Indian Railways is the lifeline of our country. It connects every nook and corner of the Nation, providing employment to lakhs of citizens. Rail travel is not only enjoyable, it’s the cheapest way to travel. Just think of all those trips you made, travelling by train, visiting some of the most beautiful places and seeing some amazing sights. What’s better than having a hot breakfast washed down with great coffee, early in the morning at a railway station? Priceless….
But, there’s a problem in paradise. On November 20th 2016, 14 coaches of the Indore-Rajendra Nagar Express derailed around 60 Kms from Kanpur, killing 150 citizens. This was the biggest rail accident in the World in 2016. On January 21st 2017, a passenger train from Jagdalpur to Bhubaneswar derailed, killing 41 passengers. Just a week ago, an alert train driver avoided a major tragedy near Diwa station in Thane, stopping the train just in time after he spotted a piece of rail placed on the tracks. These tragedies have frightened you and other citizens of our country. The Government is taking railway safety very seriously and could announce several measures to improve rail safety, when the Budget is presented tomorrow.
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The Railway Ministry had introduced an Indian railway travel insurance scheme for passengers booking tickets online, in September 2016. After all these rail accidents, this scheme has become very important. You can avail rail travel insurance when booking tickets online from the IRCTC website or even through its mobile app. You can book your ticket online and avail rail travel insurance of INR 10 Lakhs, just by paying a premium of 92 Paise….
The Railways has taken this scheme a step further…It has subsidized rail travel insurance. Today, rail travel insurance is absolutely free….All you have to do….Just opt for it when you buy your railway ticket online.
The rail travel insurance plan is valid right from the time of departure of the train, up to the arrival of the train at the destination. If a passenger who has availed insurance under this scheme is killed in a railway accident, due to collision between trains or a derailment or any kind of train accident, nominees can claim up to INR 10 Lakhs.
If you suffer permanent total disability in the train accident, you can claim up to INR 10 Lakhs. If you suffer permanent partial disability in the train accident, you can claim up to INR 7.5 Lakhs.
If you suffer an injury in a rail accident, you can claim hospitalization expenses up to INR 2 Lakhs. This includes hospital room rent, medicines and diagnostic tests, nursing charges and even ICU and operation theatre charges. An amount of INR 10,000 is given for carrying mortal remains for death in a train accident.
You simply opt for insurance under Indian Railway Passenger Insurance Scheme, while booking your rail ticket online. If you have a confirmed ticket or RAC (Reserved Against Cancellation) ticket, you get covered under the scheme.
You will then receive policy details on your registered mobile number and email ID. You then update nominee name and details before you start the train journey. If you appoint a nominee, claim settlement in case of an accident is quick and hassle free.
IRCTC (Indian Railway Catering and Tourism Corporation Ltd.) has a tie up with ICICI Lombard, Royal Sundaram and Shriram General Insurance, for easy issuance of the Indian Railway Passenger Insurance Scheme. You or nominee need to submit a report of the train accident from the railway authority, confirming the train accident to the Insurer. You or nominee then fills and submits a claim form, making a claim for death/disability. Medical reports, death or disability certificate, NEFT details, ID proof and a cancelled cheque must be submitted to the insurer. Your claim is likely to be settled within 15 days.
It’s time to put all worries aside and enjoy your train ride. With the Indian Railway Passenger Insurance Scheme you can rest assured, you and family are well taken care, in case of an accident. Be Wise, Get Rich.
Mr. C S Sudheer is the founder and CEO of IndianMoney.com – India’s largest Financial Education Company. He started his career with ICICI Prudential Life Insurance and later on worked with Howden India. After his brief stint in Howden India, he moved on and incorporated Suvision Holdings Pvt Ltd which is the sole promoter of IndianMoney.com. He aims to build a nation that is financially literate with investment savvy citizens.
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