Income From Insurance: Whenever you book a train ticket, you get a travel insurance, which costs less than one rupee. Do you know how much revenue comes from this?
After the train accident in West Bengal, once again there is talk of the railway’s travel insurance, which is included in every passenger’s ticket. You must have noticed that whenever you book a train ticket, an insurance is taken with some money, which secures your journey. In case of any untoward incident, financial help is given to the victim or their family members through this insurance. But, do you know how much revenue comes from this insurance and how much money is returned from it?
What is the account of this insurance?
Let us tell you that IRCTC charges a premium of less than one rupee on every ticket. Insurance of Rs 10 lakh is done through this premium. IRCTC gets insurance from other private insurance companies and in case of any unfortunate incident, the insurance company pays their claim.
– If we talk about the year 2016-17, this year insurance companies received Rs 11 crore from passenger insurance, out of which only Rs 0.76 crore was paid.
– In the year 2017-18, Rs 38.54 crore was received from insurance premium, out of which Rs 3.59 crore was given as claim. During this period, the insurance money was not taken from the passengers, while IRCTC made this payment to the insurance company.
– After this, in the year 2018-19, Rs 8.53 crore was collected from insurance premium and out of this, Rs 6.12 crore was paid back.
– In the year 2019-20, insurance companies received Rs 12.71 crore and out of this, Rs 3.53 crore was paid back.
What do you get in this insurance?
In this insurance, Rs 10 lakh is paid in case of death and permanent disability due to an accident. Apart from this, Rs 7.5 lakh is paid in case of partial disability. Apart from this, Rs 2 lakh is paid for hospital expenses in case of injury.
