What is the story about?
Passengers booking train tickets online on the IRCTC platform can avail travel insurance coverage of up to ₹10 lakh for just 45 paise. This insurance is part of the Optional Travel Insurance Scheme (OTIS) launched by Indian Railways
to offer financial protection in case of train accidents and related mishaps.
The Optional Travel Insurance Scheme (OTIS) is a low-cost insurance offering by Indian Railways in partnership with insurance companies. It is available only to Confirmed or RAC (Reservation Against Cancellation) passengers who book their tickets through the IRCTC website or mobile app.
Passengers are given the option to opt in or out of this insurance while booking the ticket. If they opt in, they pay a nominal premium of 45 paise (inclusive of
taxes) per passenger, per journey.
Railway Minister Ashwini Vaishnaw recently informed the Lok Sabha that over the last five years, insurance companies settled 333 claims and disbursed a total of ₹27.22 crore to affected passengers or their families.
What does the insurance cover?
The scheme offers compensation for death, disability, and injuries due to train accidents, including derailments, collisions, and terrorist attacks. The compensation details are as follows:
Event Insurance Payout
Death
₹10 lakh
Permanent total disability ₹10 lakh
Permanent partial disability Up to ₹7.5 lakh
Hospitalization expenses for injuries Up to ₹2 lakh
Transportation of mortal remains ₹10,000
How to avail the insurance?
Book e-ticket via IRCTC website or app: This insurance is available only to passengers booking online.
Check the box during booking: While booking your train ticket, IRCTC gives an option to opt in to the insurance scheme by checking a tick box.
Pay 45 paise premium: The premium is added to the
total fare automatically when selected.
Receive policy via SMS/email: After ticket booking, the insurance company sends the policy details and a link to update nominee details directly to the passenger's registered mobile and email.
Nomination is mandatory: Passengers must update their nominee details using the link provided by the insurer for claims processing.
How to file a claim?
In case of an unfortunate event, the passenger or their nominee needs to directly contact the insurance company whose details are shared
at the time of booking. The IRCTC is not involved in the claim process.
Claims must be filed with proper documentation as specified in the insurance policy.
The process is entirely between the insured and the insurer.
Who is not eligible?
ALSO READ | Policybazaar reports 33% surge in monsoon motor insurance claims, 80% lack engine cover
The Optional Travel Insurance Scheme (OTIS) is a low-cost insurance offering by Indian Railways in partnership with insurance companies. It is available only to Confirmed or RAC (Reservation Against Cancellation) passengers who book their tickets through the IRCTC website or mobile app.
Passengers are given the option to opt in or out of this insurance while booking the ticket. If they opt in, they pay a nominal premium of 45 paise (inclusive of
Railway Minister Ashwini Vaishnaw recently informed the Lok Sabha that over the last five years, insurance companies settled 333 claims and disbursed a total of ₹27.22 crore to affected passengers or their families.
What does the insurance cover?
The scheme offers compensation for death, disability, and injuries due to train accidents, including derailments, collisions, and terrorist attacks. The compensation details are as follows:
Event Insurance Payout
Death
Permanent total disability ₹10 lakh
Permanent partial disability Up to ₹7.5 lakh
Hospitalization expenses for injuries Up to ₹2 lakh
Transportation of mortal remains ₹10,000
How to avail the insurance?
Book e-ticket via IRCTC website or app: This insurance is available only to passengers booking online.
Check the box during booking: While booking your train ticket, IRCTC gives an option to opt in to the insurance scheme by checking a tick box.
Pay 45 paise premium: The premium is added to the
Receive policy via SMS/email: After ticket booking, the insurance company sends the policy details and a link to update nominee details directly to the passenger's registered mobile and email.
Nomination is mandatory: Passengers must update their nominee details using the link provided by the insurer for claims processing.
How to file a claim?
In case of an unfortunate event, the passenger or their nominee needs to directly contact the insurance company whose details are shared
Claims must be filed with proper documentation as specified in the insurance policy.
The process is entirely between the insured and the insurer.
Who is not eligible?
- Passengers booking tickets at railway counters.
- Waitlisted ticket holders.
- Children below 5 years of age.Foreign tourists booking through international portals.
ALSO READ | Policybazaar reports 33% surge in monsoon motor insurance claims, 80% lack engine cover
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