To make travel insurance easily available for passengers, the railways is working with insurance companies, Rail Minister Suresh Prabhu said on Thursday.
There is a continuous effort on our part to ensure safe and secure travel for our passengers, yet untoward incidents do occur.
To minimize the financial loss to passengers from such events, we are working with insurance companies to offer optional travel insurance for rail journeys at the time of booking,Mr Prabhu said in his budget speech.Travel insurance basically provides a person cover for the risk of loss of baggage, hospitalisation expenses, accidental death or disability, missed departure, accommodation charges due to trip delay.
The premium is determined on the basis of the duration of the journey or the benefits availed.
Currently, some insurance companies offer travel insurance policies covering train journey but experts feel that providing the option to buy the insurance policy at the time of booking of rail ticket will make more people buy it.
Sanjay Datta, chief underwriting and claims of ICICI Lombard General Insurance Company, said, It is good move as this will safeguard people from any exigency arising due to loss of baggage or accident while traveling.
Most of the experts feel that the insurance cover is likely to be available at a low price. “Rs. 100 will be a good price to start with,” says Mr Datta of ICICI Lombard General Insurance Company.
Experts feel that the mode and ease of availability will determine the success of the scheme.
The most important aspect is how these insurance policies will be made available to customers because there are two places from where travellers buy insurance i.e. online or at the window,says Shreeraj Deshpande, head of health insurance Future Generali India Insurance.
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