The revised Schengen visa regulations, offering frequent Indian travellers the opportunity to obtain multi-year visas spanning up to 5 years, are poised to bolster outbound travel from India to European destinations. Also, this will lead to a gradual increase in European travellers booking long-term travel insurance.
A Schengen visa is a permit that allows you to travel throughout the Schengen Area, which consists of 29 European countries that have gotten rid of most of their border controls.
Also Read: Affordable Health Insurance Sees High Demand, Employer Policies Not Sufficient: Report
With a single Schengen visa, you can visit all the Schengen Area countries. You don’t need a separate visa for each country.
Under the recently implemented visa cascade system for India, Indian citizens are eligible to receive extended multi-entry Schengen visas lasting for two years, following the lawful utilisation of two visas within the preceding three years.
Throughout these visas’ validity, individuals from India can enter and exit Schengen countries on multiple occasions without requiring additional visas.
Travel Insurance Gets Boost
According to the latest data shared by Policybazaar, there is already a 3-4% increase in users booking travel insurance policies exceeding 45 days in April 2024, a trend expected to rise further due to the relaxed visa norms.
The insurance marketplace also shared that Schengen destinations also see a 100% jump in senior citizen travellers and a notable uptake in travellers declaring pre-existing diseases.
According to Policybazaar’s data, a whopping 82% of Indian travellers are drawn to destinations like France, Switzerland, Italy, Germany, Netherlands, and Spain in the upcoming season.
Policybazaar’s data indicated that travellers to Schengen destinations aged 70 and above have doubled in number since FY23. Interestingly, the proportion of Indian travellers aged 31-45 visiting Schengen countries has also increased compared to last year.
Not just this, this year also saw a notable 15% increase in travellers declaring pre-existing conditions (like Diabetes, Hypertension, etc) when travelling to Europe as compared to last year.
Also, this year, the travellers have shown a remarkable interest in selecting appropriate add-ons for their travel insurance. Riders covering baggage or belongings loss, trip cancellation, adventure sports coverage, and pre-existing disease (PED) coverage emerged as the most sought-after add-ons for travel insurance.
Another intriguing trend noticed was a 40% drop in users buying travel insurance in Euros, which can be attributed to the fact that embassies now accept coverage in dollars. This trend indicates a growing level of consumer awareness and knowledge.
Meanwhile, Europe’s embrace of the more advantageous visa regulations arrives just as the summer holiday season approaches, promising to stimulate the flow of Indian travellers to these destinations.
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