📋 Tender Overview
Indian Railway Catering and Tourism Corporation IRCTC a wholly owned undertaking of Ministry of Railways had initially entered into an agreement with three Insurance Companies namelyShriram General Insurance Company Ltd.ICICI Lombard General Insurance Company Ltd. andRoyal Sundaram General Insurance Co. Ltd. To provide an insurance cover of up to Rs. 10 lakh w.e.f 01.09.2016 on optional basis at the premium of Rs. 0.92 per passenger per trip for the ConfirmedRAC railway passengers who book online e-ticket through official website of IRCTC.Subsequently on the direction of Ministry of Finance to promote digitalcashless transaction the insurance was provided free of cost from 10.12.2016 to 31.08.2018 wherein the premium was not collected from the passengers but was paid by IRCTC themselves to the Insurance companies.Thereafter on the direction of Ministry of Finance the free of cost insurance was discontinued beyond 31.08.2018 and the Original Optional Travel Insurance was extended on pilot basis for one more year i.e. from 01.09.2018 to 31.08.2019 on optional basis wherein the insurance premium was to be paid by the passengers buying ConfirmedRAC online e-tickets from IRCTC website. From 01.10.2018 the premium for the insurance scheme is Rs. 0.49- inclusive of all taxes per passenger per trip.The optional Insurance scheme has been further extended from 01.09.2019 to 31.08.2020 and three Insurance companies namely Ms Bharti Axa General Insurance Co. Ltd Ms Bajaj Allianz General Insurance Co. Ltd. and Ms Shriram General Insurance Co. Ltd. selected by IRCTC on tender basis are providing the insurance facility to the passengers.The Sum assured to be given to victim passengerfamily or legal heir of the victim are as follows-In case of Death Rs.10 lakhPermanent Total Disability - Rs.10 LakhPermanent Partial Disability - up to Rs.7.5 LakhHospitalization Expenses for Injury Rs.2 LakhTransportation of mortal remains Rs.10 Thousand. Under the scheme sum assured is paid to the victimfamily or legal heir of the victim as the case may be in case of deathinjury of reserved passengers due to train accidentuntoward incidents as defined under Section 123 read with Sections 124 and 124-A of the Railways Act 1989 subject to the qualification that the coverage will be valid from the actual departure of train from the originating station to actual arrival of train at the destination station including process of entraining and process of detraining the train.A total amount of Rs. 21.55 crores has been received by IRCTC on account of premium from Rail Passengers and paid to the Insurance companies between the period from 01.09.2016 to 31.12.2019.A total amount of Rs. 12.49 crores has been paid by the Insurance companies to the passengers in lieu of accidents.No amount has been received by the Railways as the premium is paid directly to the Insurance companies and there is no provision in the agreements to get any commission from the Insurance companies.
