Today's Cancelled Trains
Ministry of Health
21:47
Showing posts with label Insurance. Show all posts
Showing posts with label Insurance. Show all posts
Wednesday, 8 April 2020
Thursday, 25 October 2018
Friday, 7 September 2018
Saturday, 28 October 2017
PoP
09:17
PFRDA:Increase Pension Coverage &Incentives Payable to POPs,NPS
PFRDA:Increase Pension Coverage &Incentives Payable to POPs,NPS
PFRDA
takes a new initiative to increase pension coverage by increasing the
incentives payable to Points of Presence (POPs), the principal distributive
points for NPS.
Pension Fund Regulatory and Development Authority (PFRDA) has
taken several initiatives in the past few years to increase pension coverage in
the country, notably introducing e-NPS, reducing minimum contribution levels,
new investment instruments, aggressive life cycle funds etc. PFRDA has now taken a further step in this direction by increasing
the incentives payable to Points of Presence (POPs), the principal distributive
points for National Pension System (NPS).
|
Principal Distribution Point
|
Services offered
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Current Charge
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New Charge
|
|
POP
|
Initial Subscriber Registration*
|
Rs. 125/-
|
Rs. 200/-
|
|
Initial Contribution
|
0.25% of the contribution Min: Rs.
20/- & Max : Rs.25,000/-
|
0.25% of the contribution Min: Rs.
20/- & Max : Rs.25,000/-
|
|
|
All Subsequent Contribution
|
|||
|
All Non-Financial Transaction
|
Rs. 20/-
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Rs. 20/-
|
|
|
Persistency*
|
-----
|
Rs. 50/- per annum (only for NPS-All
Citizen)
|
|
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e-NPS* (for subsequent contributions)
|
0.05% of the contribution Min Rs 5/-
& Max Rs 5000/- (Only for NPS- All Citizen and Tier-II Accounts)
|
0.10% of the contribution Min Rs 10/-
& Max Rs 10000/- (Only for NPS- All Citizen and Tier-II Accounts)
|
*Changes
effected
A new incentive towards increasing persistency has been introduced
under which POPs will receive an incentive of Rs. 50/- per account per annum
for every account which continues to contribute a minimum of Rs 1000/- in a
financial year.
PFRDA believes that the renewed incentive will help in increasing
the reach of pensions in India, through the efforts of Points of presence
(POPs).
Source:PIBNEWS
Tuesday, 8 November 2016
waitlisted
08:36
Indian Railway Travel Insurance Scheme
Indian Railway Travel Insurance Scheme
The scheme offers a compensation of Rs 10,00,000 for death or permanent total disability and Rs 7,50,000 for partial disability.
1. The scheme is optional and available for all passengers who book their ticket online.
2. The premium is 92 paise for each passenger, which is inclusive of all taxes.
3. This scheme is available for passengers holding confirmed, RAC and waitlisted tickets. However, no refund of the premium will be issued if the ticket is cancelled.
4. The scheme offers a compensation of Rs 10,00,000 for death or permanent total disability; Rs 7,50,000 for partial disability; Rs 2,00,000 for hospitalization expenses for injuries; and Rs 10,000 for transportation of mortal remains.
5. The cover is not applicable for children up to five years of age and foreign citizens, and for suburban railway travel.
Monday, 10 October 2016
News
08:56
Insurance Coverage for Gadgets- Mobiles,Laptops -Indian Railways
Insurance Coverage for Gadgets- Mobiles,Laptops -Indian Railways
IRCTC plans insurance cover for mobiles,Laptops
Buoyed by the success of the 92-paise travel insurance policy for passengers, IRCTC is now planning to launch another scheme for passengers' gadgets like mobile phones and laptops.
The first round of meeting in this regard was held between IRCTC officials and insurance companies, IRCTC Chairman and Managing Director A K Manocha said.
"There are some concerns that insurance companies have about false claims. We have shared a few ideas with them and also asked for their suggestions. Offering this policy to credit card holders or government officials in the initial stage is one of the ideas we have floated to mitigate cases of false claims," he said.
Manocha wishes to make this scheme available both in cases of rail accidents as well as of thefts.
He said, "I am trying hard to push companies to give insurance cover in instances of theft as well. So far, they have expressed their willingness to offer it only in cases of mishaps."
The proposal follows the success of the travel insurance scheme launched by IRCTC last month.
Already over one crore passengers have opted for it.
The policy unveiled last month offers insurance cover of up to Rs 10 lakh for a premium of 92 paise in case of accidents or an untoward incident like terrorist attack, dacoity, rioting, shootout or arson.
To promote this scheme during the festive season, IRCTC has in fact decided to reduce the premium from 92 paise to 1 paisa for tickets booked between October 7 and October 31 as part of its Diwali bonanza.
Source:Business Standard
Thursday, 25 August 2016
irctc
07:44
Pay 92 paise for Rs 10-lakh train travel insurance
Pay 92 paise for Rs 10-lakh train travel insurance
Shri Ram General, ICICI Lombard & Royal Sundaram selected; scheme begins next month for online bookings
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.
Others in the fray were HDFC Ergo, Reliance General Insurance, Apollo Munich Health Insurance, New India Assurance, Tata AIG, Bharti Axa, National Insurance, Iffco Tokio, Bajaj Allianz, Oriental Insurance, Star Health & Allied Insurance, CholaMandalam MS, United India Insurance and Future Generali India.
“There is no data available to suggest this is the cheapest in the world. However, it is sure that this premium is way below the global market standards. Though travel insurance compensation for flights are higher, ranging about Rs 75 lakh, the premium is also on the higher side, Rs 2,000-3,000,” said V Ramakrishna, founder of India Insure, a Hyderabad-based insurance broking house.
Compared to the proposed railway insurance, which comes at 9.5p per Rs 1 lakh cover, airline insurance comes to Rs 26 at the lower end of the premium.
The railway scheme is in line with the present government’s policy of affordable insurance schemes like the Pradhan Mantri Jeevan Jyoti Bima Yojana and Suraksha Bima Yojana, where for an annual premium of Rs 330 and Rs 12, respectively, consumers get coverage of up to Rs 2 lakh.
Viability
Some doubt if the companies selected would find this sufficiently viable. About 59 per cent of IR tickets are booked online. The IRCTC site sees 3.2 million average daily user log-ins, with an average of 550,000 tickets booked a day, for about a million passengers.
“I doubt whether this would be viable for the companies. Earlier, too, the railways used to buy a similar scheme. It needs to be seen whether IR is washing its hands off from the huge compensation they have to pay to passengers in an accident, putting the onus completely on insurance companies. It would only be viable if there are no major accidents in a year,” Ramakrishna added.
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 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.
Source:Business Standard
Saturday, 5 December 2015
train accident
15:19
Indian Railways likely to provide Accident Insurance to Train Passengers
Indian Railways likely to provide Accident Insurance to Train Passengers
New Delhi: The railway ministry is working towards providing accident insurance to passengers, officials said on Wednesday, a move which could see the end of complex procedures for payment of compensation by the public sector giant which ferries around 23 million people daily.
Senior officials in the ministry said railway minister Suresh Prabhu has proposed farming out the job to public sector insurance companies.
“The New India Assurance Company has agreed to partner with the Indian Railways. In all likelihood, a policy statement on the matter will be made by the railway minister in his upcoming budget speech,” a senior ministry official said.
As of now, travel on the Indian Railways’ 64,500-km network is not insured and compensation to accident victims or their families is given on the basis of decrees from 21 benches of the Railways Claims Tribunal spread across the country.
Railways ministers also award compensation amounts out of their discretionary funds.
Officials admitted that the present system was riddled with corruption.
“Compensation claims departments across different railway zones have turned into breeding grounds for corrupt practices on account of the involvement of unscrupulous agents and local mafia, while families of genuine accident victims are left to fend for themselves. The existing system serves nobody except those with vested interests,” the official said.
The Indian Railways – whose daily passenger number equals the populations of Australia and New Zealand put together – had also faced allegations of being insincere and lax in payment of compensation.
Following a public interest litigation filed by two advocates – Setu Niket and Isha Majumdar – the Delhi high court last month directed the Railways to raise the compensation amounts, last reviewed in 1997.
If implemented, the move would mean big business opportunities to insurance companies.
Even if only the estimated 1.2 million reserved category passengers are insured, the business could be worthwhile for the insurance companies, ministry officials said.
“To begin with, the insurance surcharge on passenger tickets is likely to be made optional,” an official added.
Sunday, 15 November 2015
News
08:26
Xiaomi launches insurance plan for devices in India
Xiaomi launches insurance plan for devices in India
KOLKATA: Xiaomi, China's leading smartphone maker, has launched its Mi Protect insurance plan in India to secure its devices from accidental and liquid damage.
The Mi protect plan comes with free home pick-up and drop-off as well as a free second servicing within a year of activation, Xiaomi India said in a statement Wednesday.
The Mi protect insurance plan pricing varies across Xiaomi smart devices sold in India. Under the scheme, the insurance payouts towards the company's popular Redmi 2 and Redmi 2 Prime devices is Rs 275, while for the more expensive flagship Mi 4i smartphone and the Mi Pad, the payout is Rs 499.
Mi Protect plans are available with all Xiaomi devices available on Mi.com, which is the company's own e-commerce site.
Apart from providing Xiaomi customers in India with cashless repairs at all authorised service centres, the Mi Protect plan also comes with an array of services, including 24 x 7 call centre support, a SIM misuse insurance cover upto Rs 3,000 and a SIM block facility anywhere in the world.
Source:The Economic Times
Source:The Economic Times
Thursday, 30 July 2015
strike
08:56
All India Strike on 2nd September 2015
Against FDI in Railways, Insurance and Defence: Item No. 9 - Explanatory Notes - Charter of Demands - All India Strike 2nd Sep, 2015
2015 SEPTEMBER 2nd ALL INDIA STRIKE - CHARTER OF DEMANDS AND EXPLANATORY NOTES
CHARTER OF DEMANDS.
Item No. 9. Against FDI in Railways, Insurance and Defence.(ii) No Privatisation, PPP or FDI in Railways, Defence Establishment and no corporatization of Postal services.
The first Industrial Policy resolution of Free India was notified in 1948. The defense production specially arms and ammunition, Atomic Energy and Railway Transport were the three sectors where private entry was barred by the Resolution for the sake of National Security and people’s welfare. In 1956, the Government of India revised the resolution to bring in 17 Sectors in the exclusive realm of Government. In 1991, to usher in the LPG policies, Narasimha Rao Government amended the resolution to de-reserve nine of the seventeen. Railways, Defence production, Atomic Energy continued to be barred to private Entrepreneurs. The NDA Government in which BJP was the predominant partner further liberalized the resolution in 1999 but still retained the Defence production, Atomic Energy and Railways within the exclusive Governmental Sector. The Defence production went in for partial privatisation when the Government allowed FDI to the extent of 26% whereby the foreign Arms manufacturers were permitted access to the vital Defence sector, disregarding the national security perspective. In all developed Nations, Arms manufacturing is a business intended to make profit. In other words, war was and is business to them and war related agony to be the market for profit. Defence production for them was not only for the purpose of defence of the country but for waging offensive wars also. What is now decided by the present Government is to make Indian defence production on line with the international standards; i.e. attune it to make profits through export for which war perception and hysteria has to be created as a marketing technology ..Eventually this will lead to closure of Department controlled Defence production units, unable to face the unscrupulous competition from the Transnational Corporations driving thousands of workers to poverty and penury. The present decision of the Government to increase FDI in defence production to 49% will leave no room for the existing Defence production unit to survive.
On 22nd August, 2014, the Modi Government amended the1991 Government of India’s Industrial Policy Resolution replacing the words “Railway Transport” as “Railway operations” . Simultaneously, they also announced the induction of 100% FDI in Railways including operation, construction, design and maintenance. Contrary to the general perception, assiduously generated, Railways is not a loss making entity in India. The profit after dividend in FY 2013-14 was Rs. 7942 Cr. And the dividend paid to Government was Rs. 7839 Cr. The social obligation cost was of the order of Rs. 21.391 Cr. which the Government has not paid back to Railways at all. In other words, the Railways in the year 2013-14 have made a clean profit of Rs. 29333 Cr.
British India made the first experimentation of private operations of Railways by offering a guaranteed 5% return on investments. Neither the Railway net work was expanded, nor were the Government or the customers benefitted. British Government had to ultimately rescind its decision and took over the Railway operations in 1924.
Neither FDI nor the PPP will help the Railways. The DMRC had to ultimately take over the Airport Express Line and run it, for the Reliance who undertook the construction on PPP model found it not profitable. The induction of FDI and the consequent privatization of Railways will make Rail journey beyond the reach of the poor people of India. In the bid to maximize profits, Railways will be compelled to charge enormously for its services. The unprofitable lines will be closed down. No social obligation will be undertaken by the Railways. Lakhs of Railway workers will be compelled to seek employment elsewhere.
The Committee set up by the Government to suggest methods of reform in Railways under the Chairmanship of Shri Bibek Debroy submitted its report in March, 2015. The voluminous report has drawn the roadmap for eventual privatization of railway operations. In its core recommendations, it has suggested that there must be a change in the institutional arrangement between the Railways and the Government and introduce competition in the functioning of the Railways. In other words, Railway operations must be open to private enterprises so as to have competition. The Committee also inter alia suggested that the policies (and especially the fare fixation) must be left to a Railway Regulatory Authority and the Government should be divested of its present power to fixing or restricting the railway fare. One of its other bizarre recommendations is to introduce the bullet bond system for payment of retirement benefits to the employees with a lock in period of 20 to 30 years. i.e. the Retired personnel of Railways will provide the funds out of their legitimate dues after serving for 30 to 40 years to enable the Railways to make investment.
Railway will become a loss making enterprise in the days to come as is the case with the Railways in most of the advanced capitalist countries of Europe. The present decision of the Government to have 100% FDI in Railways, to say the least, is an unpatriotic act in search of profit. The Government of the day has thrown a challenge to working people of the country in general and Railway and Defence workers in particular.
The Task force set up by the Government under the chairmanship of Shri T.S.R.Subramaniam, former Cabinet Secretary to the Government of India, has recommended to convert the postal department into a corporate entity, perhaps on the lines the Telecom was made into BSNL,VSNL and MTNL. The Company so formed will have five subsidiary arms. The Corporatisation route may not bring about an immediate reduction in the manpower, but eventually will. The entire social obligations will be thrust upon the new company while the private players will take the creamy part of the communication business as was done in the case of Telecom. In the longer run, the Public Sector Company so formed would be made to incur losses and public opinion generated for its closure. Let there be no illusion; the Government’s decision is to privatize and make available the huge infra structure built over centuries of postal operations to the private enterprises ( As they eye only the prime real estate in the possession of the Postal Department) as also to hand over the lucrative business of Postal Banking and Postal Insurance to Transnational Corporations in the Banking and Insurance sectors.
ALL ITEMS OF CHARTER OF DEMANDS.
1. Urgent measures for containing price-rise through universalisation of public distribution system and banning speculative trade in commodity market [view].
2. Containing unemployment through concrete measures for employment generation. (iii) No ban on creation of new posts. Fill up all vacant posts [view]
3. Strict enforcement of all basic labour laws without any exception or exemption and stringent punitive measure for violation for labour laws. Against Labour Law Amendments [click to view]
(viii) No labour reforms which are inimical to the interest of the workers.
4. Universal social security cover for all workers
(v) Scrap PFRDA Act an re-introduce the defined benefit statutory pension scheme. (6)Assured enhanced pension not less than Rs. 3000/- P.M. for the entire working population.
5. Fix minium wage with provisions of indexation.
(i) Effect wage revision of the Central Government Employees from 01.01.2014 accepting memorandum of the staff side JCM; ensure 5-year wage revision in future; grant interim relief and merger of 100% of DA; Include Gramin Dak Sevaks within the ambit of 7th CPC. Settle all anomalies of 6th CPC.
6. Stoppage of disinvestment in Central/State PSUs. . Stoppage of contractorisation in permanent perennial work and payment of same wage and benefits for contract workers as regular workers for same and similar work.
(v) No outsourcing, contractorisation, privatization of governmental functions; withdraw the proposed move to close down the printing presses, the publications, form stores and stationery departments and medical stores Depots; regularize the existing daily-rated/casual and contract workers and absorption of trained apprentices.
7. Removal of all ceilings on payment and eligibility of bonus, provident fund; increase the quantum of gratuity.
(ix) Remove the ceiling on payment on bonus
8. Compulsory registration of trade unions within a period of 45 days from the date of submitting applications; and immediate ratification of ILO Convention C 87 and C 98.
(vi) Revive the JCM functioning at all level as an effective negotiating forum for settlement of the demands of the Central Government Employees.
9. Against FDI in Railways, Insurance and Defence.
(ii) No Privatisation, PPP or FDI in Railways, Defence Establishment and no corporatization of Postal services.
10 Remove arbitrary ceiling on compassionate appointment.
11. Ensure five promotions in the serve career.
Source: www.staffnews.in
Saturday, 25 July 2015
Indian Railways decide to buy insurance cover for its passengers against possible baggage loss, and death
Indian Railways decide to buy insurance cover for its passengers against possible baggage loss, and death
New Delhi: Next time when you lose your baggage while travelling by the Indian Railways, or need to claim compensation for accident victims, you may not need to run from pillar to post and wait for years before the cheque lands at your door. The largest transport network in the world has just decided to buy insurance cover for its passengers against possible baggage loss, and death.
State-run New India Assurance is the frontrunner for a tie-up with the Indian Railway Catering and Tourism Corporation (IRCTC), a unit of the Indian Railways which runs other businesses associated with the railways.
“We are very close to finalising the deal with IRCTC,” said an executive of an insurance company. “Premium will be based on the type of coach and number of hours of journey. IRCTC will have to upgrade the IT system to start selling insurance.”
The sum assured for the personal accident cover could be in the range of Rs 5 lakh to Rs 10 lakh depending on the class of travel. The baggage loss cover would range from Rs 5,000 to Rs 20,000, said those people.
Indian Railways, which carries more than 25 million people, often faces passengers’ ire when it comes to security of their belongings with theft a fairly regular issue in some parts of the country. Also, the poor state of infrastructure has led to high rates of accidents which have also led to loss of lives. The railways, under minister Suresh Prabhu, which is focusing on customer service, will be better positioned to redress grievances with insurance cover.
But the comfort of compensation will come with a price. Passengers will have to pay small amount as premium. Under the earlier arrangement, premium cost was borne by the railways.
Private sector companies are not very enthusiastic about the cover as the pricing could be inadequate to sustain the business.
“This has not been a profitable segment for insurance companies and railways opted to go without insurance for four years,” said a senior executive of a private sector insurance company. The bit and potentia for losses is very high. Even under schemes like Pradhan Mantri Jeevan Suraksha, the scope of claims are enormous.
The government has taken initiatives to provide social security cover for nominal amount under various schemes. Pradhan Mantri Suraksha Bima Yojana is the personal accident policy for sum assured of Rs 2 lakh for a nominal amount of Rs 12 a year. Similarly, life insurance policy Pradhan Mantri Jeevan Jyoti Bima Yojana for Rs 2 lakh is available for Rs 330.
Thursday, 2 July 2015
vishakpatnam
07:40
IRCTC Offers ‘Tirupati Balaji Darshan’ Tour Package between Vizag-Tirupati on Fridays
IRCTC Offers ‘Tirupati Balaji Darshan’ Tour Package between Vizag-Tirupati on Fridays
Visakhapatnam (VSKP): The Indian Railway Catering and Tourism Corporation (IRCTC) is conducting a special ‘Tirupati Balaji darshan’ package that takes care of their itinerary, including VIP darshan of Lord Venkateswara.
The three nights and four-day trip begins on Fridays from Visakhapatnam, which is also the de-boarding station on the conclusion of the tour. The package cost per person is Rs 4,093.
The tour package comprises road transport, accommodation, onward and return train journey in sleeper class (non-ac), guide services and travel insurance. Further, one-night accommodation is provided in non-a/c rooms on twin and triple-sharing basis at Tirupati in Srinivasam Residency.
As part of the package, the IRCTC will take care of transportation and sightseeing by a non-ac vehicle on sharing basis. Meals include two breakfasts, lunch and dinner. The package includes darshan tickets for Tirumala, Tiruchanuru, Sree Kalahasti, Kanipakkam and Srinivasa Mangapuram.
According to IRCTC manager Sandip Dutta, the package has been getting good response as it ensures darshan of the famous Tirumala shrine, besides other places. The package would help people who wish to utilise LTC and LFC. More details can be obtained at toll-free number 1800-110-139.
Monday, 20 April 2015
travels
10:47
Passengers could claim the insurance money in case of lost or theft of baggage -Indian Railways
Railways to Launch baggage Insurance Plan for Passengers
The Railways is planning to launch Baggage Insurance Service to the passengers, wherein passengers will be compensated for valuables that they lose during the train journey.
Sources said talks were on with the New India Assurance to provide the service.
Passengers could claim the insurance money in case of lost or theft of baggage and goods such as laptop, mobile phone and other valuables. The service would be offered to passengers booking tickets online through the IRCTC website, but would not be mandatory.
“We are formalising tie-up with a leading insurance company for offering baggage insurance service to e-ticket customers. A customer will be given an option to avail of the insurance coverage, which will not be mandatory,” said an IRCTC official.
The customer will be given an option to avail the insurance coverage, which will not be mandatory. Around 2 million passengers travel every day and about 52% opt for e-ticketing. He said the insurance premium would depend on the length of the journey and also the class of travel.
Also, efforts are on to offer services such as hospitalisation of passengers, if need arises, during the journey. Besides, the passengers are now offered e-catering and concierge services while booking tickets on certain trains and routes.
Over two million passengers daily use the railways for travel, with half of them booking tickets online through the IRCTC website, the official pointed out.
Thursday, 16 April 2015
Passengers
06:37
IRCTC plans for ‘Travel Insurance Services’ for Railway passengers
IRCTC plans for ‘Travel Insurance Services’ for Railway passengers
New Delhi: magine paying Rs.22 for a 24-hour train journey (apart from the ticket fare, of course) and getting Rs.5 lakh as accident compensation, Rs.5 lakh in case of hospitalisation arising out of a train accident and Rs.50,000 for baggage loss?
In possibly the most ambitious plan to give insurance to railway travellers, the Indian Railway Catering and Tourism Corporation (IRCTC) has taken the first step towards what the railway firm calls ‘travel insurance services’.
How will it work?
The time period of a journey itself has been divided into four parts — journeys of about eight hours, those up to 24 hours, up to 36 hours and the ones above 36 hours.
For example, for an insurance of Rs.2.05 lakh, which consists of Rs.1 lakh each for accident and hospitalisation and Rs.5000 for baggage loss, the premium comes up to Re.1 for an eight-hour journey, Rs.1.25 for a 24-hour journey, Rs.1.50 for a 36-hour journey and Rs.1.75 for a journey above 36 hours.
Similarly, for an insurance of Rs.4.25 lakh, where Rs.2 lakh each is for accident and hospitalisation and Rs.25,000 for baggage loss, the premium comes to Rs.10 for an eight-hour journey, Rs.11 for 24 hours, Rs.12 for a 36-hour journey and Rs.13 for travel above 36 hours.
When is it expected to be launched?
According to IRCTC managing director Dr AK Manocha, the tie-up with insurance major New India Assurance has been done and the final product should be launched in “a matter of weeks”. “We will be offering a bouquet of services which those booking tickets on the IRTCTC website can opt for. The insurance will depend on the length, class, etc, of the journey but what we can assure the commuter is that it will be among the best travel insurance services,” Manocha told.
What’s Rlys doing to promote the plan?
IRCTC has started distributing forms to travellers in several trains nationwide to get feedback from commuters on what they think of the plan. The three questions that IRCTC has asked passengers is a) if there is need for travel insurance during a rail journey, b) if the sum assured is adequate, and c) if the premium amount is appropriate.
What is the aim of the scheme?
With over 21 million passengers everyday and penetration of IRCTC in rail ticket-booking now over 53%, officials believe that even if a million passengers opt for these services as time goes by, the corpus collected would be huge. The financial model, according to Manocha, is such that the money accumulated goes to New India Assurance, while the railways gets a fixed percentage as revenue-sharing.
Official speak
“For the railways, it may be a win-win situation. It anyway ends up paying out of its own pocket a considerable amount as compensation to train accident victims. The travel insurance will only mean that the railways will have a corpus, that too as commuter contribution, to pay insurance for such incidents,” said a senior railway official.
