It is absolutely the right time to get insured, if you haven't done it already. Good news if you are a railway user and do booking of train tickets online, you can get a 1 million rupees worth insurance for a premium of Rs1 only.The Indian Railways catering and tourism company IRCTC has signed Memorandum of Understanding (MOU) with 3 national insurance companies to provide passengers optional insurance worth 1 million (10 lakh rupees) all at a premium of just Rs 0.49 or 49 paisa.

This insurance provides compensation in case of death or injury caused to passenger while on board. It also means that you won't have to spend time on policy bazaar to compare and find the best travel insurance for yourself since the most basic cover you need is included in this policy already.

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There are many travel insurance policies out there in the market but the best part about this insurance plan is that you also get additional important covers automatically. For example, all the passengers purchasing insurance will also get a luggage cover worth Rs 5000. Also in case of any mishap, like a train accident, you will also get a cover of Rs 7.5 lakh INR in case you get permanently disabled.

The plan of providing insurance will be started soon. It will take off as a pilot project initially. To start with the insurance scheme will be available only to people who are doing railway reservation online on Indian Railway Catering and Tourism Corporation website

If you are thinking that will the process of purchasing insurance will be tedious or easy (as in case of paperless insurance), we can tell you that it is as easy as getting your pnr status with name.

While booking your train ticket online  you shall soon see additional field asking you if you want insurance or not. If you opt for it the premium amount will be added to your ticket amount.

Even better plan is for those who are travelling on unreserved ticket. Here the premium amount would be very very less. This is because most of the travelers commuting on unreserved ticket travel for short distance. Hence the risk is less, and therefore less premium.

Insurance companies look at this scheme as win win situation. This is because everyday at least 2.5 crore people travel by train in India. The accidents happen once in a while. Hence it is great opportunity to collect premiums.

We also suggest our readers to go ahead and opt for insurance while booking train tickets. It is more beneficial and logical to spend Rs 2 on buying insurance rather than wasting it on pouch of tobacco.

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