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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.”
Note: It is suggested to calculate the term plan premium on the term insurance premium calculator online tool by Policybazaar before buying.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
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+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
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