The Indian railways offers the option of travel insurance to passengers who book online tickets via IRCTC at just 35 paise.
With this, a passenger receives a claim of up to INR 10 lakh in the event of an untoward incident during the journey. The insurance companies provide the policy information to passengers via email and SMS and they also send a link to fill out nomination details.
The insurance amount is offered to the passenger based on the severity of the accident.
It is, therefore, a wise decision for passengers to opt for railway travel insurance owing to its low cost and a considerable claim amount. However, you can only claim the amount if you name a nominee in the insurance policy.
The maximum amount of Rs 10 lakh is offered to the nominee in the case of the death of the passenger or the case of complete disability due to the accident.
A sum of Rs 7.5 lakh is offered in the event of a partial disability and in the case of a severe injury, a hospitalisation fund of Rs 2 lakh is provided by the insurance companies.
Besides Rs 10 lakh, the insurance firms also pay an additional amount of Rs 10,000 to transport the dead body of a railway passenger.
The insurance is also valid in the case of robbery and loot.
That passenger or the nominee can file for the insurance claim in the event of a train accident by visiting the nearest office of the insurance company and completing the necessary paperwork.
The claimant should carry necessary identity documents such as the Aadhar Card, PAN Card among others while visiting the insurance company. The claim for the railway travel insurance can be filed within four months of the train accident.
At present the Indian railways have collaborated with three insurance firms — the ICICI Lombard General Insurance company, Shriram General Insurance Company and Royal Sundaram General Insurance Company.
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