IRCTC 'Travel Insurance' at Near-Zero Premium of 50 Paise

Indian Railways Catering and Tourism Corporation (IRCTC) offers an insurance policy at a premium as less as 50 paise. In the recent development, IRCTC has announced a ‘Travel Insurance’ for all the Indian residents booking a ticket online using IRCTC site or through its mobile app. The cover available under the policy is as high as Rs. 10 Lakh.

Anybody travelling through Indian Railways can purchase this insurance while booking their ticket. This policy will be pertinent for everyone booked under one Passenger Record Number (PNR).

The policy offers the maximum cover of Rs. 10 Lakh for permanent total disability or death due to train accident or any mishap. Coverage for Rs. 7.5 Lakh is offered for permanent partial disability, and Rs. 2 Lakh for hospitalisation expenses over and above the disability or death coverage in the event of an injury during travel. Rs. 10,000 is offered for transportation of mortal remains from the site of the accident.

Steps to purchase IRCTC travel insurance:

Click on 'Travel insurance' section while booking a ticket
Insurer directly sends policy information via SMS and on registered email ID
Fill in the nomination details in the link provided
In case no nomination is provided, then the claim settlement is made with legal heirs in case of an unforeseen event

At present, three insurance agencies are providing IRCTC ‘Travel Insurance’ at the time of rail booking from IRCTC website or mobile app. These are - Bajaj Allianz General Insurance, Bharti Axa General Insurance and Shriram General Insurance.

However, there is no clause for a refund of premium under this policy even for the waiting-list category. If the premium is paid and the travel gets cancelled, then no refund is provided. Also, this insurance does not cover kids below 5 years of age. Otherwise, the plan is kept uniform for every single Indian resident.