The optional travel insurance scheme for train passengers, a runaway success for the Indian Railway Catering and Tourism Corporation (IRCTC) since its September launch, is now available at a token price of just one paisa!
Enthused by the burgeoning number of rail travellers opting for the optional travel insurance scheme, IRCTC has reduced the premium amount to an unbelievable one paisa from the 92 paise, albeit for a temporary period.
The reduced premium cost, which will be effective from tomorrow, 07.10.2016, Friday, will be valid for all tickets booked up till October 31, 2016.
“We have decided to implement the reduced price for the optional travel insurance scheme with immediate effect. It is a special promotional measure and the idea is to facilitate more and more rail travellers avail this scheme,” IRCTC Chairman and Managing Director Dr. A K Manocha said, adding: “It is a Diwali bonanza for our patrons.”
Dr Manocha informed that 1,20,87,625 train passengers had opted for the scheme till 0800 hrs of Thursday (Oct 6). The scheme which was introduced on September 1 this year had found acceptance with one crore passengers till September 29.
“The optional insurance scheme is a passenger-friendly measure, and the way it is being opted for by rail travellers is a proof of its growing popularity,” he pointed out.
The facility, which was announced in the Railway Budget 2016-17, allows a travelling passenger to get an insurance cover of up to Rs 10 lakh on booking a train ticket on the IRCTC’s portal. It offers travellers or their families compensation of up to Rs 10 lakh in the event of death or permanent total disability, Rs 7.5 lakh for permanent partial disability, up to Rs 2 lakh for hospitalisation expenses and Rs 10,000 for transportation of mortal remains in the event of death or injury from a train accident or other ‘untoward incidents’, including terrorist attacks, dacoity, rioting, shoot-out or arson, as well as for short termination, diverted route and Vikalp trains.
The facility is available for all rail passengers who book the e-ticket, excluding sub-urban trains, irrespective of the class of the ticket. The insurance cover is uniform for all classes and the option available through a checkbox at the time of e-ticket booking. The premium amount is automatically added to the ticket fare if the passenger opts for insurance. After the ticket booking and payment of premium, a message is displayed to complete the nomination details.
The scheme is being implemented by IRCTC in partnership with ICICI Lombard, Royal Sundaram and Shriram General.
In case of passenger opting for insurance, the claim/liability is between passenger and the insurance company. In the event of a death due to accident, 100 per cent of the sum insured will be paid by the company.