If you are travelling on a Schengen Visa, travel insurance is mandatory. In this article, Anoop shares his experience of buying Schengen travel insurance.
Note: My limited understanding is that, in principle, it may be possible for Indian residents (without any sponsors in Europe) to buy Schegne insurance from European insurers, but it won’t be easy. In such a case, buying it from Indian insurers is the easiest choice, although it could be far from perfect, as explained below.
Living in Germany made me think it could be the world’s insurance capital. They offer insurance for almost everything – from liability insurance to lawyers’ insurance and even insurance covering cremation expenses!
Healthcare costs in Germany are significantly higher than in India. However, Germany has a public health insurance system available to every legal resident, covering all medically necessary procedures without further questions if a doctor recommends them.
Doctors also inform patients if a proposed procedure is not covered by insurance. This system is transparent and effectively mitigates health-related risks. Initially, I believed that this comprehensive coverage was possible because the system was heavily subsidized by the government.
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However, my perspective changed when I looked for Schengen travel health insurance for some family members planning to visit. At first, I considered Indian insurance companies but faced limited availability and premiums ranging from 6k to 11k INR for up to USD 250k coverage for two people. Also, the policies were riddled with complex clauses designed to avoid covering real risks.
I became suspicious and consulted my fellow expats. Their feedback was clear: many people had already experienced problems due to the reluctance of our insurance companies to reimburse medical costs incurred in Germany. They recommended getting incoming travel health insurance from German companies instead.
I assumed these policies would be more expensive due to the lack of government subsidies. To my surprise, German travel health insurance premiums were around 20k INR for two people, offering unlimited coverage with straightforward terms and conditions – no pre-existing disease clauses, etc., and with a 100 Euro deductible.
Although the premiums were higher, they covered the risks. I chose ERGO Insurance, the same company that partners with HDFC in India to offer health insurance. Interestingly, HDFC-ERGO does not offer Schengen travel insurance for people aged 70+.
So, if you want genuine coverage during Schengen travel, it is better to avoid Indian travel health insurance. While younger, healthier travellers might find Indian policies attractive due to lower premiums, older individuals and those seeking hassle-free reimbursements may opt for insurance from Germany or another EU host country.
Our country has a market for no-nonsense policies that cover practical risks without complex clauses. I would not mind paying double the premium for such a policy. A deductible and even a co-pay are clear and understandable (known expenses – not a risk), but what is not okay are clauses that leave you uncertain (real risk) even after you have bought a health insurance policy. Such policies are feasible and profitable; otherwise, private companies in Germany would not offer them.
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Dr M. Pattabiraman (PhD) is the founder, managing editor and primary author of freefincal. He is an associate professor at the Indian Institute of Technology, Madras. He has over 14 years of experience publishing news analysis, research and financial product development. He is a patron and co-founder of “Fee-only India,” an organisation promoting unbiased, commission-free, AUM-independent investment advice. Connect with him via Twitter(X) LinkedIn YouTube Pattabiraman has co-authored three print books: (1) You can be rich too with goal-based investing (Published by CNBC TV18) for DIY investors. 
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