For short term foreign travel insurance....

..... I've been using IMG Global for my recent trips - it is available for us Indians through travelinsuranceindia.com. The policy to go for is Patriot America with Extreme Sports rider to cover Paragliding and it includes everything from emergency medical evacuation to the expenses for getting ones bodily remains or ashes back home, if it gets to that.

Well, as to the question of whether these guys are reliable, I tried calling their call center, had a couple of mail exchanges and these were professional enough. They have a list of cashless hospitals too (the ones in Indian cities looked good, so I assume that the ones abroad will be to the same standards).

Third party liability cover is not available through these folks though.