As train travel remains a vital part of Indian mobility, the Indian Railway Catering and Tourism Corporation (IRCTC) offers an optional travel insurance feature that is often overlooked. For just 45 paise, which is less than a rupee, passengers can enjoy a comprehensive travel insurance coverage that includes accidental death, permanent total disability, permanent partial disability, hospitalization due to injury, and transportation of mortal remains. The coverage kicks in as soon as a passenger boards a train with a valid e-ticket and covers the entire journey, including boarding and disembarking from the train.
The insurance policy provides a payout of up to ₹10 lakh in the event of accidental death or permanent total disability, and up to ₹7.5 lakh for permanent partial disability. Additionally, hospitalization expenses due to injury are covered up to ₹2 lakh, and transportation of mortal remains is covered up to ₹10,000. The insurance policy is available to Indian residents who travel on a valid IRCTC e-ticket, and the 45 paise premium includes a base premium of ₹0.38 and an IGST charge of ₹0.07.
After booking their tickets, passengers will receive a separate email from the insurance company partnered with IRCTC, and they must provide their nominee details directly to the insurer. Some of the insurers include United India Insurance Co. Ltd., Liberty General Insurance, and Royal Sundaram General Insurance, among others. This micro-insurance scheme is not a reimbursement-based model, and beneficiaries receive a direct payout in the event of death or disability. Hospital expenses are also reimbursed up to a specified limit.
Despite the affordability and benefits of this insurance scheme, awareness about it remains surprisingly low. With over 2 crore passengers traveling by train daily, accidents can and do happen, and this insurance policy can provide financial protection to passengers and their families. By opting for this travel insurance, passengers can ensure that their families are protected from financial ruin in the event of an unforeseen accident. Therefore, it is essential to check the box for travel insurance when booking a ticket on IRCTC, as it can be a smart and valuable investment for just 45 paise.