1. Indian Railways offers Rs 10 lakh insurance for 0.92 paise premium; over 4 million opt for it

Indian Railways offers Rs 10 lakh insurance for 0.92 paise premium; over 4 million opt for it

It seems that Suresh Prabhu-led Indian Railways' scheme to offer insurance cover for rail yatris has become a big hit among passengers.

By: | Published: September 13, 2016 4:52 PM
IRCTC insurance details, IRCTC insurance highlights, IRCTC insurance scheme, Indian Railways Railway Minister Suresh Prabhu today tweeted, “No. of people opting for new insurance scheme crossed 4 million mark. Scheme a great success!”

It seems that Suresh Prabhu-led Indian Railways’ scheme to offer insurance cover for rail yatris has become a big hit among passengers. Railway Minister Suresh Prabhu today tweeted, “No. of people opting for new insurance scheme crossed 4 million mark. Scheme a great success! One among many passenger friendly initiatives.” Prabhu had during his Railway Budget 2016 announced that Railways will provide the facility of optional travel insurance at the time of booking. The insurance cover being offered by Railways goes up to Rs 10 lakh and the premium is only 92 paise. Some reports even suggest that this may very well be the world’s cheapest rail travel scheme.

The passenger will be given the option of insurance cover at the time of booking the ticket on the IRCTC website. If the passenger decides to opt for it, then the premium amount will be added to the ticket cost. The insurance company will send an SMS or e-mail to confirm the policy number along with a link to update nomination details.

Also read: Air India eyes Rajdhani passengers: Why Suresh Prabhu’s Indian Railways is not worried

The coverage includes death or total disability insurance cover of Rs 10 lakh; partial disability insurance of up to Rs 7.5 lakh; hospitalisation expenses of up to Rs 2 lakh. The facility is available to those who book e-tickets through the IRCTC platform. This does not include the sub urban trains. It insurance scheme is available only for confirmed and RAC tickets and covers all passengers except children below 5 years of age and foreign citizens. However, no refund of the premium will be given in case of cancellation of the ticket.

The scheme is being implemented on a pilot basis by IRCTC in partnership with ICICI Lombard General Insurance, Royal Sundaram General Insurance and Shriram General Insurance selected through a bidding process. Acording to Railways, the insurance company is required to process the claim and send the cheque within 15 days of the receipt of the document. The claims for compensation should be lodged within four months of the event/accident.

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    Aditya Bhandari
    Sep 14, 2016 at 9:32 am
    Whom to address in case of any casualties is not very clear.
    Reply
    1. Kamlesh Purohit
      Dec 29, 2016 at 8:05 am
      another way that the govt is going to make money by con(ing) innocent people of india
      Reply
      1. V
        Venu Gopal
        Sep 15, 2016 at 2:01 pm
        Dear sir We live in india and to make claims for normal insurance schemes itself are not so easy...The money debited will go to railways and now railways has told to settle the claims with ICIC and others , I am sure to make claims with these MNC is taking pearl from ocean...... why not railways keep the money with them and use to disburse same amount to casulities.10 lakh as it says.Regards.B.V.G.Patnaik.
        Reply
        1. V
          Venu Gopal
          Sep 15, 2016 at 2:03 pm
          Venu GopalDear sir We live in india and to make claims for normal insurance schemes itself are not so easy...The money debited will go to railways and now railways has told to settle the claims with ICIC and others , I am sure to make claims with these MNC is taking pearl from ocean...... why not railways keep the money with them and use to disburse same amount to casulities.10 lakh as it says.Regards.B.V.G.Patnaik.
          Reply
          1. R
            Ravi upadhya
            Sep 14, 2016 at 2:54 pm
            Our railway minister doing very wellDigitalising , safety , advanced machinery to handle tracks almost we have to automise . Our existing network should modernised no of curves , double tracking New bridges we should design it for at least 250km by that with minimum investment we can speed upAlso urban and suburban railways to increase m public transports That you can make seperately
            Reply
            1. Sanjay Bhattacharya
              Sep 14, 2016 at 1:35 pm
              Very innovative idea to raise fund for railway and also giving security to people.
              Reply
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