New Delhi: Private insurance companies received a premium of around ₹46 crores from the railway and its passengers in the last two years while making a payout of only ₹seven crores in claims under the national transporter’s travel insurance scheme, an RTI has found.
IRCTC, which is a wholly-owned undertaking of the Ministry of Railways, has entered into an agreement with three private insurance companies through limited tender – Shriram General Insurance Company Ltd, ICICI Lombard General Insurance Company Ltd, and Royal Sundaram General Insurance Company Ltd for its Optional Travel Insurance Scheme which was launched in September 2016 with a premium of ₹0.92 per passenger.
This facility is for confirmed/RAC railway passengers who booked e-tickets through the official website of the Indian Railway Catering & Tourism Corporation (IRCTC).
Under the scheme, a sum assured is paid to the victim/family or legal heir of the victim as the case may be in case of death/injury of reserved passengers due to train accident/untoward incidents.
While the national transporter bore the insurance premium till August 31, 2018, the cost was transferred to passengers, andd the tip was revised to ₹0.49 per passenger in October 2018.
According to the RTI reply received by Madhya Pradesh-based social activist Chandra Shekhar Gaur, while IRCTC has paid ₹38.89 crore to insurance companies, passengers have paid ₹7.29 crore in the past two years.
The travel insurance provides coverage of ₹ ten lahks for death and permanent total disability arising from any train accident or other untoward incident. For permanent partial disability, you get ₹7.5 lahks. The ₹2 lakh coverage for hospitalization expenses for injury is over and above the death or disability coverage.
The policy covers accidents, robberies, dacoity, and other violent acts during the train journey.
Insurance companies received 206 claims in the two years, while 72 were rejected.
Officials, when contacted, said claims were less in the last two years as the number of rail accidents had dipped significantly. Railway accidents decreased from 118 in 2013-14 to 104 in 2016-17, 73 in 2017-18, and 59 in 2018-19.
Railways also carry more passengers – there is an increase of 2.09% in the number of passengers carried by the Indian Railways during 2017-18 compared to 2016-17 and a 0.64 percent increase in 2018-19 compared to 2017-18.
Top-Up Insurance for Canadians
Top-up travel insurance is an effective option if you already have insurance but don’t have coverage for the entire period you’re away. This type of travel insurance plan is worthwhile in case you have work or charge card insurance, which can only cover you for the beginning of your trip.
Using your primary insurance plans for thethe 1st part of your journey and acquiring a top-up plan for the rest might be much less costly than investing in a brand-new policy for the entire period.
Baggage
Baggage insurance protects you and your loved ones in case your luggage is lost, stolen, or rescheduled. The benefit you can get from baggage insurance ranges from about $500 to $2000 per consumer, depending on your plan.
Your home insurance coverage often gives you some protection for your assets while you are traveling, but it will likely not cover baggage delays.
Medical Evacuation
Emergency medical evacuation insurance is especially necessary if you’re going on a cruise or are paying a visit to a remote location. If you fall ill aboard a cruise, an emergency medical evacuation by helicopter can easily cost $150,000.
Emergency health evacuation insurance can pay for transportation to the closest medical facility or your point of departure. All insurance policies call for pre-approval by a qualified medical expert. While medical evacuation is covered in many medical travel insurance policies, you can buy a separate medical evacuation insurance cover plan.
Be mindful if you’re considering obtaining insurance plans from the cruise company. Many cruise companies do not include medical evacuation plans in their travel insurance policies.
Pre-Existing Conditions
Suppose you have a pre-existing health condition (including diabetes or heart issues). In that case, a policy allowing coverage regarding pre-existing conditions is a must-have. A pre-existing condition is a health problem you might already have when the trip started, even if you didn’t have the problem when you obtained your insurance.
Insurance policies that allow for pre-existing medical conditions are typically more costly; nonetheless, at the very least, you’ll be covered if you have a medical disaster associated with your pre-existing condition. Any condition that appears from when you acquire your insurance plan to when yowhenyour vacation can be considered a pre-existing condition, even if you didn’t know about it when you purchased your insuraitgnant will often be viewed as a pre-existing condition by many travel insurers.
Accidental Death and Dismemberment
Accidental death and dismemberment is a worthwhile type of travel insurance generally speaking (though not guaranteed to be) covered in emergency medical travel insurance policies. This type of travel insurance will take care of you for injuries you get while riding as a fare-paying passenger on an airplane, helicopter, or common carrier (a bus, boat, or even train). A death benefit is also paid out (generally between 10,000 to 25,000) if you pass away on your voyage.
With its less-than-lovely title, an accidental death and dismemberment policy can pay you a set amount if you lose an arm or leg (or another part of your body) while on vacation.
