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The deadly train accident in Odisha has focused attention on passenger safety and financial protection. Experts suggest that travelers consider the option of taking travel insurance covers considering the potential financial consequences in case of an accident.
IRCTC Travel Insurance
Indian Railway Catering and Tourism Corporation (IRCTC) Offers optional travel insurance For Indian citizens booking e-tickets. Premium inclusive of all taxes is 35 paise per passenger. The travel insurance plan offers a death cover of ₹10 lakh. It also provides ₹10 lakh for permanent total disability and ₹7.5 lakh for permanent partial disability.
IRCTC said it only provides linkage to transact with insurance company through its website to take insurance cover and the insurance company is responsible for policy issuance and settlement of claims.
PMSBY
Pradhan Mantri Suraksha Bima Yojana (PMSBY) Provides a one-year accident insurance plan renewable annually, providing coverage for death or disability due to an accident. It provides accidental death and disability coverage of ₹2 lakh (₹1 lakh in case of partial disability) for accidental death or disability at a premium of ₹20/- per annum.
Depending on the variants, debit and credit cards also offer complimentary accidental insurance cover.
“Accident policies come at nominal prices and yet provide healthy coverage. So, anyone exposed to hazardous situations on a daily basis is advised to buy one or at least have a health insurance policy to cover basic hospital expenses,” said Naval Goel, founder and CEO of PolicyX.com.
Personal accident health insurance policies provide medical care in the event of these accidents or pay a predetermined sum assured to the nominee in case of death, known as death cover.
Term insurance policy
One can also consider buying a term insurance policy with an accidental death rider, where the term insurance policy pays the sum insured to the family after your death, says Mr. Goel.
Accident policies adhere to general guidelines. There should be no violation of law in the accident. He said personal accident policies only cover accidental accidents.
While buying a personal accident policy, they should calculate the risk of getting involved in any kind of accident. If someone is a frequent traveler, the amount of coverage should be enough for the exponentially rising medical expenses or it should be ten times their annual income, Mr. Goel said.
What to consider
Rakesh Goyal, Director, Probus Insurance Broker, a digital insurance broker, says that the premium amount and frequency of payment should be taken into account to ensure that it is affordable. Also understand the coverage provided by the policy and exclusions.
Consumers should compare the IRCTC Accidental Insurance Policy with other similar policies available in the market. Evaluate their features, coverage, premiums, claim settlement track records and customer reviews, he says.
Customers should also know about the claim process, including the documents, timelines and procedures required to file a claim, Mr. Goyal said. Some debit and credit cards require you to make certain transactions or fulfill certain conditions to activate the coverage, he points out.
Complimentary accidental insurance cover offered by debit and credit cards provides at least a basic safety net if you don’t have a health insurance policy. However, since the amount of insurance offered in complementary schemes may not cover hospitalization expenses, it is advisable to have a health insurance policy, says Mr. Goel.
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