[www.keralites.net] INSURANCE COVER FOR PASSENGERS IN INDIA

 

 

 
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The Indian Railways (IR) has selected three insurance companies — 

Shriram General Insurance, ICICI

Lombard General Insurance and 

Royal Sundaram General Insurance — 

for insuring its passengers.

To begin next month, it would be among the cheapest in the world, 

at a premium of 92p a passenger for coverage up to Rs 10 lakh. 

The three were selected through competitive bidding, among 17 companies.

At first, insurance would be available for those who book tickets online. 

Later, the scheme could be extended to season ticket travellers, 

where for a premium of Rs 200-300, they will get annual coverage.

"Irrespective of class, destination and distance to be travelled, 

the rate of premium and coverage would be uniform. 

Travellers who book tickets online through our website can opt for it

 giving a nominee's name. Later, it might be extended to unreserved travellers and 

monthly season ticket holders," said A K Manocha, chairman and managing director of

 Indian Railway Catering and Tourism Corporation (IRCTC), an IR subsidiary that

 handles online ticketing, catering and rail tourism.

In the case of death or permanent disability of the traveller, Rs 10 lakh will be provided. 

For permanent partial disability, the coverage extends to Rs 7.5 lakh; for 

hospital expenses, the coverage would be up to Rs 2 lakh.

In addition, the insurance would provide Rs 10,000 for transportation of 

mortal remains. Apart from rail mishaps, the coverage would take care of

terrorist attacks and accidental fall of a passenger from a train and 

normal accidents, riots, robbery and dacoity.

Of the three companies selected, each would get insurance

policies on a rotation basis from an automated system.

Shriram General Insurance was the lowest bidder, quoting 92p. ICICI Lombard 

quoted 99p and Royal Sundaram Rs 1.15. 

The other two will have to match the lowest bid of 92p.

Since 1994, the railways had been paying an annual premium to insurers, 

through which those on a valid ticket in a passenger train, as also platform ticket holders,

 were insured. According to media reports, it was discontinued in 2008-09, citing

 higher premiums as a reason. Since then, IR has been compensating for 

deaths and injuries from its own revenue.

On an average, about 15,000 people are said to die in rail mishaps yearly. 

According to the National Crime Records Bureau, in 2014, 28,360 rail accidents

 were reported, in which 3,882 were injured and 25,006 lost their lives.

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