Now it’s Sealdah–Ajmer Express which got derailed early morning today. Rising accidents in Indian Railways, in fact, are becoming a major issue and taking rail travel insurance is becoming a must for passengers. Although you cannot avoid financial losses from miss-happenings occurred via travelling, but you can secure your financial loss by taking a travel insurance policy.
How to get insured through IRCTC?
While booking your ticket on the IRCTC website, before making payments there is an option available to take rail insurance. By clicking on the yes option, you will be charged additional .92 paise per passenger in your ticketing amount and hence, you will get insured. However, children below the age of 5 years are not covered under IRCTC e-ticket insurance and also the citizen of foreign countries are not covered under such scheme.
What are the important points covered under the policy?
The accidental coverage will be given during the travel time. In the case of any accident occurring by any collision between trains, the derailing of the train carrying passengers, or any other kind of train accident, the passengers or the nominee can claim compensation in that case. The coverage of the policy will be as per the PNR basis where death, permanent total disability, permanent partial disability and hospitalisation charges will be covered.
Which companies are offering insurance?
Currently, there are three companies offering rail travel insurance – ICICI Lombard General Insurance Company Limited, Royal Sundaram General Insurance Co. Limited and Shriram General Insurance Company. Make sure after opting for the insurance, you have mentioned the nominee name by revisiting the IRCTC website under booking transactions or by directly clicking on the link provided to you through SMS.
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What are the benefits covered under such policy?
100% sum insured will be paid if a passengers die or get permanent total disability within 12 months of the date of the accident.
Maximum 75% of sum insured will be paid if a passenger gets permanent partial disability.
20% of hospitalisation and medical charges will be paid under the policy in case any such kind of treatments arises.
In other words, we can say, the sum assured paid under death and permanent total disability will be Rs.10 lakh, for permanent partial disability it will be Rs.7.5 lakh, for hospitalisation it will be Rs.2 lakh and for transportation of mortal remains it will be Rs.10000. Train accidents are defined under the section 123, 124, 124A of the Railways Act 1989.
When should the nominee claim for settlement?
If any of the nominees want to claim for such accident, they will have to claim the insurance company not exceeding 4 months from the date of an accident. Claims will be paid through NEFT process. Benefits under such condition will be paid within 15days after submitting the last document. At the time of settlement, the insurance company may ask for the KYC documents of the insurer/ nominee as per the AML guidelines. No claim shall be entertained in case of a fraudulent activity.