New Delhi: With more than 3.08 crore Indian travellers moving abroad for vacation in 2024, nearly 27 per cent took personal loans to travel for the trip. Where Schengen visa rejections alone wiped out Rs 136 crores in application fees, and now India’s travel insurance market is racing toward a $4.17 billion valuation by 2031, the data report by ICICI Lombard and Hansa Research shares.

The report estimates that India will become the world’s fifth-largest outbound travel market by the end of 2027, rising from 10th place in 2019. The surge is being powered by the increase in income rates, digital bookings, visa relaxations, flexible financing options and a generational shift in how Indians view travel over the generations; it is not a luxury anymore but an essential part of living and relax

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