10 lakhs insurance cover from Indian Railways to the passengers

Indian Railways

Indian Railways are the largest network in the world and governed by the Indian government. It is the one of the most revenue generation system for Indian financial system.

Over the 163 years Indian Railways are the being in the service and gives extraordinary services to the indians. With years and years Indian railways now also helped people to traveling to neighbouring countries like Myanmar, Nepal, Pakistan.With the revenue exceeding $24 billion Indian Railway reported to carry a marvelous 23 million peoples per day.

Rs 10 lakhs insurance for passengers

Now for the passengers Indian Railway introduced an innovative scheme that helps passengers to get an insurance covered with a whopping amount of 10 lakhs. The benefits are given by the Indian Railway Ministry and Customers can avail this benefit at the time of booking ticket from the IRCTC website and also this benefit is available at a minimum premium of 92 paise only.

What are the insurance specifics?

After the railway Minister suresh prabhu announced an optional travel insurance coverage for train travel during his budget speech, the scheme was officially launched on 2nd September.

The insurance coverage will provide to the travellers or their nominees, with 10 lakh in case of death, and nearly 7.5 lakhs in case of partial disability and 2 lakhs will be provided for hospitalization expenses.

Who is not covered in the insurance?

Passengers travelling with suburban trains and children below 5 years of age are eligible for the insurance. While passengers having confirmed, RAC and waitlisted tickets will be eligible for the benefits.

Who are the insurance players?

The facility is being through into effect with partnership with multiple insurance companies and they were selected through a bidding process, in which 19 companies had participated.

The selected insurance firms will be issuing the insurance policies on a rotational basis, with a one-year contract that may extend based on performance.

What about the cancellation of tickets?

The Railway Ministry announced that there will be no refund of the premium that is paid during the ticket booking process if the ticket is cancelled.