ICICI Lombard General Insurance Company teams up with Indian Railway Catering and Tourism Corporation (IRCTC) to launch a personal accident insurance scheme for passengers, who book train tickets from September 2016 onwards through its website.
Under this policy, a cover of ₹10 lakhs would be provided to passengers for a premium of less than ₹1.
The announcement of a partnership with ICICI Lombard came as a surprise, as it was expected that only public sector insurers would be on board for this scheme.
Mr. Sanjay Datta, Chief - Underwriting and Claims, ICICI Lombard said, “According to the terms of this scheme, the insurance would provide coverage against personal accidents and disabilities caused due to railway accidents. Also, compensation for hospitalisation would be provided, if needed.”
This insurance would be similar to the travel insurance purchased while booking flight tickets online. Passengers who wish to purchase insurance for their train journey would get an option while booking their tickets on the IRCTC website. They can then buy the policy at a click of a button.
The cost of the policy will be auto-debited with the ticket price if the customer clicks on the insurance option. In case of an accident, ICICI Lombard will pay the family or the insured for disability, hospitalisation or death.