Private insurance companies received a premium of around Rs 46 crore in the last two years from Indian Railways and its passengers while making a payout of only Rs seven crore in claims under the national transporter’s travel insurance scheme, an RTI has found.
IRCTC, which is a wholly owned undertaking of the Ministry of Railways, has entered into an agreement with three private insurance companies through limited tender – Shriram General Insurance Company Ltd, ICICI Lombard General Insurance Company Ltd and Royal Sundaram General Insurance Company Ltd for its Optional Travel Insurance Scheme which was launched in September 2016 with a premium of Rs 0.92 per passenger. Read more
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