Railways Likely To Offer Personal Accident Policy to Passengers

The railway ministry is working towards offering personal accident insurance policy to its passengers. Mr. Suresh Prabhu, Railway Minister, has proposed to rope in public sector insurance companies to provide this insurance coverage. As reported by The Hindustan Times, a senior ministry official said, “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.”

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At present, a train journey is not insured. Therefore, in case of an accident, compensation to accident victims is provided on the basis of decrees from 21 benches of the Railways Claims Tribunal situated throughout the country. Also, the railway ministry provides compensation out of their discretionary fund. However, the current system is not working efficiently. As quoted by The Hindustan Times, the senior official said, “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.”

Written By: PolicyBazaar
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