance market.
Available Customizations:
India Travel Insurance Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:
Company Information
• Detailed analysis and profiling of additional market players (up to five).

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Table of Contents

1. Introduction
1.1. Product Overview
1.2. Key Highlights of the Report
1.3. Market Coverage
1.4. Market Segments Covered
1.5. Research Tenure Considered
2. Research Methodology
2.1. Methodology Landscape
2.2. Objective of the Study
2.3. Baseline Methodology
2.4. Formulation of the Scope
2.5. Assumptions and Limitations
2.6. Sources of Research
2.7. Approach for the Market Study
2.8. Methodology Followed for Calculation of Market Size & Market Shares
2.9. Forecasting Methodology
3. Executive Summary
3.1. Overview of the Market
3.2. Overview of Key Market Segmentations
3.3. Overview of Key Market Players
3.4. Overview of Key Regions
3.5. Overview of Market Drivers, Challenges, and Trends
4. Voice of Customer
4.1. Brand Awareness
4.2. Factor Influencing Availing Decision
5. India Travel Insurance Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Type (Railway, Bus, and Aviation)
5.2.2. By Source (Bank & Non-Banking Financial Company (NBFC))
5.2.3. By Insurance Cover (Single Trip, Annual Multi-Trip & Long Stay)
5.2.4. By User (Senior Citizens, Education Travelers, Backpackers, Business Travelers, Family Travelers & Fully Independent Travelers)
5.2.5. By Location (Intracity, Intercity & International)
5.2.6. By Region
5.2.7. By Company (2025)
5.3. Market Map
6. India Railway Travel Insurance MarketOutlook
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Source
6.2.2. By Insurance Cover
6.2.3. By User
6.2.4. By Location
7. India Bus Travel Insurance MarketOutlook
7.1. Market Size & Forecast
7.1.1. By Value
7.2. Market Share & Forecast
7.2.1. By Source
7.2.2. By Insurance Cover
7.2.3. By User
7.2.4. By Location
8. India Aviation Travel Insurance MarketOutlook
8.1. Market Size & Forecast
8.1.1. By Value
8.2. Market Share & Forecast
8.2.1. By Source
8.2.2. By Insurance Cover
8.2.3. By User
8.2.4. By Location
9. Market Dynamics
9.1. Drivers
9.2. Challenges
10. Market Trends & Developments
10.1. Merger & Acquisition (If Any)
10.2. Product Launches (If Any)
10.3. Recent Developments
11. Disruptions : Conflicts, Pandemics and Trade Barriers
12. Porters Five Forces Analysis
12.1. Competition in the Industry
12.2. Potential of New Entrants
12.3. Power of Suppliers
12.4. Power of Customers
12.5. Threat of Substitute Products
13. India Economic Profile
14. Policy & Regulatory Landscape
15. Competitive Landscape
15.1. Company Profiles
15.1.1. TATA AIG
15.1.1.1. Business Overview
15.1.1.2. Company Snapshot
15.1.1.3. Products & Services
15.1.1.4. Financials (As Per Availability)
15.1.1.5. Key Market Focus & Geographical Presence
15.1.1.6. Recent Developments
15.1.1.7. Key Management Personnel
15.1.2. HDFC ERGO General Insurance
15.1.3. ICICI Lombard
15.1.4. Bajaj Allianz
15.1.5. SBI General Insurance
15.1.6. Royal Sundaram
15.1.7. Chola MS
15.1.8. Reliance
15.1.9. Apollo Munich
15.1.10. Religare
16. Strategic Recommendations
17. About Us & Disclaimer