Pay 92 paise for Rs 10-lakh train travel insurance

TIL Desk/Business/New Delhi- 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. 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).