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An insurance coverage for Rs.10 Lakhs for train passengers on payment of 1 Paisa as premium
Posted on: 25/Jul/2016 2:31:23 PM
Indian Railways have been paying compensation for the passengers who die or lose organs in accidents.
Railways are now in the process of discussions with insurance companies to come out with a new insurance coverage proposal.
As per the new coverage, the commuters who travel daily with season tickets will get an insurance coverage for Rs. 10 Lakhs on payment of 1 Paisa as the premium.
For the passengers who reserve and travel, this coverage would be given on the premium payment of Rs. 5/-. For the passengers who die or suffer from loss of organs, a compensation of Rs. 10 Lakhs will be given.
Passengers who get partly debilitated would be given a compensation of Rs. 7.5 Lakhs.
For the passengers who get admitted in the hospitals for treatment, Rs. 5 Lakhs will be paid as compensation.
If the body of the passenger has to be taken to the native place, a payment of Rs. 10000/- will be made.
The Indian Railways will implement this new insurance coverage scheme jointly with private insurance companies. It has commenced activities regarding this scheme.
17 insurance companies have been selected and scrutinized. ICICI Lombard General Insurance and Sriram General Insurance have been selected.
The insurance scheme activities have picked up following the recent announcement by the railway Minister Suresh Prabhu that the passengers would be given insurance coverage.
In the 1st Phase, the scheme would be tested for the passengers who reserve tickets and travel from the 1st week of September. Following this, the scheme would be introduced for the daily commuters.
