Saturday October 20, 2018
Home India Indian Railwa...

Indian Railways starts Free Accidental Insurance Cover to Passengers who book their Tickets through Online Mode

Under the scheme a heir of the passenger is entitled to get Rs. 10 lakh in case of death, while the passenger would get Rs. 10 lakh if he is permanently disabled

0
//
102
Howrah Station in West Bengal, Wikimedia
Republish
Reprint

New Delhi, Dec 11, 2016: The Indian Railways on Saturday started giving free accidental insurance cover to the passengers who booked their tickets through online mode, IRCTC officials said.

“The railways has started giving free accident insurance to such passengers who book their tickets through online mode,” Indian Railway Catering and Tourism Corporation (IRCTC) spokesperson Sandip Dutta said.

NewsGram brings to you latest new stories in India.

“The services were implemented around 2:30 p.m. today (Saturday),” he said.

The IRCTC official also said that the passengers with confirmed or RAC (Reserved Against Cancellation) tickets would be covered under this scheme.

The IRCTC’s action came three days after Finance Minister Arun Jaitley announced a free accident insurance cover of Rs. 10 lakh for passengers who buy railway tickets online, in a bid to promote the cashless transaction post demonetization of Rs. 500 and Rs. 1,000 currency notes.

The optional insurance scheme was launched on September 1 by the IRCTC on a pilot basis for one year, which allowed a travelling passenger to get an insurance cover of up to Rs. 10 lakh on booking a train ticket online by paying just 92 paise.

Go to NewsGram and check out news related to political current issues.

Under the scheme a heir of the passenger is entitled to get Rs. 10 lakh in case of death, while the passenger would get Rs. 10 lakh if he is permanently disabled.

The passenger would get a compensation of Rs. 7.5 lakh in case of partial disability, while Rs. 2 lakh will be paid for the hospitalisation expense.

The insurance company would also pay Rs. 10,000 for the transportation of the mortal remains.

The facility was also announced in the Railway Budget 2016-17.

According to railway officials, about 14 lakh railway passengers buy railway tickets daily — out of which 58 per cent tickets are bought online.

Click here for reuse options!
Copyright 2016 NewsGram

Next Story

The Answer to The Impending Questions On Demonetization Are Here

While it did broaden the country’s tax base, it was a nightmare for the immense, cash-dependent informal economy.

0
crop loan
Indian Currency. Pixabay

Nearly all of the currency removed from circulation in a surprise 2016 attempt to root out illegal hoards of cash came back into the financial system, Resever Bank of India  has announced, indicating the move did little to slow the underground economy.

Prime Minister of India, Narendra Modi’s currency decree, which was designed to destroy the value of billions of dollars in untaxed cash stockpiles, caused an economic slowdown and months of financial chaos for tens of millions of people or demonetization.

Modi announced in a November 2016 TV address that all 500-rupee and 1,000-rupee notes, then worth about $7.50 and $15, would be withdrawn immediately from circulation. The banned notes could be deposited into bank accounts but the government also said it would investigate deposits over 250,000 rupees, or about $3,700. The government eventually released new currency notes worth 500 and 2,000 rupees.

 

demonetization
An activist of Congress party hold the banned 500 and 1000 rupee notes.

 

In theory, the decree meant corrupt politicians and businesspeople would suddenly find themselves sitting on billions of dollars in worthless currency, known here as “black money.”

“A few people are spreading corruption for their own benefit,” Modi said in the surprise nighttime speech announcement of the order. “There is a time when you realize that you have to bring some change in society, and this is our time.”

But even as the decree caused turmoil for those in India who have always depended on cash — the poor and middle class, and millions of small traders — the rich found ways around the currency switch. In the months after the decree, businesspeople said that even large amounts of banned currency notes could be traded on the black market, though middlemen charged heavy fees.

demonetization
Prime Minister Narendra Modi along with mayor, flickr

The reserve bank of India report said in its Wednesday report that 99.3 percent of the $217 billion in notes withdrawn from circulation had come back into the economy. Some officials had originally predicted that number could be as low as 60 percent.

Also Read: Diverse Gathering To Be Addressed This World BioFuel Day: PM Narendra Modi

“Frankly, I think demonetization was a mistake,” said Gurcharan Das, a writer and the former head of Proctor & Gamble in India. He said that while it did broaden the country’s tax base, it was a nightmare for the immense, cash-dependent informal economy.

“You can’t overnight change that in a country which is poor and illiterate. Therefore, for me it’s not only an economic failure but a moral failure as well,” Das said. (VOA)